Accounting Standard 5 (AS-5) Explained | Net Profit, Prior Period Items & Policy Changes
Accounting Standard-5 (AS-5) plays a crucial role in determining the Net Profit or Loss for a period and ensures proper treatment of Prior Period Items and Changes in Accounting Policies. In this video, we explain AS-5 in a simple, exam-oriented manner, covering all important definitions, objectives, examples, and disclosure requirements exactly as required in exams. 📌 What you will learn in this video: Meaning and scope of Accounting Standard-5 How to determine Net Profit or Loss for the period Meaning and examples of Prior Period Items When and how Accounting Policies can be changed Disclosure requirements under AS-5 Practical exam tips and common mistakes This video is perfect for CA, CS, CMA, BCom, MCom and other commerce students preparing for exams or revisions. 📚 Watch till the end for full clarity and exam confidence! 👍 Support the Channel If you find this video helpful: Like 👍 the video Subscribe 🔔 for more Accounting Standards explained simply Comment 💬 to request the next Accounting Standard #AccountingStandard5 #AS5 #NetProfitOrLoss #PriorPeriodItems #AccountingPolicyChanges #AccountingStandards #IndianAccountingStandards #FinancialAccounting #CommerceStudents #CAFoundation #CAInter #CSExecutive #CMAInter #BCom #MCom #ExamPreparation #AccountingConcepts #AccountingRevision #CommerceExams #LearnAccounting
