Disclosure of Prior period and Extraordinary items and changes in accounting policies - Upto AY 2015-16

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....nges in accounting policies : 7. Prior period items shall be separately disclosed in the profit and loss account in the previous year together with their nature and amount in a manner so that their impact on profit or loss in the previous year can be perceived. 8. Extraordinary items of the enterprise during the previous year shall be disclosed in the profit and loss account as part of taxab....

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....e is not ascertainable, wholly or in part, the fact shall be indicated. If a change is made in the accounting policies which has no material effect on the financial statements for the previous year but which is reasonably expected to have a material effect in years subsequent to the previous years, the fact of such change shall be appropriately disclosed in the previous year in which the change is....

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....ecific accounting principles and the method of applying those principles adopted by the assessee in the preparation and presentation of financial statements; (c)  "Extraordinary items" means gains or losses which arise from events or transactions which are distinct from the ordinary activities of the business and which are both material and expected not to recur frequently or regularly. Ex....