AS 1 defines 'material item' as the items, the knowledge of which might influence the decision of the users of financial statements. Also:
Any item under which the expenses exceed 1 percent of total revenue of the company or Rs.5000 whichever is higher are shown as a separate and distinct item against appropriate account head in the P&L and are not combined with any other item shown under miscellaneous expenses.
Are there any changes in the above mentioned point with regard to the current A.Y.??
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