31 March 2010
existing policies jise 25year(1st jan1980) pahle se use ho raha tha, ab hum is policies ko change kar rahe hai. to retrospective effect kab se liya jayega ?
01 April 2010
Hi Vicky, if we refer AS 5 then whenever there is a change in accounting policy, we are supposed to give its effect on current period as well as later period, if any. nowhere it is mentioned that such change should be made retrospectively in all the cases. Like in case of change in dep. policy, it should be applied retrospectively. Regards, CA Shakuntala Chhangani
CAclubindia
