Home  »  Company  »  Career Point  »  Quotes  »  Accounting Policy
Enter the first few characters of Company and click 'Go'

Accounting Policies of Career Point Ltd. Company

Mar 31, 2014

(i) Basis of Accounting

The company maintains its accounts on accrual basis following the historical cost convention in accordance with generally accepted accounting principles (GAAP) and in compliance with the Accounting Standards notified under section 211(3C) and other requirements of the Companies Act, 1956.

The Preparation of financial statements in conformity with GAAP requires that the management of the company makes estimates and assumptions that affect the reported amounts of income and expenses of the period, the reported balances of assets and liabilities and the disclosures relating to contingent liabilities as at the date of the financial statements. Examples of such estimates include the useful life of tangible and intangible fixed assets, provision for doubtful debts/ advances, future obligations in respect of retirement benefit plans etc. Actual results could differ from these estimates.

(ii) Revenue Recognition

Revenue is recognised only when it can be reasonably measured and there exists reasonable certainty of its recovery.

Fees/income collected in advance for the period subsequent to the accounting period is shown as current liability.

Interest: Interest income is recognized on a time proportion basis taking into account the amount outstanding and the rate

applicable.

Dividend: Dividend income is recognized when the right to receive dividend is established.

Gain from investment in Mutual Funds (FMPs) is recognised at the date of Maturity.

(iii) Employee Benefits

a. Defined Contribution plan Company’s contributions paid/ payable during the year to Provident Fund and Employee Pension Scheme are recognized in the Profit and Loss Account.

b. Defined Benefit Plan Company’s liabilities towards gratuity and leave encashment (does not provide encashment and carry forward), are determined using the projected unit credit method which considers each period of service as giving rise to additional unit of benefit entitlement and measures each unit separately to build up the final obligation. Actuarial gain and losses are recognised immediately in the statement of Profit and Loss Account as income or expenses. Obligation measured at the present value of estimated future cash flows using discounted rate that is determined by reference to market yields at the balance sheet date on government bonds where the currency and terms of the Government are consistent with currency and estimated terms of the defined benefit obligation. The company has adopted AS-15 (Revised) from the Financial year 2007-08.

(iv) Fixed Assets

Fixed Assets are stated at cost of recognition/ installation less accumulated depreciation and include directly attributable cost including installation and freight charges for bringing the assets to working condition for intended use.

(v) Depreciation

Depreciation on assets carried at historical cost is provided on straight-line basis at the rates prescribed under schedule XIV of the Companies Act, 1956.

Depreciation for additions to/deletions from assets is calculated pro-rata from/to the date of addition/deletion.

(vi) Intangible Assets and Amortisation

Intangible assets are recognized as per the criteria specified in Accounting Standard (AS) 26 “Intangible Assets” issued by the Institute of Chartered Accountants of India, adopted by the company from the Financial Year 2007-08 and are amortised as follows:

- Cost of Lease hold land is amortized over the period of lease.

- Software - Amortised over a period of 6 years

(vii) Impairment of Assets

(a) At each Balance Sheet date, the carrying amount of assets is tested for impairment so as to determine:

(I) The provision for impairment loss required, if any, or

(II) The reversal required of impairment loss recognized in previous periods, if any.

(b) An impairment loss is recognized whenever the carrying amount of an asset or its cash generating units exceed its recoverable amount.

Recoverable amount is determined:

(I) in the case of an individual asset, at higher of the net selling price or value in use.

(II) in the case of cash generating unit, at higher of the cash generating unit’s net selling price or value in use.

(viii) Investments

(a) Long term investments are carried at cost after providing for any diminution in value, if such diminution is of permanent nature.

(b) Current investments that are readily realizable and intended to be held for not more than a year are carried at lower of cost or market value. The determination of carrying costs of such investments is done on the basis of specific identification.

(ix) Inventories

Inventories are valued at lower of cost or net estimated realizable value, mainly comprises of publication and printed material. The cost of publication and printed materials have been computed on the basis of cost of materials, labour, cost of conversion and other costs incurred for bringing the inventories to their present location and condition. Cost is determined on FIFO method.

(x) Miscellaneous Expenditure

Preliminary expenses incurred on formation of the company and expenses incurred for increase in authorized capital are amortized over a period of 5 years.

(xi) Foreign Currency Transactions

(a) The reporting currency of the company is Indian Rupee.

(b) Foreign currency transactions are recorded on initial recognition in reporting currency, using the exchange rate at the date of transaction. At each Balance sheet date, foreign currency monetary items are reported using the closing rate.

The exchange differences arising on settlement of monetary items are recognised as income or expenses in the year in which they arise.

(xii) Taxes on Income

Tax on income for the current period is determined on the basis of taxable income and tax credits computed in accordance with the provisions of the Income Tax Act, 1961.

Deferred Tax is recognized on timing differences between the accounting income and the taxable income for the year and quantified using the tax rates and laws enacted or substantively enacted as on the balance sheet date.

(xiii) Provisions, Contingent Liabilities and Contingent Assets

(a) Provisions are recognised for liabilities that can be measured only by using substantial degree of estimation, if

(I) the company has a present obligation as a result of past event;

(II) a probable outflow of resources is expected to settle the obligation;

(III) the amount of the obligation can be reliably estimated.

(b) Contingent liability is disclosed in the case of :

(I) a present obligation arising from a past event, when it is not probable that an outflow of resources will be required to settle the obligation;

(II) a present obligation when no reliable estimate is possible; and

(III) a possible obligation arising from past events where the probability of outflow of resources is not remote. Contingent Assets are neither recognized, nor disclosed.

(c) Provisions, Contingent Liabilities and Contingent Assets are reviewed at each Balance Sheet date.

As per our report attached For and on behalf of the Board of Directors

(iv) Employee Benefits

Group’s contributions paid/ payable during the year to Provident Fund and Retirement Benefits are recognized in the Profit and Loss Account as statutory requirments and on the basis of acturial valuation.

(v) Fixed Assets

Fixed Assets are stated at cost of recognition/ installation including charges less accumulated depreciation and include directly attributable cost including installation and freight charges for bringing the assets to working condition for intended use.

(vi) Depreciation

Depreciation on assets carried at historical cost is provided on straight-line basis at the rates prescribed under schedule XIV of the Companies Act, 1956.

Depreciation for additions to/deletions from assets is calculated pro-rata from/to the date of addition/deletion.

(vii) Intangible assets

Intangible assets are recognised when it is probable that the future economic benefits that are attributable to the assets will flow to the Company and the cost of the asset can be measured reliably.

(viii) Impairment of Assets

(a) At each Balance Sheet date, the carrying amount of assets is tested for impairment so as to determine:

(I) The provision for impairment loss required, if any, and

(II) The reversal required of impairment loss recognized in previous periods, if any.

(b) An impairment loss is recognized whenever the carrying amount of an asset or its cash generating units exceed its recoverable amount.

Recoverable amount is determined:

(I) in the case of an individual asset, at higher of the net selling price or value in use.

(II) in the case of cash generating unit, at higher of the cash generating unit’s net selling price or value in use.

(ix) Investments

(a) Long term investments are carried at cost after providing for any diminution in value, if such diminution is of permanent nature.

(b) Current investments i.e. investments that are readily realizable and intended to be held for not more than a year from the date on which such investments are made are carried at lower of cost or market value. The determination of carrying costs of such investments is done on the basis of specific identification.

(x) Inventories

Inventories are valued at lower of cost or net estimated realizable value and mainly comprise of publication and printed material. The cost of publication and printed materials have been computed on the basis of cost of materials, labour, cost of conversion and other costs incurred for bringing the inventories to their present location and condition. Cost is determined on FIFO method.

(xi) Miscellaneous Expenditure

Preliminary expenses incurred by the Group are amortized over a period of 5 years.

(xii) Foreign Currency Transactions

(a) The reporting currency of the Group is Indian Rupee.

(b) Foreign currency transactions are recorded on initial recognition in reporting currency, using the exchange rate at the date of transaction. At each Balance sheet date, foreign currency monetary items are reported using the closing rate.

The exchange differences arising on settlement of monetary items or on reporting at each balance sheet date are recognised as income or expense in the year in which they arise.

(xiii) Taxes on Income

Tax on income for the current period is determined on the basis of taxable income and tax credits computed in accordance with the provisions of the Income Tax Act, 1961.

Deferred Tax is recognized on timing differences between the accounting income and the taxable income for the year and quantified using the tax rates and laws enacted or substantively enacted as on the balance sheet date.

(xiv) Provisions, Contingent Liabilities and Contingent Assets

(a) Provisions are recognised for liabilities that can be measured only by using substantial degree of estimation, if

(I) there is a present obligation as a result of past event;

(II) a probable outflow of resources is expected to settle the obligation;

(III) the amount of the obligation can be reliably estimated.

(b) Contingent liability is disclosed in the case of :

(I) a present obligation arising from a past event, when it is not probable that an outflow of resources will be required to settle the obligation;

(II) a present obligation when no reliable estimate is possible; or

(III) a possible obligation arising from past events where the probability of outflow of resources is not remote.

Contingent Assets are neither recognized, nor disclosed.

© Provisions, Contingent Liabilities and Contingent Assets are reviewed at each Balance Sheet date.

As per our report attachedFor and on behalf of the Board of Directors


Mar 31, 2013

(i) Basis of Accounting

The company maintains its accounts on accrual basis following the historical cost convention in accordance with generally accepted accounting principles (GAAP) and in compliance with the Accounting Standards notified under section 211(3C) and other requirements of the Companies Act, 1956.

The Preparation of financial statements in conformity with GAAP requires that the management of the company makes estimates and assumptions that affect the reported amounts of income and expenses of the period, the reported balances of assets and liabilities and the disclosures relating to contingent liabilities as at the date of the financial statements. Examples of such estimates include the useful life of tangible and intangible fixed assets, provision for doubtful debts/ advances, future obligations in respect of retirement benefit plans etc. Actual results could differ from these estimates.

(ii) Revenue Recognition

Revenue is recognised only when it can be reasonably measured and there exists reasonable certainty of its recovery. Fees/income collected in advance for the period subsequent to the accounting period is shown as current liability.

Interest: Interest income is recognized on a time proportion basis taking into account the amount outstanding and the rate applicable.

Dividend: Dividend income is recognized when the right to receive dividend is established.

(iii) Employee Benefits

a. Defined Contribution plan

Company’s contributions paid/ payable during the year to Provident Fund and Employee Pension Scheme are recognized in the Profit and Loss Account.

b. Defined Benefit Plan

Company’s liabilities towards gratuity and leave encashment (does not provide encashment and carry forward), are determined using the projected unit credit method which considers each period of service as giving rise to additional unit of benefit entitlement and measures each unit separately to build up the final obligation. Actuarial gain and losses are recognised immediately in the statement of Profit and Loss Account as income or expenses. Obligation measured at the present value of estimated future cash flows using discounted rate that is determined by reference to market yields at the balance sheet date on government bonds where the currency and terms of the Government are consistent with currency and estimated terms of the defined benefit obligation.

The company has adopted AS-15 (Revised) from the Financial year 2007-08.

(iv) Fixed Assets

Fixed Assets are stated at cost of recognition/ installation less accumulated depreciation and include directly attributable cost including installation and freight charges for bringing the assets to working condition for intended use.

(v) Depreciation

Depreciation on assets carried at historical cost is provided on straight-line basis at the rates prescribed under schedule XIV of the Companies Act, 1956.

Depreciation for additions to/deletions from assets is calculated pro-rata from/to the date of addition/deletion.

(vi) Intangible Assets and Amortisation

Intangible assets are recognized as per the criteria specified in Accounting Standard (AS) 26 "Intangible Assets" issued by the Institute of Chartered Accountants of India, adopted by the company from the Financial Year 2007-08 and are amortised as follows:

- Cost of Lease hold land is amortized over the period of lease. (vii) Impairment of Assets

(a) At each Balance Sheet date, the carrying amount of assets is tested for impairment so as to determine:

i. The provision for impairment loss required, if any, or

ii. The reversal required of impairment loss recognized in previous periods, if any.

(b) An impairment loss is recognized whenever the carrying amount of an asset or its cash generating units exceed its recoverable amount. Recoverable amount is determined:

i. in the case of an individual asset, at higher of the net selling price or value in use.

ii. in the case of cash generating unit, at higher of the cash generating unit’s net selling price or value in use.

(viii) Investments

(a) Long term investments are carried at cost after providing for any diminution in value, if such diminution is of permanent nature.

(b) Current investments that are readily realizable and intended to be held for not more than a year are carried at lower of cost or market value. The determination of carrying costs of such investments is done on the basis of specific identification.

(ix) Inventories

Inventories are valued at lower of cost and net estimated realizable value, mainly comprises of publication and printed material. the cost of Publication and printed materials have been computed on the basis of estimated cost of materials, labour, cost of conversion and other costs incurred for bringing the inventories to their present location and condition. Cost is determined on FIFO method.

(x) Miscellaneous Expenditure

Preliminary expenses incurred on formation of the company and expenses incurred for increase in authorized capital are amortized over a period of 5 years.

(xi) Foreign Currency Transactions

(a) The reporting currency of the company is Indian Rupee.

(b) Foreign currency transactions are recorded on initial recognition in reporting currency, using the exchange rate at the date of transaction. At each Balance sheet, foreign currency monetary items are reported using the closing rate.

The exchange differences arising on settlement of monetary items are recognised as income or expenses in the year in which they arise.

(xii) Taxes on Income

Tax on income for the current period is determined on the basis of taxable income and tax credits computed in accordance with the provision of the Income Tax Act, 1961.

Deferred Tax is recognized on timing differences between the accounting income and the taxable income for the year and quantified using the tax rates and laws enacted or substantively enacted as on the balance sheet date.

(xiii) Provisions, Contingent Liabilities and Contingent Assets

(a) Provisions are recognised for liabilities that can be measured only by using substantial degree of estimation, if (i) if the company has a present obligation as a result of past event;

(ii) a probable outflow of resources is expected to settle the obligation; (iii) the amount of the obligation can be reliably estimated.

(b) Contingent liability is disclosed in the case of :

(i) a present obligation arising from a past event, when it is not probable that an outflow of resource will be required to settle the obligation;

(ii) a present obligation when no reliable estimate is possible; and

(iii) a possible obligation arising from past events where the probability of outflow of resource is not remote.

Contingent Assets are neither recognized, nor disclosed.

(c) Provision, Contingent Liabilities and Contingent Assets are reviewed at each Balance Sheet date.


Mar 31, 2012

1.1 Basis of Accounting

The Company maintains its accounts on accrual basis following the historical cost convention in accordance with generally accepted accounting principles (GAAP) and in compliance with the Accounting Standards notified under section 211 (3C) and other requirements of the Companies Act, 1956.

The Preparation of financial statements in conformity with GAAP requires that the management of the Company makes estimates and assumptions that affect the reported amounts of income and expenses of the period, the reported balances of assets and liabilities and the disclosures relating to contingent liabilities as at the date of the financial statements. Examples of such estimates include the useful life of tangible and intangible fixed assets, provision for doubtful debts/ advances, future obligations in respect of retirement benefit plans etc. Actual results could differ from these estimates.

1.2 Revenue Recognition

Revenue is recognised only when it can be reasonably measured and there exists reasonable certainty of its recovery. Fees/income collected in advance for the period subsequent to the accounting period is shown as current liability.

Interest: Interest income is recognised on a time proportion basis taking into account the amount outstanding and the rate applicable.

Dividend: Dividend income is recognised when the right to receive dividend is established.

1.3 Employee Benefits

a. Defined Contribution plan

Company's contributions paid/ payable during the year to provident fund and employee pension scheme are recognised in the Profit and Loss Account

b. Defined Benefit Plan

Company's liabilities towards gratuity and leave encashment (does not provide encashment and carry forward), are determined using the projected unit credit method which considers each period of service as giving rise to additional unit of benefit entitlement and measures each unit separately to build up the final obligation. Actuarial gain and losses are recognised immediately in the statement of Profit and Loss Account as income or expenses. Obligation measured at the present value of estimated future cash flows using discounted rate that is determined by reference to market yields at the balance sheet date on government bonds where the currency and terms of the Government are consistent with currency and estimated terms of the defined benefit obligation.

The Company has adopted AS-15 (Revised) from the Financial year 2007-08.

1.4 Fixed Assets

Fixed Assets are stated at cost of recognition/ installation less accumulated depreciation and include directly attributable cost including installation and freight charges for bringing the assets to working condition for intended use.

1.5 Depreciation

Depreciation on assets carried at historical cost is provided on straight-line basis at the rates prescribed under schedule XTV of the Companies Act, 1956.

Depreciation for additions to/deletions from assets is calculated pro-rata from/to the date of addition/deletion.

1.6 Intangible Assets and Amortisation

Intangible assets are recognised as per the criteria specified in Accounting Standard AS) 26 "Intangible Assets" issued by the Institute of Chartered Accountants of India, adopted by the Company from the Financial Year 2007-08 and are amortised as follows:

-Cost of Lease hold land is amortised over the period of lease.

1.7 Impairment of Assets

a) At each Balance Sheet date, the carrying amount of assets is tested for impairment so as to determine: i. The provision for impairment loss required, if any, or

ii. The reversal required of impairment loss recognised in previous periods, if any.

b) An impairment loss is recognised whenever the carrying amount of an asset or its cash generating units exceed its recoverable amount.

Recoverable amount is determined:

i. in the case of an individual asset, at higher of the net selling price or value in use.

ii. in the case of cash generating unit, at higher of the cash generating unit's net selling price or value in use.

1.8 Investments

(a) Long term investments are carried at cost after providing for any diminution in value, if such diminution is of permanent nature.

(b) Current investments that are readily realisable and intended to be held for not more than a year are carried at lower of cost or market value. The determination of carrying costs of such investments is done on the basis of specific identification.

1.9 Inventories

Inventories are valued at lower of cost and net estimated realisable value, mainly comprises of publication and printed material. Publication and printed materials have been computed on the basis of estimated cost of materials, labour, cost of conversion and other costs incurred for bringing the inventories to their present location and condition. Cost is determined on FIFO method.

1.10 Miscellaneous Expenditure

Preliminary expenses incurred on formation of the Company and expenses incurred for increase in authorised capital are amortised over a period of 5 years.

1.11 Foreign Currency Transactions

(a) The reporting currency of the Company is Indian Rupee.

(b) Foreign currency transactions are recorded on initial recognition in reporting currency, using the exchange rate at the date of transaction. At each Balance sheet, foreign currency monetary items are reported using the closing rate.

The exchange differences arising on settlement of monetary items are recognised as income or expenses in the year in which they arise.

1.12 Taxes on Income

Tax on income for the current period is determined on the basis of taxable income and tax credits computed in accordance with the provision of the Income Tax Act, 1961.

Deferred Tax is recognised on timing differences between the accounting income and the taxable income for the year and quantified using the tax rates and laws enacted or substantively enacted as on the balance sheet data.

1.13 Provisions, Contingent Liabilities and Contingent Assets

(a) Provisions are recognised for liabilities that can be measured only by using substantial degree of estimation, if (i) if the Company has a present obligation as a result of past event;

(ii) a probable outflow of resources is expected to settle the obligation; (iii) the amount of the obligation can be reliably estimated.

(b) Contingent liability is disclosed in the case of:

(i) a present obligation arising from a past event, when it is not probable that an outflow of resource will be required to settle the obligation, (ii) a present obligation when no reliable estimate is possible; and (iii) a possible obligation arising from past events where the probability of outflow of resource is not remote

(c) Contingent Assets are neither recognised, nor disclosed.

Provision, Contingent Liabilities and Contingent Assets are reviewed at each Balance Sheet date.


Mar 31, 2011

1. Basis of Accounting

The company maintains its accounts on accrual basis following the historical cost convention in accordance with generally accepted accounting principles (GAAP) and in compliance with the Accounting Standards notified under section 211(3C) and other requirements of the Companies Act, 1956.

The Preparation of financial statements in conformity with GAAP requires that the management of the company makes estimates and assumptions that affect the reported amounts of income and expenses of the period, the reported balances of assets and liabilities and the disclosures relating to contingent liabilities as at the date of the financial statements. Examples of such estimates include the useful life of tangible and intangible fixed assets, provision for doubtful debts/ advances, future obligations in respect of retirement benefit plans etc. Actual results could differ from these estimates.

2. Revenue Recognition

Revenue is recognised only when it can be reasonably measured and there exists reasonable certainty of its recovery. Fees/ income collected in advance for the period subsequent to the accounting period is shown as current liability.

Interest: Interest income is recognised on a time proportion basis taking into account the amount outstanding and the rate applicable.

Dividend: Dividend income is recognised when the right to receive dividend is established.

3. Employee Benefits

a. Defined Contribution plan

Company's contributions paid/ payable during the year to provident fund and employee pension scheme are recognised in the Profit and Loss Account

b. Defined Benefit Plan

Company's liabilities towards gratuity and leave encashment (does not provide encashment and carry forward), are determined using the projected unit credit method which considers each period of service as giving rise to additional unit of benefit entitlement and measures each unit separately to build up the final obligation. Actuarial gain and losses are recognised immediately in the statement of Profit and Loss Account as income or expenses. Obligation measured at the present value of estimated future cash flows using discounted rate that is determined by reference to market yields at the balance sheet date on government bonds where the currency and terms of the Government are consistent with currency and estimated terms of the defined benefit obligation.

The company has adopted AS-15 (Revised) from the Financial year 2007-08.

4. Fixed Assets

Fixed Assets are stated at cost of recognition/ installation less accumulated depreciation and include directly attributable cost including installation and freight charges for bringing the assets to working condition for intended use.

5. Depreciation

Depreciation on assets carried at historical cost is provided on straight-line basis at the rates prescribed under schedule XIV of the Companies Act, 1956.

Depreciation for additions to/deletions from assets is calculated pro-rata from/to the date of addition/deletion.

6. Intangible Assets and Amortisation

Intangible assets are recognised as per the criteria specified in Accounting Standard (AS) 26 "Intangible Assets" issued by the Institute of Chartered Accountants of India, adopted by the company from the Financial Year 2007-08 and are amortised as follows:

-Cost of Lease hold land is amortised over the period of lease.

7. Impairment of Assets

a) At each Balance Sheet date, the carrying amount of assets is tested for impairment so as to determine:

i. The provision for impairment loss required, if any, or

ii. The reversal required of impairment loss recognised in previous periods, if any.

b) An impairment loss is recognised whenever the carrying amount of an asset or its cash generating units exceed its recoverable amount.

Recoverable amount is determined:

i. In the case of an individual asset, at higher of the net selling price or value in use.

ii. In the case of cash generating unit, at higher of the cash generating unit's net selling price or value in use.

8. Investments

(a) Long term investments are carried at cost after providing for any diminution in value, if such diminution is of permanent nature.

(b) Current investments that are readily realisable and intended to be held for not more than a year are carried at lower of cost or market value. The determination of carrying costs of such investments is done on the basis of specific identification.

9. Inventories

Inventories are valued at lower of cost and net estimated realisable value, mainly comprises of publication and printed material. Publication and printed materials have been computed on the basis of estimated cost of materials, labour, cost of conversion and other costs incurred for bringing the inventories to their present location and condition. Cost is determined on FIFO method.

10. Miscellaneous Expenditure

Preliminary expenses incurred on formation of the company and expenses incurred for increase in authorised capital are amortised over a period of 5 years.

11. Foreign Currency Transactions

(a) The reporting currency of the company is Indian Rupee.

(b) Foreign currency transactions are recorded on initial recognition in reporting currency, using the exchange rate at the date of transaction. At each Balance sheet, foreign currency monetary items are reported using the closing rate.

The exchange differences arising on settlement of monetary items are recognised as income or expenses in the year in which they arise.

12. Taxes on Income

Tax on income for the current period is determined on the basis of taxable income and tax credits computed in accordance with the provision of the Income Tax Act, 1961.

Deferred Tax is recognised on timing differences between the accounting income and the taxable income for the year and quantified using the tax rates and laws enacted or substantively enacted as on the balance sheet data.

13. Provisions, Contingent Liabilities and Contingent Assets

(a) Provisions are recognised for liabilities that can be measured only by using substantial degree of estimation, if

(i) if the company has a present obligation as a result of past event;

(ii) a probable outflow of resources is expected to settle the obligation;

(iii) the amount of the obligation can be reliably estimated.

(b) Contingent liability is disclosed in the case of :

(i) a present obligation arising from a past event, when it is not probable that an outflow of resource will be required to settle the obligation,

(ii) a present obligation when no reliable estimate is possible; and

(iii) a possible obligation arising from past events where the probability of outflow of resource is not remote

(c) Contingent Assets are neither recognised, nor disclosed.

Provision, Contingent Liabilities and Contingent Assets are reviewed at each Balance Sheet date.







 
Subscribe now to get personal finance updates in your inbox!