Ordinary Activities are Entity’s business activities and related and incidental to such business activities. Net profit or Loss for the period includes Profit or loss from Ordinary activities and Profit or loss from extraordinary items.
If any Accounting Standard suggests or permits a different treatment, it should be accounted as preferred by that respective AS. All items of income and expense which are recognized in a financial year should be part of P&L a/c for the period. This standard does not deal with tax effect of the above items.
Accounting Policies discusses presentation and disclosure of Certain Ordinary activities, Extraordinary activities, Prior Period items and Accounting Treatment and Presentation and Disclosure of Changes in Accounting estimates and Accounting Policies.
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