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Moneycontrol.com ભારત | એકાઉન્ટીંગ નીતિ > Aluminium > એકાઉન્ટીંગ નીતિ ને અનુસરો દ્રારા ઇંડિયન એલ્યુમિનિયમ કંપની - બીએસઈ: 500445, ઍનઍસઈ : INDAL

ઇંડિયન એલ્યુમિનિયમ કંપની

બીએસઈ: 500445  |  ઍનઍસઈ : INDAL  |  ISIN: INE249A01023  |  Aluminium

શોધો ઇંડિયન એલ્યુમિનિયમ કંપની કનેક્શન
એકાઉન્ટીંગ નીતિ વર્ષ : માર્ચ '07
The accounts have been prepared to comply in all material aspects with
 applicable accounting principles in India, the Accounting Standards
 issued by the Institute of Chartered Accountants of India and the
 relevant provisions of the Companies Act, 1956 of India.
 
 FIXED ASSETS (comprising both tangible and intangible items) are stated
 at cost of acquisition and subsequent improvements thereto including
 taxes, duties, freight and other incidental expenses related to
 acquisition and installation. The cost of machinery spares which can be
 used only in connection with an item of fixed assets and whose use is
 expected to be irregular are allocated over useful life of the related
 asset. Pre-operative expenses for major projects are also capitalised,
 where appropriate. Capital subsidies under Government schemes are
 credited to Capital.Reserve.
 
 Impairment loss is recognised when carrying amount of asset exceeds its
 recoverable amount. Reversal of such loss is also accounted whenever
 situation so warrants.
 
 DEPRECIATION (including amortisation) on fixed assets is calculated on
 straight-line basis at rates which are in conformity with the
 requirements of the Companies Act, 1956. The cost of machinery spares
 are amortised over the useful life of the related asset.
 
 REVENUE is recognised on completion of sale of goods, rendering of
 services to third parties and / or use of the Companys resources by
 third parties.
 
 BORROWING COST attributable to the acquisition and construction of
 qualifying assets are added to the cost up to the date when such assets
 are ready for their intended use. Other borrowing costs are recognised
 as expense in the period in which these are incurred.
 
 INVENTORIES are valued at lower of cost and net realisable value. The
 costs are, in general, ascertained under weighted average method on the
 basis of rates per unit of measurement determined after recording
 receipts for individual items of inventories.
 
 LONG TERM INVESTMENTS are stated at cost less write down for any
 permanent diminution in carrying amount.  CURRENT INVESTMENTS are
 stated at lower of cost and fair value. Fair value is determined on the
 basis of realisable or market value.
 
 EARNINGS FROM INVESTMENTS, where appropriate, are accrued or taken into
 revenue in full on declaration or receipt and the tax at source thereon
 is treated as advance tax.
 
 TRANSACTIONS IN FOREIGN CURRENCY outstanding at the Balance Sheet date
 (monetary items) are accounted at the contracted rate when covered by
 forward contracts and at exchange rates prevailing on the Balance Sheet
 date in case of others. Exchange differences are dealt with in the
 Profit and Loss Account, other than those relating to acquisition of
 Fixed Assets which are capitalised. Such capitalisation is restricted
 to only acquisition of fixed assets from a country outside India in
 case related foreign currency transactions are entered into on or/
 after 1st April 2004.
 
 EMPLOYEE BENEFITS under defined benefit schemes are actuarially
 determined at the year end and accounted for using the Projected Unit
 Credit Method. Actuarial gains and losses are recognised in full in the
 period in which they occur. Past service cost is recognised immediately
 to the extent that the benefits are already vested, and otherwise the
 same is amortised on a straight- line basis over the average period
 until the benefits become vested.
 
 Contributions payable for the year under defined contribution plans are
 recognised as expenses during the year.
 
 The undiscounted amount of short-term employee benefits expected to be
 paid in exchange for the services rendered by employees is recognised
 during the period when the employee renders the service.
 
 COMPENSATION UNDER VOLUNTARY RETIREMENT SCHEME is treated as Deferred
 Revenue Expenditure and amortised over a period of thirty six months.
 
 PRIOR PERIOD and EXTRAORDINARY items and changes in ACCOUNTING POLICIES
 having material impact on the financial affairs of the Company are
 disclosed.
 
 CURRENT TAX is determined as the amount of tax payable in respect of
 taxable income for the period based on applicable tax rates and laws.
 DEFERRED TAX is recognised, subject to the consideration of prudence in
 respect of deferred tax assets, on timing differences, being the
 difference between taxable income and accounting income that originate
 in one period and are capable of reversal in one or more subsequent
 periods and is measured using tax rates and laws that have been enacted
 or substantively enacted by the Balance Sheet date. Deferred tax assets
 are reviewed at each Balance Sheet date to re-assess realisation.
 FRINGE .  BENEFIT TAX is accounted for based on the estimated value of
 fringe benefits for the period as per the related provisions of the
 Income-tax Act.
 
 PROVISION is recognised when there is a present obligation as a result
 of a past event that probably requires an outflow of resources and a
 reliable estimate can be made of the amount of the obligation.
 Disclosure of CONTINGENT LIABILITY is made when there is a possible or
 a present obligation that may, but probably will not, require an
 outflow of resources. No provision is reconginsed or disclosure for
 contingent liability is made when there is a possible obligation or a
 present obligation and the likelihood of outflow of resources is
 remote.
સ્તોત્ર: રેલીગેર ટેકનોવા


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