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of <h1>AS 05: Guidelines for Classifying and Disclosing Extraordinary Items, Prior Period Items, and Accounting Policy Changes</h1> The Accounting Standard (AS) 05 outlines the classification and disclosure requirements for net profit or loss, extraordinary items, prior period items, and changes in accounting policies. It aims to ensure uniformity in financial statements, enhancing comparability across enterprises. Extraordinary items are rare and distinct from ordinary activities, while prior period items arise from past errors or omissions. Changes in accounting estimates are revised based on new information and are disclosed accordingly. Changes in accounting policies should be disclosed when they have a material effect, ensuring more relevant and reliable financial information. The standard does not address tax implications of these items.
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