Accounting standards

Sir what is mean by material effect and immaterial effect give some examples

Mr Sanjay everything has a material effect in IndAS, but when it comes to AS, there are some transactions which are offbalance sheet items. Now presenting them n the balance sheet will give materiality to the users of statements matters. Eg leases and presenting them on the balance sheet, it’s omission or mis statement has an impact to the user. 

What is mean by prudence with examples

I’m not sure about AS conceptual framework, but, prudence is no longer a framework because the IndAS is developed after testing it for presentation, measurement, recognition and disclosures. It means IndAS is error free and materiality is inherent with the standards. Anyone following this will be free from mistakes/bias provides completeness. ...... I went through AS 1 just now and there is an answer which says, the same, you cannot anticipation profits or losses, but should recognise them when they occur only.