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Insurance company
What is the treatment of previous year exp. of a general insurance company in current year profit & loss account.
like exp. of 28.3.2011, now how it is treated in C.Y 2011-12
Replies (1)
According to AS-5 (revised) (net profit or loss for prior period items)
prior period items are items-
1. which arises in current year.
2. due to error or ommition in previous year.
and disclosure required for this is-
1. shown under same head in p/l a/c in activity to which they relates.
2.as prior period items.
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