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कॉफी ब्रेक पिक्चर्स

बीएसई: 531602  |  NSE: N.A  |  ISIN: INE208D01023  |  Textiles - Readymade Apparels

खोजें कॉफी ब्रेक पिक्चर्स कनेक्शन मार्च 13
लेखांकन नीति साल : मार्च '14
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.
 
 The Revised Schedule VI has become effective from 1st April, 2011 for
 the preparation of financial statements. This has significantly
 impacted the disclosure and presentation made in the financial
 statements. Previous year''s figures have been regrouped / reclassified
 wherever necessary to correspond with the current year''s classification
 / disclosure.
 
 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.
 
 3 Inventories
 
 (i) Inventories of under production films/Animations and other contents
 are valued at actual amount spent which includes amount paid, bills
 settled and advance paid for which bills are awaited. The residual
 values of all the films are valued at NIL as total cost of production
 is charged to revenue at the time of first release of such films. Other
 inventories are stated at cost.
 
 (ii) Acquired rights pertaining to movies, animations and other
 contents are amortized on the exploitation of such rights based on the
 management estimates of revenue potential.
 
 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.
 
 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.
 
 6 Depreciation and amortisation
 
 Depreciation has been provided on the straight-line method as per the
 rates prescribed in Schedule XIV to the Companies Act, 1956 except in
 respect of the following categories of assets, in whose case higher
 rates of depreciation has been applied
 
 Name of Fixed Assets    Higher Rate
 
 Studio Equipment         40%
 
 Computers                40%
 
 7 Revenue recognition
 
 (i) Revenues from Licensing / public sale of movies are recognized in
 accordance with the licensing agreement or on physical delivery of the
 movies, whichever is later.
 
 (ii) Recoveries of old films are recognized as and when royalties
 earned.
 
 (iii) In respect of services, the company accounts for the revenue are
 on the basis of completed contract method.
 
 (iv) Interest income is accounted on accrual basis.
 
 (v) Dividend is recognized when the right to receive the dividend is
 unconditionally established at the balance sheet date.
 
 8 Other income
 
 Interest income is accounted on accrual basis. Dividend income is
 accounted for when the right to receive it is established.
 
 9 Tangible fixed assets
 
 Fixed assets, are carried at cost less accumulated depreciation,
 Service Tax/VAT Credit availed 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. Exchange differences arising on restatement / settlement of
 long-term foreign currency borrowings relating to acquisition of
 depreciable fixed assets are adjusted to the cost of the respective
 assets and depreciated over the remaining useful life of such assets.
 Machinery spares which can be used only in connection with an item of
 fixed asset and whose use is expected to be irregular are capitalised
 and depreciated over the useful life of the principal item of the
 relevant assets. 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.
 
 Fixed assets acquired and put to use for project purpose are
 capitalised and depreciation thereon is included in the project cost
 till commissioning of the project.
 
 Fixed assets acquired in full or part exchange for another asset are
 recorded at the fair market value or the net book value of the asset
 given up, adjusted for any balancing cash consideration.  Fair market
 value is determined either for the assets acquired or asset given up,
 whichever is more clearly evident. Fixed assets acquired in exchange
 for securities of the Company are recorded at the fair market value of
 the assets or the fair market value of the securities issued, whichever
 is more clearly evident.
 
 10 Intangible assets
 
 Intangible Assets are recorded at cost of acquisition.
 
 11 Investments
 
 (i) Long term : Long term investments shown in the balance sheet are
 valued at cost unless there is a permanent diminution in the value, in
 such case are valued at the diminished value and the difference is
 charged to profit and loss account.
 
 (ii) Disposal of Investments: On disposal of an investment, the
 difference between the carrying amount and net disposal proceed is
 being charged to profit and loss account determined on the basis of
 First in First out (FIFO) Method.
 
 12 Leave Encashment
 
 Leave Encashment expenses are being accounted for as and when the
 employee encash.
 
 13 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. Borrowing costs, allocated to and utilised for qualifying assets,
 pertaining to the period from commencement of activities relating to
 construction / development of the qualifying asset upto the date of
 capitalisation of such asset is added to the cost of the assets.
 Capitalisation of borrowing costs is suspended and charged to the
 Statement of Profit and Loss during extended periods when active
 development activity on the qualifying assets is interrupted.
 
 14 Segment reporting
 
 The entire operation of the Company relates to only one segment viz.
 Software and Entertainment. As such, there is no separate reportable
 segment under Accounting Standards- AS 17 on Segment Reporting.
 
 15 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. Potential equity shares are deemed to be
 dilutive only if their conversion to equity shares would decrease the
 net profit per share from continuing ordinary operations. Potential
 dilutive equity shares are deemed to be converted as at the beginning
 of the period, unless they have been issued at a later date. The
 dilutive potential equity shares are adjusted for the proceeds
 receivable had the shares been actually issued at fair value (i.e.
 average market value of the outstanding shares). Dilutive potential
 equity shares are determined independently for each period presented.
 The number of equity shares and potentially dilutive equity shares are
 adjusted for share splits / reverse share splits and bonus shares, as
 appropriate.
 
 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.
 
 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. Deferred tax
 assets in respect of unabsorbed depreciation and carry forward of
 losses are recognised only if there is virtual certainty that there
 will be sufficient future taxable income available to realise such
 assets. Deferred tax assets are recognised for timing differences of
 other items only to the extent that reasonable certainty exists that
 sufficient future taxable income will be available against which these
 can be realised. Deferred tax assets and liabilities are offset if such
 items relate to taxes on income levied by the same governing tax laws
 and the Company has a legally enforceable right for such set off.
 Deferred tax assets are reviewed at each Balance Sheet date for their
 reliability.
 
 Current and deferred tax relating to items directly recognised in
 equity are recognised in equity and not in the Statement of Profit and
 Loss.
 
 17 Provision 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. Provisions (excluding retirement
 benefits) are not discounted to their present value and are determined
 based on the best estimate required to settle the obligation at the
 Balance Sheet date. These are reviewed at each Balance Sheet date and
 adjusted to reflect the current best estimates. Contingent liabilities
 are disclosed in the Notes.
स्रोत: रेलीगरे टेचनोवा

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