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Why legislative changes having long retrospective application is ordinary activity.What does it mean exactly? What does retrospective mean ?'what will happen in case of revision of wages on protest of labor union? How can legislative change be an ordinary activity
Answers (6)
activities in the ordinary course of its business are ordinary activities. If ordinary activities are separately disclosed with a nature, size or implication which affect the performance of the period. As part of AS 5 "legislative changes having retrospective application;" is one such disclosure
Sudha Reddy
activities in the ordinary course of its business are ordinary activities. If ordinary activities are separately disclosed with a nature, size or implication which affect the performance of the period. As part of AS 5 "legislative changes having retrospective application;" is one such disclosure
Retrospective effect means that taking effect of any change from from past date. Example a law related to labour (which is an ordinary activity ) is passed on 30th June 2022 but the notification says its applicable from 1st April 2022 (from past date) then it is "legislative changes having retrospective application"