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Moneycontrol.com ભારત | એકાઉન્ટીંગ નીતિ > Computers - Software > એકાઉન્ટીંગ નીતિ ને અનુસરો દ્રારા બ્લ્યૂ સ્ટાર ઇન્ફો - બીએસઈ: 532346, ઍનઍસઈ : BLUESTINFO

બ્લ્યૂ સ્ટાર ઇન્ફો

બીએસઈ: 532346  |  ઍનઍસઈ : BLUESTINFO  |  ISIN: INE504B01011  |  Computers - Software

શોધો બ્લ્યૂ સ્ટાર ઇન્ફો કનેક્શન � માર્ચ 14
એકાઉન્ટીંગ નીતિ વર્ષ : માર્ચ '15
(a) Basis of accounting and preparation of financial statements
 
 The financial statements of the Company have been prepared in
 accordance with generally accepted accounting principles in India
 (Indian GAAP) to comply in all material aspects with the Accounting
 Standards specified under Section 133 of the Companies Act, 2013 (the
 ''Act''), read with Rule 7 of the Companies (Accounts) Rules, 2014 (as
 amended). These financial statements have been prepared under the
 historical cost convention on accrual basis of accounting. The
 accounting policies have been consistently applied by the Company and
 are consistent with those used in the previous year except as stated in
 Note 1(b) below.
 
 (b) Change in accounting policy
 
 Effective 1 April 2014, the Company has retrospectively changed its
 method of providing depreciation on furniture & fixtures from the
 ''Written Down Value'' method to the ''Straight Line'' method, at the rates
 prescribed in Schedule II to the Companies Act, 2013. Management
 believes that this change will result in more appropriate presentation
 of the financial statements of the Company. Accordingly, the Company
 has recorded reversal of accumulated depreciation charge of Rs. 70.70
 Lakhs in current year.
 
 (c) Use of estimates
 
 The preparation of the financial statements in conformity with
 generally accepted accounting principles requires management to make
 estimates and assumptions that affect the reported amounts of assets
 and liabilities, disclosure of contingent liabilities as at the date of
 financial statements and the reported amounts of revenues and expenses
 during the reporting period. Key estimates include estimate of useful
 life of fixed assets, unbilled revenue, income taxes, provision for bad
 and doubtful debts, estimated gain/loss on foreign exchange contracts
 and future obligations under employee retirement benefit plans. Actual
 results could differ from those estimates. Any revision to accounting
 estimates will be recognised prospectively in the current and future
 periods.
 
 (d) Fixed assets, Capital work-in-progress and Depreciation
 
 (i) Fixed assets are stated at cost less accumulated depreciation. Cost
 includes inward freight, taxes and expenses incidental to acquisition
 and installation, up to the point the asset is ready for its intended
 use.
 
 (ii) Depreciation is provided on Building, Plant and Equipment,
 Furniture & Fixtures and Office Equipment under the Straight-Line
 Method and on other fixed assets, other than Leasehold Building
 improvements, under the Written Down Value Method. Depreciation is
 provided on a pro-rata basis using the useful lives and in the manner
 prescribed under Schedule II of the Companies Act, 2013, which also
 represent the useful life of fixed assets.
 
 (iii) Leasehold building improvements are written off over the period
 of lease or their estimated useful life, whichever is lower, on a
 straight-line basis.
 
 (iv) Assets acquired but not ready for use or assets under construction
 are classified under Capital Work in Progress.
 
 (v) Management evaluates at regular intervals, using external and
 internal sources, the need for impairment of any asset. Impairment
 occurs where the carrying value exceeds the present value of future
 cash flows expected to arise from the continuing use of the asset and
 its net realisable value on its eventual disposal.  Any loss on account
 of impairment is expensed as the excess of the carrying amount over the
 higher of the asset''s net sales price or present value as determined.
 
 After impairment, depreciation is provided on the revised carrying
 amount of the asset over its remaining useful life.
 
 A previously recognised impairment loss is increased or reversed
 depending on changes in circumstances.  However, the carrying value
 after reversal is not increased beyond the carrying value that would
 have prevailed by charging usual depreciation if there was no
 impairment.
 
 (e) Intangible assets
 
 costs relating to acquisition of computer software are capitalised as
 ''Intangible assets'' and amortised on a straight line basis over a
 period of three years, which is the management''s estimate of the useful
 life of such software.
 
 (f) Intangible assets under development
 
 The Company recognizes the cost of developing intellectual property
 rights as an intangible asset, which in its opinion would result in
 commercial benefits over several financial years.
 
 The initial investment towards development or the cost of creation of
 the intellectual property rights is treated as capital expenditure. The
 same would be amortized over the commercial life of intellectual
 property rights so created.
 
 (g) Borrowing Cost
 
 Borrowing cost attributable to the acquisition or setting-up of
 qualifying assets is capitalised as part of the cost of such assets. 
 A qualifying asset is one that necessarily takes a substantial period 
 of time to get ready for its intended use or sale. All other borrowing
 costs are charged to revenue.
 
 (h) Investments
 
 Investments are classified into long-term investments and current
 investments. Long-term investments are carried at cost. Provision for
 diminution in the value of long-term investments is not made unless it
 is considered other than temporary. Current investments are valued at
 lower of cost and net realisable value.
 
 (i) Foreign currency transactions
 
 (i) Initial Recognition - Transactions denominated in foreign
 currencies are recorded at the rates of exchange prevailing on the date
 of the transaction.
 
 (ii) Conversion - Monetary assets and liabilities denominated in
 foreign currency are converted at the rate of exchange prevailing on
 the date of the Balance Sheet.
 
 (iii) Exchange Differences - All exchange differences arising on
 settlement/conversion of foreign currency transactions are included in
 the Statement of Profit and Loss in the year in which they arise.
 
 (iv) Forward Cover - The Company uses foreign exchange forward
 contracts and option contracts to hedge its exposure on foreign
 currency fluctuations. Any profit or loss arising on cancellation or
 renewal of foreign exchange forward contracts/ option contracts is
 recognised as income or expense for the year.
 
 (v) Pursuant to the Announcement ''Accounting for Derivatives'' by the
 Institute of Chartered Accountants of India, the Company has adopted
 Accounting Standard 30, Financial Instruments: Recognition and
 Measurement, prescribed by the Institute of Chartered Accountants of
 India, with effect from 1 April 2008.
 
 Consequently, outstanding forward contracts have been treated as highly
 probable forecast transactions based on historic trends. Accordingly,
 gains / losses arising on ''mark to market'' of such open forward
 contracts have been accumulated in ''Hedging Reserve Account''. The
 Company uses forward contracts as economic hedges and not for trading
 or speculative purposes.
 
 (j) Staff benefits
 
 (i) All short term employee benefits are accounted on undiscounted
 basis during the accounting period based on services rendered by
 employees.
 
 (ii) The Company''s contribution to Provident Fund is remitted to a
 trust established for this purpose based on a fixed percentage of the
 eligible employees'' salary and charged to Statement of Profit and Loss.
 The Company has categorised its Provident Fund as a defined
 contribution plan since it has no further obligations beyond these
 contributions.
 
 (iii) The Company''s contribution under a defined Superannuation Plan to
 the trust established for this purpose based on a specified percentage
 of salary of eligible employees is charged to Statement of Profit and
 Loss.  The Company has categorised Superannuation Plan as a defined
 contribution plan since it has no further obligations beyond these
 contributions.
 
 (iv) The Company''s liability towards gratuity and compensated absences,
 being defined benefit plans is accounted for on the basis of an
 independent actuarial valuation using the projected unit credit method,
 done at the year end and actuarial gains/losses are charged to the
 Statement of Profit and Loss. Gratuity liability is funded by payments
 to the trust established for the purpose.
 
 (k) Revenue recognition
 
 (i) Revenue from software development with respect to time and material
 contracts is recognised as related costs are incurred and services are
 performed in accordance with the terms of specific contracts.
 
 (ii) Revenue from fixed price contracts are recognised based on the
 milestones achieved as specified in the contracts and for interim
 stages, until the next milestone is achieved, on the basis of
 proportionate completion method. Provisions for estimated losses on
 incomplete contracts are recorded in the period in which such losses
 become probable based on the current estimates.
 
 (iii) Revenue from sale of traded software licenses and traded hardware
 is recognised on delivery to the customer.
 
 (iv) Cost and earnings in excess of billings are classified as unbilled
 revenue while billings in excess of cost and earnings are classified as
 unearned revenue.
 
 (v) Dividend income is recognized when the right to receive the
 dividend is established.
 
 (vi) Interest income is recognized on time proportion basis.
 
 (l) Lease rentals
 
 Rent expense is recognised with reference to the terms of lease
 agreement and other consideration in respect of operating leases on a
 straight line basis. Assets given on operating lease are included under
 fixed assets of the Company. Lease income is recognised on straight
 line basis over the primary period of lease.
 
 (m) Taxes on Income
 
 The provision for current taxation is computed in accordance with the
 relevant tax regulations. Deferred tax is recognised on timing
 differences between the accounting and taxable income for the year and
 quantified using the tax rates and laws enacted or substantively
 enacted as at the Balance Sheet date. Deferred tax assets in respect of
 unabsorbed depreciation and carry forward losses under tax laws are
 recognised and carried forward to the extent there is virtual certainty
 supported by convincing evidence that sufficient future taxable
 
 income will be available against which such deferred tax assets can be
 realised in future. Where there is no unabsorbed depreciation and/or
 carry forward losses, other deferred tax assets are recognised only to
 the extent there is a reasonable certainty of realisation in future.
 Such assets are reviewed at each Balance Sheet date to reassess
 realisation.
 
 Tax credit is recognized in respect of Minimum Alternate Tax (''MAT'') as
 per the provisions of Section 115 JAA of the Income Tax Act, 1961 based
 on convincing evidence that the Company will pay normal income tax
 within statutory time frame and is reviewed at each Balance Sheet date.
 
 (n) Provisions and contingent liabilities
 
 Provisions are recognised in the financial statements in respect of
 present probable obligations, for amounts which can be reliably
 estimated.
 
 Contingent liabilities are disclosed in respect of possible obligations
 that arise from past events, whose existence would be confirmed by the
 occurrence or non-occurrence of one or more uncertain future events not
 wholly within the control of the Company.
સ્તોત્ર: રેલીગેર ટેકનોવા


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