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Accounting Policies of Baron Infotech Ltd. Company

Jun 30, 2014

1. Basis of Accounting

The financial Statements have been prepared and presented on historical cost convention under the accrual basis of accounting in accordance with accounting principles generally accepted in India (GAAP). Pursuant to circular 15/2013 dated 13 September 2013 read with circular 08/2014 dated 04 April 2014 issued b the Ministry of Corporate Affairs, the existing accounting standards notified under the Companies Act, 1956 shall apply till the standards of accounting or any addendum thereto are prescribed by the Central govt. in consultation and recommendation of the National Financial Reporting Authority. Consequently, these financial statements have been prepared to comply in all material aspects with accounting standards notified by the Central Government of India under Section 211 (3C) of the Companies Act, 1956, other pronouncements of the Institute of Chartered Accountants of India, the relevant provisions of the Companies Act, 1956.

Accounting policies not specifically referred to otherwise are in consonance with prudent accounting principles.

All income and expenditure items having material bearing on the financial statements are recognized on accrual basis.

2. Revenue Recognition

Revenue from Software Services is recognized based on milestones reached as per the terms of the contract.

Revenue from Training services is recognized based on registration of members and commencement of batches.

3. Fixed Assets

Fixed assets are stated at actual cost of Acquisition. Cost of acquisition is inclusive of freight, duties, taxes installation expenses and other incidental expenses.

4. Depreciation

Depreciation on fixed assets has been provided on pro-rata basis on W. D V method as per the rates provided in the schedule XIV to the Companies Act, 1956. Individual assets acquired for less than Rs.5000/- are entirely depreciated in the year of acquisition.

5. Impairment of assets

Impairment is ascertained at each balance sheet date in respect of the company''s fixed assets. An impairment loss shall be recognized whenever the carrying amount of an asset exceeds its recoverable amount.

6. Taxes on Income

Deferred tax arising out of timing difference of income tax relating to unabsorbed depreciation and unabsorbed losses has not been recognized keeping in view the reasonable certainty about the operations of the company in the near future.

7. Earnings per Share (EPS)

Basic Earnings per share is calculated by dividing the net profit for the period attributable to equity shareholders by the weighted average number of equity shares outstanding during the year. The number of shares used in computing diluted earnings per share is the aggregate of the weighted average number of equity shares outstanding and the weighted average number of equity shares, which would be issued on the conversion of all the dilutive equity shares into equity shares. Dilutive potential equity shares are deemed to been converted as of the beginning of the year, unless they have been issued at a later date during the year.

8. Foreign Currency Transactions

Transactions in foreign currency are recorded at the exchange rate prevailing on the date of transaction. Assets and Liabilities, receivable / payable in foreign currency are shown at the exchange rate prevailing on the date of the Balance Sheet complying Accounting Standard 11 issued by ICAI.

9. Employee benefits

i. Short term benefits are charged to revenue.

ii. There is no liability provided for Gratuity, as none of the employees are eligible for Gratuity as per payment of Gratuity Act.

iii. There is no liability provided in respect of leave encashment, as none of the employees have credit of earned leave.

10. Segment Reporting

The companies operations fall with in a single primary business segment, hence the disclosure requirements of AS 17 segment reporting issued by ICAI are not applicable.


Jun 30, 2013

1. Basis of Accounting

The fnancial statements have been prepared under the historical cost convention and in accordance with the applicable Accounting Standards issued by the Institute of Chartered Accountants of India and relevant presentational requirements of the Companies Act, 1956.

Accounting policies not specifcally referred to otherwise are in consonance with prudent accounting principles.

All income and expenditure items having material bearing on the fnancial statements are recognized on accrual basis.

2. Revenue Recognition

Revenue from Software Services is recognized based on milestones reached as per the terms of the contract.

Revenue from Training services is recognized based on registration of members and commencement of batches.

3. Fixed Assets

Fixed assets are stated at actual cost of Acquisition. Cost of acquisition is inclusive of freight, duties, taxes installation expenses and other incidental expenses.

4. Depreciation

Depreciation on fxed assets has been provided on pro-rata basis on W. D V method as per the rates provided in the schedule XIV to the Companies Act, 1956. Individual assets acquired for less than Rs.5000/- are entirely depreciated in the year of acquisition.

5. Impairment of assets

Impairment is ascertained at each balance sheet date in respect of the company''s fxed assets. An impairment loss shall be recognized whenever the carrying amount of an asset exceeds its recoverable amount.

Baron

6. Taxes on Income

Deferred tax arising out of timing difference of income tax relating to unabsorbed depreciation and unabsorbed losses has not been recognized keeping in view the reasonable certainty about the operations of the company in the near future.

7. Earnings per Share ( EPS)

Basic Earnings per share is calculated by dividing the net proft for the period attributable to equity shareholders by the weighted average number of equity shares outstanding during the year. The number of shares used in computing diluted earnings per share is the aggregate of the weighted average number of equity shares outstanding and the weighted average number of equity shares, which would be issued on the conversion of all the dilutive equity shares into equity shares. Dilutive potential equity shares are deemed to been converted as of the beginning of the year, unless they have been issued at a later date during the year.

8. Foreign Currency Transactions

Transactions in foreign currency are recorded at the exchange rate prevailing on the date of transaction. Assets and Liabilities, receivable / payable in foreign currency are shown at the exchange rate prevailing on the date of the Balance Sheet complying Accounting Standard 11 issued by ICAI.

9. Employee benefts

i. Short term benefts are charged to revenue.

ii. There is no liability provided for Gratuity, as none of the employees are eligible for Gratuity as per payment of Gratuity Act.

iii. There is no liability provided in respect of leave encashment, as none of the employees have credit of earned leave.

10. Segment Reporting

The companies operations fall with in a single primary business segment, hence the disclosure requirements of AS 17 segment reporting issued by ICAI are not applicable.


Jun 30, 2011

1. Basis of Accounting

The financial statements have been prepared under the historical cost convention and in accordance with the applicable Accounting Standards issued by the Institute of Chartered Accountants of India and relevant presentational requirements of the Companies Act, 1956.

Accounting policies not specifically referred to otherwise are in consonance with prudent accounting principles.

All income and expenditure items having material bearing on the fnancial statements are recognized on accrual basis.

2. Revenue Recognition

Revenue from Software Services is recognized based on milestones reached as per the terms of the contract.

Revenue from Training services is recognized based on registration of members and commencement of batches.

3. Fixed Assets

Fixed assets are stated at actual cost of Acquisition. Cost of acquisition is inclusive of freight, duties, taxes installation expenses and other incidental expenses.

4. Depreciation

Depreciation on fixed assets has been provided on pro-rata basis on W. D V method as per the rates provided in the schedule XIV to the Companies Act, 1956. Individual assets acquired for less than Rs.5000/- are entirely depreciated in the year of acquisition.

5. Impairment of assets

Impairment is ascertained at each balance sheet date in respect of the company's fixed assets. An impairment loss shall be recognized whenever the carrying amount of an asset exceeds its recoverable amount.

6. Taxes on Income

Deferred tax arising out of timing difference of income tax relating to unabsorbed depreciation and unabsorbed losses has not been recognized keeping in view the reasonable certainty about the operations of the company in the near future.

7. Earnings per Share ( EPS)

Basic Earnings per share is calculated by dividing the net proft for the period attributable to equity shareholders by the weighted average number of equity shares outstanding during the year. The number of shares used in computing diluted earnings per share is the aggregate of the weighted average number of equity shares outstanding and the weighted average number of equity shares, which would be issued on the conversion of all the dilutive equity shares into equity shares. Dilutive potential equity shares are deemed to been converted as of the beginning of the year, unless they have been issued at a later date during the year.

8. Foreign Currency Transactions

Transactions in foreign currency are recorded at the exchange rate prevailing on the date of transaction. Assets and Liabilities, receivable / payable in foreign currency are shown at the exchange rate prevailing on the date of the Balance Sheet complying Accounting Standard 11 issued by ICAI.

9. Employee benefits

i. Short term benefits are charged to revenue.

ii. There is no liability provided for Gratuity, as none of the employees are eligible for Gratuity as per payment of Gratuity Act.

iii. There is no liability provided in respect of leave encashment, as none of the employees have credit of earned leave.

10. Segment Reporting

The companies operations fall with in a single primary business segment, hence the disclosure requirements of AS 17 segment reporting issued by ICAI are not applicable.


Jun 30, 2010

1. Basis of Accounting

The financial statements have been prepared under the historical cost convention and in accordance with the applicable Accounting Standards issued by the Institute of Chartered Accountants of India and relevant presentational requirements of the Companies Act, 1956.

Accounting policies not specifically referred to otherwise are in consonance with prudent accounting principles.

All income and expenditure items having material bearing on the financial statements are recognized on accrual basis.

2. Revenue Recognition

Revenue from Software Services is recognized based on milestones reached as per the terms of the contract.

Revenue from Training services is recognized based on registration of members and commencement of batches.

3. Fixed Assets

Fixed assets are stated at actual cost of Acquisition. Cost of acquisition is inclusive of freight, duties, taxes installation expenses and other incidental expenses.

4. Depreciation

Depreciation on fixed assets has been provided on pro-rata basis on W. D V method as per the rates provided in the schedule XIV to the Companies Act, 1956. Individual assets acquired for less than Rs.5000/- are entirely depreciated in the year of acquisition.

5. Impairment of assets

Impairment is ascertained at each balance sheet date in respect of the company's fixed assets . An im- pairment loss shall be recognized whenever the carrying amount of an asset exceeds its recoverable amount.

6. Taxes on Income

Deferred tax arising out of timing difference of income tax relating to unabsorbed depreciation and unabsorbed losses has not been recognized keeping in view the reasonable certainty about the operations of the company in the near future.

7. Earnings per Share (EPS)

Basic Earnings per share is calculated by dividing the net profit for the period attributable to equity share- holders by the weighted average number of equity shares outstanding during the year. The number of shares used in computing diluted earnings per share is the aggregate of the weighted average number of equity shares outstanding and the weighted average number of equity shares, which would be issued on the conver- sion of all the dilutive equity shares into equity shares. Dilutive potential equity shares are deemed to been converted as of the beginning of the year, unless they have been issued at a later date during the year.

8. Foreign Currency Transactions

Transactions in foreign currency are recorded at the exchange rate prevailing on the date of transaction. Assets and Liabilities, receivable / payable in foreign currency are shown at the exchange rate prevailing on the date of the Balance Sheet complying Accounting Standard 11 issued by ICAI.

9. Employee benefits

i. Short term benefits are charged to revenue.

ii. There is no liability provided for Gratuity, as none of the employees are eligible for Gratuity as per payment of Gratuity Act.

iii. There is no liability provided in respect of leave encashment, as none of the employees have credit of earned leave.

10. Segment Reporting

The companies operations fall with in a single primary business segment, hence the disclosure require- ments of AS 17 segment reporting issued by ICAI are not applicable.



 
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