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moneycontrol.com भारत | लेखांकन नीति > Finance - General > लेखांकन नीति फॉलोड से खंडवाला सिक्युरिटीज - बीएसई: 531892, NSE: KHANDSE

खंडवाला सिक्युरिटीज

बीएसई: 531892  |  NSE: KHANDSE  |  ISIN: INE060B01014  |  Finance - General

खोजें खंडवाला सिक्युरिटीज कनेक्शन मार्च 14
लेखांकन नीति साल : मार्च '15
Basis of preparation of consolidated financial statements
 
 The financial statement of the Company have been prepared in
 accordance with the Generally Accepted Accounting Principles in India
 to comply with 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 of the Companies Act 2013. 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 previous year.
 
 Use of estimates
 
 The preparation of the financial statements in conformity with the
 generally accepted accounting principles requires the management to
 make estimates and assumptions that affect the reported amount of
 assets, liabilities, revenues and expenses and disclosure of contingent
 liabilities on the date of the financial statements. Actual results
 could differ from the estimates. Any revision to accounting estimates
 is recognized prospectively in current and future periods.
 
 Revenue recognition
 
 Income from capital market operations (non-delivery based transactions)
 is accounted for on sale of securities. Income from Merchant Banking
 services, Brokerage and income from corporate advisory services are
 accounted for as and when the relevant services are rendered except
 where the recovery is uncertain in which case it is accounted for on
 receipt. Interest income is accounted for on accrual basis except where
 the recovery is uncertain, in which case it is accounted for on
 receipt. Dividend income is accounted for when the right to receive
 dividend is established.
 
 Fixed assets (Tangible & Intangible) and depreciation/ Amortisation
 
 Till the year ended March 31, 2014, Schedule XIV to the Companies Act,
 1956, prescribed requirements concerning depreciation of fixed assets.
 From the current year, Schedule XIV has been replaced by Schedule II to
 the Companies Act, 2013. The applicability of Schedule II has resulted
 in the following changes related to depreciation of fixed assets.
 Unless stated otherwise, the impact mentioned for the current year is
 likely to hold good for future years also.
 
 Till the year ended March 31, 2014, depreciation rates prescribed under
 Schedule XIV were treated as minimum rates and the company was not
 allowed to charge depreciation at lower rates even if such lower rates
 were justified by the estimated useful life of the asset. Schedule II
 to the Companies Act 2013 prescribes useful lives for fixed assets
 which, in many cases, are different from lives prescribed under the
 erstwhile Schedule XIV However, Schedule II allows companies to use
 higher/lower useful lives and residual values if such useful lives and
 residual values can be technically supported and justification for
 difference is disclosed in the financial statements.
 
 Considering the applicability of Schedule II, the management has
 re-estimated useful lives and residual values of all its fixed assets.
 The management believes that depreciation rates currently used fairly
 refl ect its estimate of the useful lives and residual values of fixed
 assets, though these rates in certain cases are different from lives
 prescribed under Schedule II.  Hence, this change in accounting policy
 did not have any material impact on financial statements of the
 company.
 
 Depreciation on tangible assets is calculated on a straight- line basis
 using the rates arrived at based on the useful lives estimated by the
 management, or those prescribed under the Schedule II to the Companies
 Act, 2013, whichever is higher.
 
 Intangible assets are amortized over their useful life. The management
 follows a rebuttable assumption that the useful lives of the assets
 would not exceed 6 years.
 
 The company has used the following rates to provide depreciation on its
 non-current assets.
 
 Investments
 
 Investments are classified into current investments and non- current
 investments. Investments, which are intended to be held for one year or
 more, are classified as non-current investments and investments, which
 are intended to be held for less than one year, are classified as
 current investments.
 
 Non-current investments are carried at cost less provision for
 diminution, other than temporary.
 
 Current investments are carried at lower of cost or fair value. The
 comparison of cost and fair value is done separately in respect of each
 investment.
 
 Inventories
 
 Stock-in-trade is valued at lower of cost and market value.  While
 determining market value, due consideration has been given to shares
 which have become ex-rights/ex-bonus at the year end for which
 rights/bonus shares have been received subsequent to year end.
 
 Foreign currency transactions
 
 Foreign currency transactions are recorded at the rates of exchange
 prevailing on the date of the transaction. Exchange differences, if any
 arising out of transactions settled during the year are recognized in
 the statement of profit and loss of the year.
 
 Employee benefits
 
 The accounting policy followed by the company in respect of its
 employee benefit schemes in accordance with Accounting Standard 15
 (Revised 2005), is set out below:
 
 Provident fund
 
 The Company contributes to a recognized provident fund, which is a defi
 ned contribution scheme. The contributions are accounted for on an
 accrual basis and recognized in the statement of profit and loss.
 
 Gratuity
 
 The Company''s gratuity scheme is a defined benefit plan. The
 Company''s net obligation in respect of the gratuity benefit is
 calculated by estimating the amount of future benefit that the
 employees have earned in return for their service in the current and
 prior periods, that benefit is discounted to determine its present
 value, and the fair value of any plan assets, if any, is deducted. The
 present value of the obligation under such benefit plan is determined
 based on actuarial valuation. Actuarial gains and losses arising from
 experience adjustments and change in actuarial assumptions are
 recognized in the statement of profit and loss in the period in which
 they arise.
 
 Taxation
 
 Tax expense comprises income tax (i.e. amount of tax for the year
 determined in accordance with the Income Tax Act, 1961), deferred tax
 charge or benefit (refl ecting the tax effect of timing differences
 between accounting income and taxable income for the year)
 
 Income tax
 
 Provision for income tax is recognized based on estimated tax liability
 computed after adjusting for allowances, disallowances and exemptions
 in accordance with the Income Tax Act, 1961.
 
 Deferred tax
 
 The deferred tax charge or benefit and the corresponding deferred tax
 liabilities and assets are recognized using the tax rates that have
 been enacted or substantially enacted as at the balance sheet date.
 Deferred tax assets are recognized only to the extent there is
 reasonable certainty that the asset can be realized in future, however,
 where there is unabsorbed depreciation or carried forward loss under
 taxation laws, deferred tax assets are recognized only if there is a
 virtual certainty of realization of the assets. Deferred tax assets are
 reviewed as at each balance sheet date and written down or written up
 to reflect the amount that is reasonably/virtually certain, as the
 case may be, to be realized.
 
 Derivative Instruments
 
 Initial / additional margin paid for futures / options is included
 under the head current assets. Contracts are marked to market in
 accordance with the prevalent regulations and the amount receivable or
 payable is disclosed under the head current assets or current
 liabilities, as the case may be. The profit or loss on settlement of
 derivative contracts is recognized in
 
 the Profit and Loss account. As on the balance sheet date, provision
 for loss on futures contracts is made to the extent of mark to market
 margins paid, while for open options, to the extent premium paid
 exceeds premium prevailing on that date.
 
 Provisions:
 
 A provision is recognized when the company has a present obligation as
 a result of past event, it is probable that an outfl ow of resources
 embodying economic benefits will be required to settle the obligation
 and a reliable estimate can be made of the amount of the obligation.
 
 Cash & Cash Equivalents:
 
 Cash and cash equivalents for the purposes of cash fl ow statement
 comprise cash at bank and in hand and fixed deposits.
 
 Current / Non Current Classification
 
 An asset shall be classified as current when it satisfies any of the
 following criteria:
 
 (a) it is expected to be realised in, or is intended for sale or
 consumption in, the company''s normal operating cycle;
 
 (b) it is held primarily for the purpose of being traded;
 
 (c) it is expected to be realised within twelve months after the
 reporting date; or
 
 (d) it is cash or cash equivalent unless it is restricted from being
 exchanged or used to settle a liability for at least twelve months
 after the reporting date.
 
 All other assets shall be classified as non-current.
 
 A liability shall be classified as current when it satisfies any of
 the following criteria:
 
 (a) it is expected to be settled in the company''s normal operating
 cycle;
 
 (b) it is held primarily for the purpose of being traded;
 
 (c) it is due to be settled within twelve months after the reporting
 date; or
 
 (d) the company does not have an unconditional right to defer
 settlement of the liability for at least twelve months after the
 reporting date. Terms of a liability that could, at the option of the
 counterparty, result in its settlement by the issue of equity
 instruments do not affect its classification.
 
 All other liabilities shall be classified as non-current.
स्रोत: रेलीगरे टेचनोवा

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