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इको रिसाइकिलिंग

बीएसई: 530643  |  NSE: N.A  |  ISIN: INE316A01038  |  Computers - Hardware

खोजें इको रिसाइकिलिंग कनेक्शन मार्च 17
लेखांकन नीति साल : मार्च '18

1 Significant Accounting policies:

1.1 Property Plant and Equipment (“PPE”):

PPE is measured at initial recognition at cost less accumulated depreciation and accumulated impairment losses if any. Cost of an item of PPE shall comprise of purchase price (less trade discounts and rebates), import duties and non-refundable purchase taxes, initial estimate of dismantling and other costs required to restore the site on which it is located and all directly attributable costs to bring the asset to its location and condition necessary for it to be capable of operating in the manner as intended by the management.

An item of PPE shall always be recognised initially at cost. The cost of an item of PPE acquired is the cash price equivalent at the recognition date. If payment of an item of PPE is deferred beyond the normal credit terms, the difference between the total payment and cash price equivalent is deferred and recognsised separately as finance cost over the period of credit.

Any component of an item of PPE which has a cost significant in relation to the total cost of the item, shall be depreciated separately.

The depreciable amount of a PPE shall be allocated on a systematic basis over its useful live. The useful lives of PPE is determined in accordance with Schedule II of the Companies Act 2013 and the residual value shall not exceed 5% of the original cost of the asset.

After initial recognition the company adopts the Cost model for subsequent measurement of its PPE.

On disposal of an item of PPE, any gains or losses are recognised in the profit and loss.

1.2 Financial Instruments:

A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity

1.2.1 Financial Assets - Initial Recognition and Measurement:

Initial recognition of financial assets is always at fair value. An entity shall classify all financial assets as subsequently measured either at amortised cost, fair value through other comprehensive income or fair value through profit or loss on the basis of both (i) the entity’s business model for managing financial assets, and (ii) the contractual cash flow characteristics of the financial asset.

Reclassification: an entity shall reclassify financial assets when and only when it changes the business model for managing those financial assets

Financial Assets - De-recognition:

Financial assets are de-recognised when and only when:

“(a) The contractual rights to cash flows from the financial asset expires; or (b) The financial asset is transferred and the transfer qualifies for derecognition”

A transfer qualifies for de-recognition, when the entity transfers substantially all the risks and rewards of ownership of the financial asset.

On derecognition, the difference between the carrying amount of the financial asset and the consideration received shall be recognised in the statement of profit and loss

Investments in subsidiaries, associates and joint ventures: Investment in subsidiaries, joint ventures and associates are measured at cost as per Ind AS 27.

Trade Receivables: Trade receivables do not have significant financing component and are carried at fair value which is the initial transaction price.

Impairment of Financial Assets:

Expected credit losses (ECL) are recognised for all financial assets subsequent to initial recognition other than financial assets in FVTPL category.

For financial assets other than trade receivables that do not carry any significant component, expected credit losses are measured are measured either using the 12-month expected credit loss approach or the lifetime expected credit loss approach depending on whether the credit on the financial asset has increased significantly since its initial recognition.

For trade receivables that do not contain significant financing component, the company has adopted the simplified approach to measure loss allowance at an amount equal to life time expected credit losses i.e. expected cash shortfalls. The impairment losses and reversals are recognised in the Statement of Profit and Loss.

1.2.2 Financial Liabilities - Initial

Recognition and Measurement:

Initial recognition of financial liabilities shall always be at fair value. All financial liabilities shall be subsequently measured at amortised cost except for financial liabilities at FVTPL and financial guarantee contracts.

A financial liability shall be derecognised when and only when it is extinguished ie. When the obligation specified in the contract is discharged or cancelled or expires. Any difference between the carrying amount of the financial liability and consideration paid, shall be recognised in profit or loss.

Financial Liabilities - Financial Guarantee contracts:

“Financial guarantee contracts issued by the company, are those contracts that require a payment to be made to reimburse the holder for loss it incurs because the specified debtor fails to make payment when due, in accordance with the terms of the debt instrument. Financial guarantee contracts are recognised as financial liability at the time the guarantee is issued and measured initially at fair value. Subsequently financial guarantee liability is measured at the higher of the amount of loss allowance determined as per impairment requirements of Ind AS 109 - Financial Instruments and the amount initially recognised less cumulative amortisation, where appropriate”

Financial Liabilities - De-recognition:

A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another, from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in the statement of profit and loss.

1.3 Iventories:

Inventories are valued at lower of cost and net realisable value. Cost of work in progress and finished goods comprise of purchase cost, conversion costs and other costs incurred in bringing the inventories to their present location and condition. Cost is determined using the weighted average basis.

Net realisable is the estimated selling price in the ordinary course of business less estimated costs of completion and estimated costs necessary to make the sale.

1.4 Income Taxes:

Income tax comprises of current tax and deferred tax. Income tax is recognised in the statement of profit and loss except for items that are recognised directly in equity or in other comprehensive income.

Current tax: current tax liabilities (assets) for the current and prior periods shall be measured at the amounts expected to be paid to (recovered from) the taxation authorities. Current tax is measured using the tax rates and tax laws that have been enacted or substantively enacted by the end of the reporting period. Current tax assets and current tax liabilities shall be offset if and only if the entity has a legally enforceable right to set off the recognised amounts and where the entity intends to either settle on a net basis or to realise the asset and liability simultaneously.

Deferred tax: Deferred tax is recognised using the balance sheet liability approach. Deferred income tax assets and liabilities are recognised for all deductible temporary differences and taxable temporary differences arising from differences between the carrying amounts of assets and liabilities and their respective tax bases.

Deferred income tax liabilities (assets) are based on tax rates that are expected to apply to the period when the assets is realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

Deferred assets are shall be recognised for carry forward of unused tax laws and unused tax credits to the extent it is probable that future taxable profits will be available against which the unused tax losses and unused tax credits can be utilised.

The carrying amount of a deferred tax asset shall be reviewed at the end of each reporting period and shall be reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow the benefit of part or all that deferred tax asset to be utilised. Deferred tax assets and liabilities shall be offset, if and only if, the entity has a legally enforceable right to set off current tax assets against current tax liabilities and the deferred tax assets and liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or on different taxable entities which intend to settle current tax liabilities and assets on net basis, or to realise the assets and settle the liabilities simultaneously.

1.5 Revenue Recognition:

a) Sale of Goods: Revenue from sale of goods is recognised when all significant risks and rewards of ownership are transferred to the buyer as per the terms of the contract, there is no continuing managerial involvement with the goods and the amount of revenue can be measured reliably. The company retains no effective control of the goods transferred and no significant uncertainty exists regarding the amount of the consideration that will be derived from sale of goods.

Revenue is measured at fair value of consideration received or receivable after deduction of any trade discounts, volume rebates and any taxes or duties collected on behalf of the government such as sales tax, value added tax etc.

b) Rendering of Services: Income from services is recognised based on agreements/ arrangements with the customers, as the service is performed in proportion to the stage of completion of the transaction at the reporting date and the amount of revenue can be measured reliably.

c) Interest Income and Dividend: Interest income is recognised using the effective interest rate (EIR) method. Dividend income on investments is recognised when the right to receive dividend is established.

1.6 Finance Cost:

Finance cost includes interest expense on borrowings calculated using the effective interest rate (EIR) method. The entity capitalises borrowing costs that are directly attributable to the acquisition, construction or production of a qualifying asset as part of the cost of the asset. All other borrowing costs is recognised as an expense in the period in which incurred.

1.7 Employee Benefit Expenses:

a) Short Term Employee Benefits:

Short term employee benefits include wages and salaries, paid annual leaves, paid sick leave, profit sharing and bonuses etc. expected to be settled wholly before 12 months after the end of the annual reporting period in which the employees render the related service. Short term employee benefits are recognised in the financial statements at an undiscounted amount, as an expense, for the period in which the employee has rendered the service.

b) Post Employment Benefits:

Under defined contribution plans the entity pays fixed contributions into a separate entity (a fund) with no legal or constructive obligation to pay further contributions if the fund does not hold sufficient assets to pay all employee benefits relating to employee service in the current and prior periods. The related actuarial and investment risks fall on the employee. The reporting entity’s obligation is determined by the amounts contributed for that period and the contribution paid / payable is recognised as an expense for the period the related services are rendered by the employee

1.8 Foreign Currency Translation:

The company’s function currency is Indian rupees (INR). All foreign currency transactions are initially translated into the functional currency using exchange rates at the date of transaction. At each reporting date, all monetary foreign currency items are translated into functional currency using the closing rate. All non monetary items foreign currency items are translated into functional currency at transaction date rates or at exchange rates at the date the fair value of non monetary items were re-valued, wherever applicable. All resulting exchange gains / losses are recognised in profit or loss.

In case of foreign operations, all monetary and non monetary items are translated into the functional currency using the closing rates. The resultant exchange differences are recognised in other comprehensive income net of taxes and accumulated in other equity as a separate component.

1.9 Earnings Per Share:

Basic earnings per share (BEPS) is computed by dividing the Net profit for the year attributable to equity share holders of the company by the weighted average number of equity shares (WAN) outstanding during the period. For calculating Diluted earnings per share (DEPS), the net profit for the period attributable to equity share holders of the company is divided by WAN, adjusted for the effects of all dilutive potential equity shares.

1.10 Provisions and Contigent Liabilities:

A provision is a liability of uncertain timing or amount. Provision is recognised when the entity has a present obligation based on a past event and it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation. Where the effect of time value of money is material, the amount of provision shall be the present value of the expenditures expected to be required to settle the obligation.

Contingent liability shall never be recognised. A contingent liability is disclosed, unless the possibility of outflow of resources embodying economic benefits is remote.

1.11 Leases:

Leases in which a substantial portion of risks and rewards of ownership are retained by the lessor are classified as operating leases. Operating lease payments and receipts are recognised in profit and loss on a straight line basis over the lease term unless the lease payments are structured to increase in line with expected general inflation to compensate the lessor’s expected inflationary cost increases, in which case the same is recognised as expense or income in line with the contractual term.

A Lease is classified as a finance lease whenever the terms of the lease transfer substantially all the risks and rewards incidental to ownership to the lessee.

स्रोत: रेलीगरे टेचनोवा

न्यूज़ फ़्लैश

  • SBI / CANARA BANK / ICICI Bk : Essar Steel रेजोल्यूशन 16 दिसंबर तक पूरा संभव
  • INDIA GLYCOL / RIL : Mono Ethylene Glycol पर एंटी डंपिंग ड्यूटी संभव
  • HERO MOTOCORP : फरवरी तक BS-VI गाड़ियां लॉन्च करेगी: सूत्र
  • DIXON TECH / AMBER ENT : इलेक्ट्रॉनिक प्रोडक्ट मैन्यूफैक्चरिंग करने वाले एक्सपोर्टर्स को बड़ी रियायत जल्द
  • CATEGORY: AFFORDABLE HOUSING : Raheja Vistas (Hyderabad), K Raheja Corp
  • CATEGORY: AFFORDABLE HOUSING : Fortune Township (Kolkata), Fortune Realty
  • CATEGORY: MID HOUSING : Ozone (Kolkata), Srijan Realty
  • CATEGORY: MID HOUSING : The Trees (Mumbai), Godrej Properties
  • CATEGORY: LUXURY HOUSING : Hiranandani Atlantis (Mum), Hiranandani Group
  • CATEGORY: LUXURY HOUSING : Riviera Blues (Ahmedabad), Goyal And Company

अभी देखें




(August 06, 2018)

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