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moneycontrol.com भारत | लेखांकन नीति > Finance - Investments > लेखांकन नीति फॉलोड से ग्लोबल इंफ्राटेक एंड फाइनेंस - बीएसई: 531463, NSE: N.A

ग्लोबल इंफ्राटेक एंड फाइनेंस

बीएसई: 531463  |  NSE: N.A  |  ISIN: INE377M01035  |  Finance - Investments

खोजें ग्लोबल इंफ्राटेक एंड फाइनेंस कनेक्शन मार्च 15
लेखांकन नीति साल : मार्च '16

a. BASIS OF PREPARATION:

The financial statements of the Company have been prepared in accordance with the Generally Accepted Accounting Principles in India (Indian GAAP) in compliance with the Accounting Standards notified under the Companies (Accounting Standards) Rules, 2016 (as amended) and the relevant provisions of the Companies Act, 2013. The financial statements have been prepared on accrual basis under the convention. Further in view of the schedule III of the Companies Act, the company has also reclassified the previous year figures in accordance with the requirements applicable fop the current year.

b. GENERAL:

The company follows the accrual method of accounting. The financial statements have been prepared in accordance with the historical cost convention and in accordance with. Expenses aid accounted on the accrual with necessary provision for all known liabilities and losses.

c. USE OF ESTIMATES:

The preparation of financial statements requires estimates and assumptions to be made that affect the required amount of assets and liabilities on the date of the financial statements and the reported amounts of revenues and expenses duping the Deporting period. Difference between the actual amounts and the estimates aid recognized in the period in which the results are known/materialized

d. FIXED ASSETS:

Fixed assets are stated at cost including taxes, duties, freight, insurance etc. related to acquisition and installation.

e. DEPRECIATION:

Depreciation on Fixed Assets is provided to the extent of depreciable amount on Written Down Values of the assets at the rates and in the manner prescribed in Schedule II of the Companies A t 203 over their remaining useful lives. For the assets purchased and sold during the year, depreciation is provided on a pro-rata basis considering the remaining useful life of the depreciable asset.

f. INVENTORIES:

Inventories are valued at lower of Cost or NRV.

g. REVENUE RECOGNITION:

Revenue is recognized and expenditure is accounted for on their accrual..

h. PROVISIONS, CONTINGENTLIABILITIES AND CONTINGENTASSETS:

Provisions involving substantial degree of estimation in measurement aid recognized 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 disclosed when the company has possible obligation or a present obligation and it is probable that a cash flow will not be required to settle the obligation. Contingent Assets are neither recognized nor disclosed in the financial statements.

i. INVESTMENTS:

Investments that aid readily realizable and intended to be held for not more than one year, are classified and current investments. All other investments aid classified as long-term investments.

Current Investments aid stated at lower of cost or market rate on individual investment basis. Long Td m Investments aid considered at cost, unless there is other than temporary decline in, cease, adequate provision is made against such diminution in the value of investments.

j. EMPLOYEE BENEFITS:

(i) Gratuity:

The liability for gratuity has not been provided as per the provisions of Payment of Gratuity Act, 1972 since no employed of the company is eligible for such benefits during the year.

(ii) Provident Fund:

The provisions of the Employees Provident Fund aid not applicable to the company since the number of employees employed duping the yean was less than the minimum prescribed top the benefit.

(iii) Leave Salary:

In respect of Leave Salary, the same is accounted as and when the liability arises in accordance with the provision of law governing the establishment.

k. TAXATION:

Taxes on Income are accrued in the same period as the revenue and the expenses to which they relate. Deferred tax assets are recognized to the extent there is a virtual certainty of its realization.

l. IMPAIRMENT OF ASSETS:

As at Balance Sheet Date, the carrying amount of assets is tested for impairment so as to determine:

a. Provision for Impairment Loss, if any, required or

b. The reversal, if any, required of impairment loss recognized in previous periods.

Impairment Loss is recognized when the carrying amount of an asset exceeds its recoverable amount.

m. BORROWING COST:

Borrowing cost attributable to the acquisition or construction of qualifying assets are capitalized as a part of such assets. All other borrowing costs are charged off to revenue.

A qualifying asset is an asset that necessarily requires a substantial period of gat ready for its intended use or sale .

n. DEFERRED REVENUE EXPENDITURE:

Miscellaneous Expenditure are written off uniformly over a period of 5 years.

o. INCOME TAX:

Current Tax is determined as the amount of tax payable in respect of taxable income for the period. Deferred t x is recognized, subject to the prudence, of timing differences, being the difference between taxable incomes and accounting income that originate in one period and are capable of reversal in one or more periods.

स्रोत: रेलीगरे टेचनोवा

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