https://www.taxtmi.com/acts?id=6669 Disclosure requires separate presentation of Prior Period Items and Extraordinary Items in the profit and loss account, disclosing their nature, amount and impact. Prior Period Items arise from material errors or omissions in earlier financial statements; Extraordinary Items arise from material, nonrecurring events distinct from ordinary business activities. Material changes in accounting policy or estimates must be disclosed and quantified, with adjustments shown in the period of change; uncertainties as to classification are to be referred to the Board. en-us Sat, 19 Jan 2008 22:45:54 +0530 Fri, 18 Sep 2015 08:34:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=6669 Disclosure requires separate presentation of Prior Period Items and Extraordinary Items in the profit and loss account, disclosing their nature, amount and impact. Prior Period Items arise from material errors or omissions in earlier financial statements; Extraordinary Items arise from material, nonrecurring events distinct from ordinary business activities. Material changes in accounting policy or estimates must be disclosed and quantified, with adjustments shown in the period of change; uncertainties as to classification are to be referred to the Board. Act-Rules Direct Taxes Sat, 19 Jan 2008 22:45:54 +0530 https://www.taxtmi.com/acts?id=6669