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moneycontrol.com भारत | लेखांकन नीति > Finance - Leasing & Hire Purchase > लेखांकन नीति फॉलोड से इंडस फाइनेंस - बीएसई: 531841, NSE: N.A

इंडस फाइनेंस

बीएसई: 531841  |  NSE: N.A  |  ISIN: INE935D01013  |  Finance - Leasing & Hire Purchase

खोजें इंडस फाइनेंस कनेक्शन मार्च 14
लेखांकन नीति साल : मार्च '15
2.1 Basis of accounting and preparation of financial statements
 
 The financial statements ofthe Company have been prepared in accordance
 with the Generally Accepted Accounting Principles in India (Indian
 GAAP) including Accounting Standards specified under section 133 of the
 Companies Act, 2013 read with Rule 7 of the Companies (Accounts) Rules,
 2014 and the relevant provisions ofthe Companies Act, 2013. The
 financial statements have been prepared on accrual basis underthe
 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 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 highly liquid investments that are
 readily convertible into known amounts of cash and which are subject to
 insignificant riskof changes in value.
 
 2.4 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 ofthe Company are
 segregated based on the available information.
 
 2.5 Depreciation and amortisation
 
 Depreciation/amortisation on fixed assets, including revaluation cost
 and the capitalisation of capital expenditure, are charged over the
 period ofthe remaining useful life of the asset, arrived at after
 considering the asset life as prescribed under Schedule-ll to the
 Companies Act, 2013, adopting straight line method of
 depreciation/amortisation.
 
 2.6 Revenue recognition-Income from Financing Activity
 
 (i) Interest income is recognised in the Profit and Loss Account as it
 accrues except in the case of non-performing assets where it is
 recognised upon realization as per the prudential norms of the Reserve
 Bank of India. Accrual of income is also suspended on certain other
 loans where in the opinion ofthe management, significant uncertainties
 exist as at the year end.
 
 All otherfees are recognised upfront on their becoming due.
 
 2.7 Revenue recognition-Income from Non-Financing Activity
 
 (i) Power income is recognised on accrual basis as they are earned or
 incurred.
 
 (ii) Dividend income is accounted for when the right to receive it is
 established.
 
 (iii) Income from otherfinancing activities and services is recognised
 on accrual basis.
 
 2.8 Tangible fixed assets
 
 Fixed assets are stated at historical cost less accumulated
 depreciation.
 
 2.9 Investments
 
 Long-term investments, are carried individually at cost less provision
 for diminution, other than temporary, in the value of such investments.
 Current investments are carried individually, at the lowerof cost and
 fair value.
 
 2.10 Employee benefits
 
 The Company has not formulated any policy for employee benefits,
 including Provident Fund, ESI or Gratuity.
 
 2.11 Borrowing costs
 
 Borrowing costs include interest, amortisation of ancillary costs
 incurred and exchange differences arising from foreign currency
 borrowings to the extent they are regarded as an adjustment to the
 interest cost. Costs in connection with the borrowing of funds to the
 extent not directly related to the acquisition of qualifying assets are
 charged to the Statement of Profit and Loss over the tenure of the
 loan.
 
 2.12 Segment Reporting
 
 The company is operating in two business segment viz., Non-Banking
 Finance and Power Generation.
 
 Details of Segment-wise Assets and Profit & Loss Statement can be
 reffered in Note No. 21.7.
 
 2.13 Earnings Per Share
 
 Basic earnings per share is computed by dividing the profit / (loss)
 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
 / (loss) 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 which could have been issued on the conversion of all dilutive
 potential equity shares.
 
 2.14 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
 TaxAct, 1961. Minimum Alternate Tax (MAT) paid in accordance with the
 tax laws, which gives future economic benefits in the form of
 adjustment to future income tax liability, is considered as an asset if
 there is convincing evidence that the Company will pay normal income
 tax. Accordingly, MAT is recognised as an asset in the Balance Sheet
 when it is probable that future economic benefit associated with it
 will flow to the Company. 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.
 
 2.15 Impairmentofassets
 
 The carrying values of assets are reviewed for impairment at each
 balance sheet date to ascertain impairment based on internal / external
 factors. An impairment loss is recognised when the carrying amount of
 an asset exceeds its recoverable amount. The recoverale amount is
 higher of the netsellilng price of the assets and their value in use.
 
 2.16 Provisions
 
 Provisions are recognised when the Company has present legal or
 constructive obligations, as a result of past events, for which it is
 probable that an outflow of economic benefits will be required to
 settle the obligation and a reliable estimate can be made for the
 amount of the obligation.
 
 
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