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of <h1>Guidelines for Disclosing Extraordinary and Prior Period Items Under AS 5 for Consistent Financial Reporting</h1> The Accounting Standard (AS) 5 prescribes guidelines for the classification and disclosure of items in the statement of profit and loss, aiming for uniformity across enterprises. It mandates the disclosure of extraordinary and prior period items, changes in accounting estimates, and accounting policies. Extraordinary items, distinct from ordinary activities, are rare and must be separately disclosed. Prior period items arise from past errors and should be disclosed for their impact on current profits. Changes in accounting estimates and policies require disclosure if they materially affect financial statements, ensuring comparability over time. The standard excludes tax implications of these items.
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