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moneycontrol.com भारत | लेखांकन नीति > Textiles - Weaving > लेखांकन नीति फॉलोड से इंडियन पॉलीफिंस लिमिटेड - बीएसई: 514292, NSE: N.A

इंडियन पॉलीफिंस लिमिटेड

बीएसई: 514292  |  NSE: N.A  |  ISIN:  |  Textiles - Weaving

खोजें इंडियन पॉलीफिंस लिमिटेड कनेक्शन मार्च 14
लेखांकन नीति साल : मार्च '15
2.1 Basis of accounting and preparation of financial statements
 
 The financial statements of the Company have been prepared in
 accordance with the Generally Accepted Accounting principles in India
 (Indian GAAP) to comply with the Accounting Standards notified under
 the Companies (Accounting Standards) Rules, 2006 (as amended) and the
 relevant provisions of the Companies Act, 1956. The financial
 statements have been prepared on accrual basis under the historical
 cost convention The accounting policies adopted in the preparation of
 the financial statements are consistent with those followed in the
 previous year
 
 2.2 Use of estimates
 
 The preparation of the financial statements in conformity with Indian
 GAAP requires the Management to make estimates and assumptions
 considered in the reported amounts of assets and liabilities (including
 contingent liabilities) and the reported income and expenses during the
 year. The Management believes that the estimates used in preparation of
 the financial statements are prudent and reasonable. Future results
 could differ due to these estimates and the differences between the
 actual results and the estimates''are recognised in the periods in which
 the results are known / materialise.
 
 2.3 Inventories
 
 Inventories are valued at the lower of cost (on FIFO) and the net
 realisable value after providing for obsolescence and other losses,
 where considered necessary. Cost includes all charges in bringing the
 goods to the point of sale, including octroi and other levies, transit
 insurance and receiving charges, finished goods include appropriate
 proportion of overheads.
 
 2.4 Cash and cash equivalents (for purposes of Cash Flow Statement)
 
 Cash comprises cash on hand and demand deposits with banks. Cash
 equivalents are short-term balances (with an original maturity of three
 months or less from the date of acquisition), highly liquid investments
 that are readily convertible into known amounts of cash and which are
 subject to insignificant risk of changes In value.
 
 2.5 Cash flow statement
 
 Cash flows are reported using the indirect method, whereby profit /
 (loss) before extraordinary items and tax is adjusted for the effects
 of transactions of non-cash nature and any deferrals or accruals of
 past or future cash receipts or payments. The cash flows from
 operating, investing and financing activities of the Company are
 segregated based on the available information.
 
 2.6 Depreciation and amortisation
 
 Pursuant to enactment of Companies act 2013 and its applicability for
 accounting periods commencing from 1st April, 2014, the company has
 revised its policy of Depreciation on fixed assets as per Schedule II
 to the said Act. Depreciation is now provided over the remaining useful
 life of fixed assets for all Tangible assets.
 
 Intangible assets are amortised over their estimated useful life.
 
 2.7 Revenue recognition
 
 Sale of goods -
 
 Sales are recognised, net of returns and trade discounts, on transfer
 of significant risks and rewards of ownership to the buyer, which
 generally coincides with the delivery of goods to customers. Income
 from services
 
 Revenues from Job work are recognised when services are rendered and
 related costs are incurred. These are net of inter division transer.
 
 2.8 Other income
 
 Income from Interest income is accounted on accrual basis.
 
 2.9 Tangible fixed assets
 
 Fixed assets are carried at cost less accumulated depreciation and
 impairment losses, if any. The cost of fixed assets includes interest
 on borrowings attributable to acquisition of qualifying fixed assets up
 to the date the asset is ready for its intended use and other
 incidental expenses incurred up to that date. Subsequent expenditure
 relating to fixed assets is capitalised only if such expenditure
 results in an increase in the future benefits from such asset beyond
 its previously assessed standard of performance.
 
 2.10 Intangible assets
 
 Intangible assets are carried at cost less accumulated amortisation and
 impairment losses, if any. The cost of an intangible asset comprises
 its purchase price and any directly attributable expenditure on making
 the asset ready for it intended use and net of any trade discounts and
 rebates.
 
 2.11 Foreign currency transactions and translations Initial recognition
 
 Transactions in foreign currencies entered into by the Company and its
 integral foreign operations are accounted at the exchange rates
 prevailing on the date of the transaction or at rates that closely
 approximate the rate at the date of the transaction.
 
 Treatment of exchange differences -
 
 Exchange differences arising on settlement / restatement of short-term
 foreign currency monetary assets and liabilities of the Company and its
 integral foreign operations are recognised as income or expense in the
 Statement of Profit and Loss.
 
 The exchange differences arising on settlement of monetary items or on
 reporting monetary items at rates different from those at which they
 were initially recognised during the year, or reported in previous
 financial statements, are recognised as income or expense in the year
 in which they arise.
 
 2.12 Investments
 
 Long-term investments, are carried individually at cost less provision
 for diminution, other than temporary, in the value of such investments.
 
 2.13 Employee benefits
 
 Employee benefits include provident fund, compensated absences, long
 service awards and postemployment medical benefits.
 
 Defined contribution plans .
 
 The Company''s contribution to provident fund are considered as defined
 contribution plans and are charged as an expense as they fall due based
 on the amount of contribution required to be made. Provision for
 Gratuity will be accounted for at the time of payment.
 
 2.14 Segment reporting
 
 The Company is primarily engaged in a single segment of textiles.
 
 2.15 Earnings per share
 
 Basic earnings per share is computed by dividing the profit after tax
 (including the post tax effect of extraordinary items, if any) by the
 weighted average number of equity shares outstanding during the _ year.
 Diluted earnings per share is computed by dividing the profit after tax
 (including the post tax effect of extraordinary items, if any) as
 adjusted for dividend, interest and other charges to expense or income
 relating to the dilutive potential equity shares, by the weighted
 average number of equity shares considered for deriving basic earnings
 per share and the weighted average number of equity shares.
 
 2.16 Taxes on income
 
 Current tax is the amount of tax payable on the taxable income for the
 year as determined in accordance with the provisions of the Income Tax
 Act, 1961.
 
 Deferred tax is recognised on timing differences, being the differences
 between the taxable income and the accounting income that originate in
 one period and are capable of reversal in one or more subsequent
 periods. Deferred tax is measured using the tax rates and the tax laws
 enacted or . substantially enacted as at the reporting date. Deferred
 tax liabilities are recognised for all timing differences.
 
 2.17 Impairment of assets
 
 The carrying values of assets / cash generating units at each Balance
 Sheet date are reviewed for impairment. If any indication of impairment
 exists, the recoverable amount of such assets is estimated and
 impairment is recognised, if the carrying amount of these assets
 exceeds their recoverable amount.The recoverable amount is the greater
 of the net selling price and their value in use. Value in use is
 arrived at by discounting the future cash flows to their present value
 based on an appropriate discount factor. When there is indication that
 an impairment loss recognised for an asset in earlier accounting
 periods no longer exists or may have decreased, such reversal of
 impairment loss is recognised in the Statement of Profit and Loss,
 except in case of revalued assets.
 
 2.18 Provisions and contingencies
 
 A provision is recognised when the Company has a present obligation as
 a result of past events and it is probable that an outflow of resources
 will be required to settle the obligation in respect of which a
 reliable estimate can be made. These are reviewed at each Balance Sheet
 date and adjusted to reflect the current best estimates. Contingent
 liabilities arp disclosed in the Notes.
 
 
स्रोत: रेलीगरे टेचनोवा

न्यूज़ फ़्लैश

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