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of <h1>Financial Statements Must Disclose Prior Period Items, Extraordinary Items, and Accounting Changes Under Section Rules</h1> Prior period items must be disclosed separately in the profit and loss account, detailing their nature and amount to highlight their impact on the previous year's profit or loss. Extraordinary items, part of taxable income, should also be disclosed with their nature and amount to show their significance on operating results. Changes in accounting policies are allowed if mandated by statute or if they improve financial statement presentation. Material effects of such changes must be disclosed, with adjustments shown in financial statements. Changes in accounting estimates with material effects must also be disclosed. Definitions for terms like accounting estimates, policies, extraordinary items, and prior period items are provided.
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