FAS / PLZ HELP

Yaar you always ask the queries whose answer is not wid me...thats why you re a lawyer....do tell me too what's it all about..

COMPLIANCE WITH ACCOUNTING STANDARDS (AS) ISSUED BY THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA.

a) Accounting Standard AS-5 - Net Profit or Loss for the Period, Prior
Period Items and Changes in Accounting Policies:

As Prior period items are not material, the same have been charged/accounted for in respective head of accounts.

ooh so dat was Accounting standard....i was thinking that financial accounting standard is something else.....dats it...anyways thanks...