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moneycontrol.com भारत | लेखांकन नीति > Refineries > लेखांकन नीति फॉलोड से कोची रिफाइनरीज - बीएसई: 500873, NSE: COCHINREFN

कोची रिफाइनरीज

बीएसई: 500873  |  NSE: COCHINREFN  |  ISIN: INE123A01012  |  Refineries

खोजें कोची रिफाइनरीज कनेक्शन
लेखांकन नीति साल : मार्च '05
I. ACCOUNTING CONVENTION
 
 The financial statements are prepared under historical cost convention
 on accrual basis except where otherwise stated and in accordance with
 applicable Accounting Standards.
 
 II. USE OF ESTIMATES
 
 The preparation of financial statements requires management to make
 certain estimates and assumptions that affect the amounts reported in
 the financial statements and notes thereto. Differences between actual
 results and estimates are recognised in the period in which they
 materialise.
 
 III. FIXED ASSETS
 
 [I] Expenditure incurred on improvement or replacement, which in the
 opinion of the Management, is likely to substantially increase the life
 of the asset and future benefits from it, is capitalised.
 
 [2] Expenditure on assets, other than plant and machinery and furniture
 hired out to employees and at camp offices, not exceeding Rs. 1000 per
 item is charged to revenue.
 
 [3] Machinery spares that can be used only in connection with an item
 of fixed asset and their use is expected to be irregular are
 capitalised. Replacement of such spares is charged to revenue. Other
 spares are charged as revenue expenditure as and when consumed.
 
 [4] Borrowing costs attributable to acquisition, construction or
 production of qualifying asset are capitalized as part of that asset,
 till the month in which the asset is ready for use. Other borrowing
 costs are recognised as an expense in the period in which these are
 incurred. Overheads of project group are allocated to the projects
 costing Rs.50 Million and above.
 
 [5] Intangible Assets
 
 [i] Cost of rights of way that are perennial In nature are not
 amortised.
 
 [ii] Expenditure incurred for creating/acquiring other intangible
 assets of Rs. 5 Million and above, from which future economic benefits
 will flow over a period of time, is amortised over the estimated useful
 life of the asset or five years, whichever is lower, from the time the
 intangible asset starts providing the economic benefit.
 
 [iii] In other cases, the expenditure is charged to revenue in the year
 the expenditure is incurred.
 
 [6] Depreciation
 
 [i] Depreciation on Fixed Assets is provided on straight-line method at
 the rates prescribed in Schedule XIV of the Companies Act, 1956 but for
 certain assets at the camp offices of senior executives as well as
 those hired out to employees, for which depreciation is charged at the
 Company's rates, which are not lower than the rates specified in
 Schedule XIV.
 
 [ii] Additions/deletions to fixed assets during the year are being
 depreciated on pro rata basis from the beginning of the month in which
 such assets are capitalised/deleted, except in the case of camp office
 assets and furniture hired out to employees for which full year
 depreciation is charged.
 
 [iii] Fixed assets costing not more than Rs.5000 each are depreciated
 at the rate of 100 percent in the year of capitalization.
 
 [7] Impairment of Fixed Asset
 
 The carrying values of fixed assets of the identified Cash Generating
 Units (CGU) are reviewed for impairment at each Balance Sheet date when
 events or changes in circumstances indicate that the carrying values
 may not be recoverable. If the carrying values exceed the estimated
 recoverable amount, the assets of the CGU are written down to the
 recoverable amount and the impairment losses are recognized in the
 Profit and Loss Account.The recoverable amount is the greater of net
 selling price and value in use. In assessing value in use, the
 estimated future cash flows are discounted to their present value based
 on an appropriate discount factor.
 
 IV. INVESTMENTS
 
 Long term investments are stated at cost and provision is made for any
 diminution in such value which is not temporary in nature.
 
 V. INVENTORIES
 
 [I]  Raw Material and Stock-in-Process:
 
 Crude oil cost is ascertained separately for indigenous and imported
 crude oil in stock in refinery tanks and pipelines on
 first-in-first-out basis, and those in transit on CIF basis.
 
 Stock-in-Process is valued at raw material cost plus conversion cost as
 applicable.
 
 In case there has been a decline in the price of raw material and the
 net realisable value of the finished products, raw material and
 intermediate are valued at net realisable value.
 
 [2] Finished products:
 
 Finished products are valued at cost on first-in-first-out basis or net
 realisable value whichever is lower.
 
 [3] Stores:
 
 [i] Stores are valued at cost (on weighted average basis) or under
 (estimated realisable value).
 
 [ii] Stores in transit are valued at cost or under (estimated
 realisable value).
 
 [4] Duties on Bonded Stocks:
 
 Customs Duty and Excise Duty payable at the applicable rates based on
 end use, are included in inventory valuation, except where the
 liability to pay duty is transferred to the consignee.
 
 VI. CENVAT
 
 Cenvat credit on eligible revenue/capital purchase is recognised on
 receipt of such materials.
 
 VII. SALES
 
 [I] Sales are net of discounts and include Excise/Customs Duties.
 
 [2] Sale of LPG as feedstock through pipeline transfer during a day is
 accounted net of returns received during that day.
 
 VIII. RETIREMENT BENEFITS
 
 Liability towards gratuity and other retirement benefits is determined
 based on actuarial valuation done at the year end.  Liability so
 determined is funded in the case of gratuity and provided for in other
 cases, by charge to revenue.
 
 IX. FOREIGN EXCHANGE VARIATION
 
 Assets and Liabilities relating to transactions involving foreign
 currency are converted at exchange rates prevailing at the year end.
 Any loss or gain arising out of settlements/conversions is adjusted to
 the concerned assets, if the liability is incurred for the purpose of
 acquisition of fixed assets, and in the Profit & Loss Account, in other
 cases.
 
 X. CLASSIFICATION OF INCOME/EXPENSES
 
 (i) Income/expenditure, which cannot be reasonably ascertained, are
 accounted as and when ascertained.
 
 (ii) Income/expenditure are disclosed as prior period items only when
 the value exceeds Rs.0.50 Million in each case.
 
 (iii) Prepaid expenses up to Rs.0.01 Million in each case, are charged
 to revenue as and when incurred.
 
 (iv) Liabilities for expenses, other than for transportation, rent and
 property taxes are provided for only if the amount exceeds Rs. 0.01
 Million in each case.
 
 XI. CONTINGENT LIABILITIES AND OUTSTANDING CAPITAL COMMITMENTS
 
 [I] Contingent liabilities/outstanding capital commitments are
 considered only in cases of items exceeding Rs.0.10 Million in each
 case.
 
 [2] Show cause notices issued by various Government authorities are
 considered for the evaluation of Contingent liabilities only when
 converted into demand.
 
 XII. GOVERNMENT GRANTS
 
 Government grants of revenue nature are recognised in the Profit & Loss
 Account.
 
 XIII. TAXES ON INCOME
 
 Provision for current tax is made in accordance with the provisions of
 the Income Tax Act, 1961. Deferred tax on account of timing difference
 between taxable and accounting income is provided considering the tax
 rates and tax laws enacted or substantively enacted by the Balance
 Sheet date, in accordance with Accounting Standard-22 issued by the
 Institute of Chartered Accountants of India.
स्रोत: रेलीगरे टेचनोवा

न्यूज़ फ़्लैश

  • MARKET CUES : FIIs ने कैश में `1008 Cr की बिकवाली की
  • MARKET CUES : DIIs ने कैश में `538 Cr की खरीदारी की
  • MARKET CUES : FIIs ने F&O में `379 Cr की खरीदारी की
  • MARKET CUES : इंडेक्स फ्यूचर्स में `656 Cr की बिकवाली की
  • MARKET CUES : इंडेक्स ऑप्शंस में `1075 Cr की खरीदारी की
  • MARKET CUES : स्टॉक फ्यूचर्स में `36 Cr की बिकवाली की
  • MS ON BPCL : Overweight रेटिंग, लक्ष्य `571/Sh
  • CS ON AARTI IND : Outperform रेटिंग, लक्ष्य `980/Sh
  • CS ON APOLLO HOSP : लक्ष्य `1,300 से बढ़ाकर `1,600/Sh
  • NOMURA ON ESSAR CASE : बैंकों की अब 90% तक रकम की रिकवरी संभव

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