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As-5
In case of ordinary activities in accounting standard - 5 , in what situations we have to disclose the changes in financial statements ,
Give me an example to understand it easily pls
can any one help me
Replies (6)
AS-5 deals with two types of changes:
- Changes in accounting estimate: E.g. change in amount of provision of bad debts or estimated useful life for depreciable asset.
- CHange in accounting policies: E.g. change in metho dof depreciation i.e. from SLM to WDV.
But I have a doubt regarding ordinary activities
Can you explain disclosure of ordinary activities @ subham bansal
There are certain transactions which are not extraordinary but still shown separetaly in Statement of Profit and loss.Some of them are-
* Littigation settlement
*Written down value of Investment to NRV or reversal
*Reversal of provision etc.
Along with shown separately, effect of transaction in profit or loss of the period and further period, if affected should be disclosed in notes to accounts.
I hope your query is sorted, if not please clarify where I went wrong in getting your point.
I have a doubt in your second point(written down value of investment to NRV or reversal)
Investments are having written down value ?
Thanks for your reply mam @ Anamika kesharwani
Hey can you plzz explain what does green shoe means?? Its there in allied laws final level
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