| Announcement
Limited Revision to Accounting Standard
(AS) 5, Net Profit or Loss for the Period, Prior Period Items and
Changes in Accounting Policies
The Council of the Institute of Chartered
Accountants of India has decided to add the following paragraph
after paragraph 32 of AS 5:
“33. A change in accounting policy
consequent upon the adoption of an Accounting Standard should be
accounted for in accordance with the specific transitional provisions,
if any, contained in that Accounting Standard. However, disclosures
required by paragraph 32 of this Statement should be made unless
the transitional provisions of any other Accounting Standard require
alternative disclosures in this regard.”
The above revision comes into effect
in respect of accounting periods commencing on or after 1.4.2001.
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