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moneycontrol.com भारत | लेखांकन नीति > Plantations - Tea & Coffee > लेखांकन नीति फॉलोड से असमब्रूक - बीएसई: 500025, NSE: N.A

असमब्रूक

बीएसई: 500025  |  NSE: N.A  |  ISIN: INE353C01011  |  Plantations - Tea & Coffee

खोजें असमब्रूक कनेक्शन मार्च 13
लेखांकन नीति साल : मार्च '14
(A) BASIS OF PREPARATION OF FINANCIAL STATEMENTS
 
 The accounts have been prepared under the historical cost convention in
 accordance with the provisions of the Companies Act, 1956 and mandatory
 accounting standards issued by the Institute of Chartered Accountants
 of India. Accounting policies unless specifically stated to be
 otherwise are in consistent and are in consonance with generally
 accepted accounting principles.
 
 (B) USE OF ESTIMATES
 
 The preparation of financial statements require management to make
 estimates and assumptions that affect the reported amount of assets and
 liabilities and disclosures relating to contingent liabilities and
 assets as at the Balance Sheet date and the reported amounts of income
 and expenses during the year. Difference between the actual results and
 the estimates are recognised in the year in which the results are
 known/materialized.
 
 (C) FIXED ASSETS:
 
 (i) Fixed Assets other than those, which have been revalued, are stated
 at cost. The cost of Extension Planting on cultivable land including
 cost of development is capitalized. However, cost of upkeep and
 maintenance of the areas till not matured for plucking and cost of
 replanting in existing areas are charged to revenue. Assets acquired
 under hire purchase scheme are treated as fixed assets on delivery
 pending transfer of title subsequently as per the terms of the hire
 purchase agreement.
 
 (ii) Fixed assets are reviewed at each Balance Sheet date for
 impairment. In case events and circumstances indicate any impairment,
 recoverable amount of fixed assets is determined. An impairment loss is
 recognized whenever the carrying amount exceeds recoverable amount. The
 recoverable amount is the greater of asset net selling price or value
 in use. If there has been change in the recoverable amount and such
 loss either no longer exists or has decreased, an impairment
 loss/reversal there of is adjusted to the carrying value of the
 respective assets.
 
 (D) DEPRECIATION:
 
 (i) Depreciation is provided on straight line method by applying the
 rates specified in Schedule XIV to the Companies Act, 1956 as under: In
 respect of plant & machinery, electrical machinery acquired up to
 31-03- 93, the specified period has been recalculated with respect to
 the revised rates and on assets acquired after 31- 03-93 at the revised
 rates. In respect of furniture & fixture, office equipment and vehicles
 acquired up to 31-03- 93 at the rates applicable at the time of
 acquisition.
 
 (ii) In respect of amount added on revaluation of assets, depreciation
 has been provided on straight-line basis over the balance life of the
 respective assets and an equivalent amount is being transferred from
 Reserve Account to Profit & Loss Account.
 
 (E) LEASE RENTALS:
 
 The annual charge on account of lease rentals in respect of assets
 taken under finance lease prior to 01-04-2001 is being calculated over
 the effective life of assets and the in built internal rate of return
 in the respective agreement. The resultant excess amount carried
 forward as prepaid lease finance charges under loans and advances,
 which is charged out appropriately over the future period.
 
 (F) FOREIGN CURRENCY TRANSACTIONS:
 
 Transactions in foreign currency are recorded at the exchange rates
 prevailing on the date of the transaction. Foreign currency assets and
 liabilities covered by forward contracts are stated at the forward
 contract rates and loss or gains are recognised over the life of the
 contract while those not covered by forward contracts are restated at
 rates prevailing at the year end. The differentials arising on such
 transaction and on transactions settled during the year are recognised
 in Profit & Loss Account under respective heads of accounts except in
 cases where such liabilities and/or transaction relating to fixed
 assets and were entered into before 01-04-2004 and fixed assets
 acquired from a country outside India, in which case, these are
 adjusted to the cost of respective assets.
 
 (G) INVESTMENTS:
 
 Long-term investments are stated at cost less provision for diminution
 in value of investments other than temporary. Current investments are
 stated at lower of cost or market value.
 
 (H) BORROWING COSTS:
 
 Borrowing costs are recognised as an expense to the extent, the same
 has been incurred for the year, unless such cost is directly
 attributable to the acquisition, construction or production of a
 qualifying asset and Capitalised as part of the cost of that asset as
 prescribed by Accounting Standard-16, Borrowing Cost issued by the
 Institute of Chartered Accountants of India.
 
 (I) RECOGNITION OF INCOME & EXPENDITURE:
 
 Income and expenses, unless specified otherwise, are recognised on
 accrual basis. Sales other than on consignment basis are recognised on
 passing of property in goods as per the terms of sale or on completion
 of auction in case of auction sales. Consignment sales are accounted
 for in the year of receipt of account sales. Sales are shown net of
 returns. Sales are inclusive of export incentives and exchange
 fluctuations on export receivables. Export incentives are accounted for
 as and when due.
 
 (J) INVENTORIES:
 
 Cost in respect of stores and spares and packing materials includes the
 expenses incurred to procure the same and has been valued at cost. Cost
 in respect of Finished Goods represents Prime Cost and include
 appropriate portion of overheads and valued at cost or market value
 whichever is lower.
 
 (K) RETIREMENT BENEFITS:
 
 Contribution to Provident Funds is made based on fixed percentage of
 the basic salary/wages to the appropriate authority on accrual basis.
 
 Liability for gratuity as determined by Reliance Life Insurance and
 Life Insurance Corporation of India Ltd. under the Group Gratuity Cash
 Accumulation Scheme is fully provided and stands funded with them.
 Liability for leave encashment is accounted for on accrual basis as per
 the management estimate considering that such benefits are payable to
 all eligible employees at the end of the year.
 
 (L) GOVERNMENTS GRANTS:
 
 (i) Claims receivables are accounted for at the time of lodgment
 depending on the certainty of receipt.
 
 (ii) Grants relating to Fixed Assets are accounted for under Income
 method and proportionate amount is treated as income on the basis of
 useful life of assets. Other grants are credited to Profit & Loss
 Account or deducted from the related expenses.
 
 (M) TAXATION:
 
 Provision for tax is made for current tax and deferred tax. Current Tax
 is provided on the taxable income using the applicable tax rates and
 tax laws. Deferred tax assets and liabilities arising on account of
 timing differences, which are capable of reversal in subsequent
 periods, are recognized using the tax rates and tax laws, which have
 been enacted or substantively enacted. Deferred tax assets are
 recognized only to the extent that there is reasonable certainty that
 sufficient future taxable income will be available against which such
 deferred tax assets will be realized. In case of carry forward of
 unabsorbed depreciation and tax losses, deferred tax assets are
 recognized only if there is virtual certainty that such deferred tax
 assets can be realized against future taxable profits.
 
 (O) PROVISIONS AND CONTINGENT LIABILITIES:
 
 Provisions involving substantial degree of estimation in measurement
 are recognised when there is a present obligation as a result of past
 events and it is probable that there will be an outflow of resources.
 Contingent Liabilities are generally not provided for in the accounts
 and are separately shown in the notes to the accounts.
स्रोत: रेलीगरे टेचनोवा

न्यूज़ फ़्लैश

  • BREAKING NEWS LOWER : देश में अब तक 45,24,317 कोरोना टेस्ट हुए
  • BREAKING NEWS LOWER : देश में कोरोना के मामले बढ़कर 2,36,650
  • BREAKING NEWS LOWER : देश में कोरोना के कुल 1,15,942 एक्टिव मामले
  • BREAKING NEWS LOWER : अब तक 1,14,072 कोरोना मरीज ठीक हुए
  • BREAKING NEWS LOWER : देश में कोरोना से अब तक 6642 लोगों की मौत
  • BREAKING NEWS LOWER : पिछले 24घंटे में कोरोना के 9887 नए मामले मिले
  • BREAKING NEWS LOWER : पिछले 24 घंटे में कोरोना के 4611 मरीज ठीक हुए
  • BREAKING NEWS LOWER : पिछले 24 घंटे में कोरोना से 294 लोगों की मौत

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