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Disclosure of extraordinary items and prior period adjustments requires separate presentation to show their impact on current profit. The Standard requires separate disclosure of profit or loss from ordinary activities and extraordinary items on the face of the statement of profit and loss, with the nature and amount of each extraordinary item shown to indicate its impact. Prior period items arising from prior-period errors must be disclosed separately and presented so their effect on current profit or loss is clear. Changes in accounting estimates are recognised in the period of change and future periods as applicable, while changes in accounting policies are permitted only for compliance or improved presentation and require material disclosure and appropriate transitional treatment.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
<h1>Disclosure of extraordinary items and prior period adjustments requires separate presentation to show their impact on current profit.</h1> The Standard requires separate disclosure of profit or loss from ordinary activities and extraordinary items on the face of the statement of profit and loss, with the nature and amount of each extraordinary item shown to indicate its impact. Prior period items arising from prior-period errors must be disclosed separately and presented so their effect on current profit or loss is clear. Changes in accounting estimates are recognised in the period of change and future periods as applicable, while changes in accounting policies are permitted only for compliance or improved presentation and require material disclosure and appropriate transitional treatment.
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