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moneycontrol.com भारत | लेखांकन नीति > Computers - Software Medium & Small > लेखांकन नीति फॉलोड से तकशील सॉल्यूशंस - बीएसई: 533639, NSE: TAKSHEEL

तकशील सॉल्यूशंस

बीएसई: 533639  |  NSE: TAKSHEEL  |  ISIN: INE889I01011  |  Computers - Software Medium & Small

खोजें तकशील सॉल्यूशंस कनेक्शन
लेखांकन नीति साल : मार्च '12
1.  Preparation and presentation of financial statements:

a) Basis of Preparation:

The financial statements are prepared under the historical cost convention, in accordance with the Generally Accepted Accounting Principles (GAAP), the mandatory Accounting Standards issued by the Institute of Chartered Accountants of India and the provisions of the Companies Act, 1956.

b) Use of Estimates:

The preparation of Financial Statements requires the management of the company to make estimates and assumptions that affect the reported amounts of revenues and expenses during the year. Difference between the actual and estimates are recognized in the period in which the results are known/ materialized

2. Fixed Assets:

a) Fixed Assets are stated at the cost of acquisition including incidental costs related to acquisition, installation and all other costs including borrowing cost attributable to bringing the assets to commercial production are capitalized and shown at net of accumulated depreciation.

b) Goodwill represents difference between the purchase price and book value of assets and liabilities acquired. Goodwill is amortized- over the useful life of the asset. The goodwill is reviewed for impairment whenever events or changes in business indicate the carrying amount of assets may not be fully recoverable.

c) Depreciation on the Fixed Assets of the Company is provided on Straight Line Method at the rates and in the manner prescribed under Schedule-XIV of the Companies Act, 1956.

d) The carrying cost of the assets are reviewed and at each Balance Sheet date if there is any indication of impairment based on external/internal factors. An impairment loss is recognised wherever the carrying amount of an asset exceeds its recoverable amount. The recoverable amount is the greater of the assets net selling price and value in use. In assessing value in use, the Company makes a reasonable estimate of the value in use.

3. Borrowing costs:

Borrowing costs that are attributable to the acquisition or construction of qualifying assets are capitalized as per of the cost of such assets. A qualifying asset is one that necessarily takes substantial period of time to get ready for intended use. All other borrowing costs are charged to revenue.

4. Investments:

a) Investments that are readily realizable and intended to be held for a period not more than a year are classified as Current investments. All other investments are classified as long-term investments.

b) Current investments are carried at lower of cost and fair value, determined on an individual investment basis. Long-term investments are carried at cost. However provision for diminution in value is made to recognize a decline, other than temporary decline, in the value of the investments.

5. Foreign Currency transactions:

a) Initial Recognition:

Foreign Currency transactions are recorded in the reported currency, by applying for the foreign currency amount the exchange rate between the reporting currency and foreign currency at the date of the transaction.

b) Conversion:

Foreign currency monetary items are reported using the closing date. on-monetary items which are carried in terms of historical cost denominated in foreign currency are reported using the exchange rate at the date of the transaction, and Non-monetary items which are carried at fair value or other similar valuation denominated in foreign currency are reported using the exchange rates that existed when the values were determined.

c) Exchange differences:

Exchange differences arising on the settlement of the monetary items or on reporting Company's monetary items at rates different from those at which they were initially recorded during the period or reported in previous financial statements, are recognized as income or expenses in the period in which they arise.

Exchange differences in respect of fixed assets acquired, including foreign currency liabilities relating thereto, are recognized as income or expenses in the period in which they arise.

6. Revenue Recognition:

The Company generally follows mercantile system of accounting and recognizes significant items of income on accrual basis.

a) Revenue from software development and consultancy services is recognized on the basis of agreements entered into with the Customers.

b) Revenue from sale of software products and consultancy services is recognized based on billing of the clients as per contractual terms.

c) Interest Income on term deposits is recognized using the time-proportion method, based on interest rates implicit in the transaction.

d) Income on investments and dividends on units is recognized as and when right to receive the same is established.

7. Expenditure:

Expenses are accounted on the accrual basis and provisions are made for all known losses and liabilities.

8. Retirement Benefits to employees:

a) The Company has a defined benefit gratuity plan. Every employee who has completed five years or more of service gets a gratuity on departure at 15 days basic salary (last drawn basic salary) subject to maximum of 30 days of basic salary (last drawn basic salary) as per rules of the Company for each completed year of service.

b) The company provides for gratuity liability based on the valuation report given by LIC.

9. Provision, Contingent Liabilities and Contingent Assets:

Provisions involving substantial degree of estimation in measurement are recognized when there is a present obligation as a result of past events and it is probable that there will be an outflow of resources. Contingent Liabilities are not recognized but are disclosed in the notes.

10. Income Tax:

a) Provision for Income Tax is made for both current and deferred taxes. Provision for current Income Tax is made at current tax rates based on assessable income. Deferred income taxes are recognized for the future tax consequences attributable to timing differences between the financial statements carrying amounts of existing assets and liabilities and their respective tax bases.

b) The effect on deferred tax assets and liabilities of a change in tax rates is recognized using the tax rates and tax laws that have been enacted on substantively enacted by balance sheet date. Deferred tax assets are recognized and carried forward only to the extent that there is reasonable certainty that sufficient future taxable income will be available against which such deferred tax assets can be realized.

11. Earnings per share:

In determining earnings per share, the company considers the net profit after tax and includes the post-tax effect of any extra-ordinary items. The number of shares used in computing the basic earnings per share is the weighted average number of shares outstanding during the year.

12. Cash Flow Statement:

a) The Company has prepared Cash Flow Statement as per the AS-3.

b) Cash flows are reported using the Indirect method, whereby net profit before tax is adjusted for the effects of transactions of a non cash nature, any deferrals or accruals of past or future operating cash receipts or payments and item of income or expenses associated with investing or financing cash flows. The cash flows from operating, investing and financing activities of the group are segregated.

13. Related Party Disclosures:

The Company furnishes the details of Related Party Disclosures as given in Para 25 and 26 as required by AS-18.

स्रोत: रेलीगरे टेचनोवा

न्यूज़ फ़्लैश

  • MARKET CUES : FIIs ने कैश में `335 Cr की बिकवाली की
  • MARKET CUES : DIIs ने कैश में `2409 Cr की खरीदारी की
  • MARKET CUES : FIIs ने F&O में `4293 Cr की खरीदारी की
  • MARKET CUES : इंडेक्स फ्यूचर्स में `1664 Cr की खरीदारी
  • MARKET CUES : इंडेक्स ऑप्शंस में `1753 Cr की खरीदारी
  • MARKET CUES : स्टॉक फ्यूचर्स में `912 Cr की खरीदारी
  • MARKET CUES : स्टॉक ऑप्शंस में `36 Cr की बिकवाली
  • JEFFERIES ON SUN PHARMA : BUY रेटिंग, लक्ष्य बढ़ाकर `530/Sh
  • CS ON SUN PHARMA : Neutral रेटिंग, लक्ष्य `400/Sh
  • CLSA ON SUN PHARMA : BUY रेटिंग, लक्ष्य घटाकर `560/Sh

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