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Accounting Policies of Emergent Global Edu & Services Ltd. Company

Mar 31, 2014

1.1 System of Accounting

The company generally follows the accrual basis of accounting both as to income and expenditure except those with significant uncertainties.

1.2 Method of Accounting

Assets and liabilities are recorded at historical cost. These costs are not adjusted to reflect the changing value in the purchasing power of money.

1.3 Revenue Recognition

Services Income is recognized when service render to customer, Interest income is recognized on accrual basis.

1.4 Fixed Assets

a) Fixed assets are stated at cost of acquisition and subsequent improvement thereto including taxes, duties, freight and other incidental expenses related to acquisition and installation.

b) Fixed Assets are stated at cost less depreciation. Depreciation is provided on the written down value at the rates and in the manner specified in Schedule XIV of the Companies Act, 1956

1.5 Foreign Currency Transactions

Transactions denominated in foreign currency are normally recorded at the exchange rates prevalent on the date of the transaction. All monetary items denominated if foreign currency remaining outstanding at the end of the year are translated at prevailing exchange rate on the Balance Sheet date and loss/gain if any is appropriately recognized as revenue charge/income.

1.6 Investments

Investments are considered at cost unless there is a permanent decline in value thereon, in which case, adequate provision is made there against it in the accounts.

1.7 Sundry Debtors

Sundry debtors are stated after making adequate provision for doubtful debts, if any.

1.8 Loans and Advances

Loans & Advances are stated after making adequate provision for doubtful advances, if any.

1.9 Employee Benefits

Statement of Profit and loss of the year in which the related service is rendered, Leave Encashment are short term employee benefit and are booked on accrual basis. Liability for defined benefit plan (gratuity) is rovided on the basis of valuation as per the Balance Sheet date carried out by independent actuary. The actuarial valuation method used for measuring the liability is projected unit credit method. The obligations are measured as the present value of estimated future cash flows discounted at rates reflecting the prevailing market yield of India of Government Security as at the Balance Sheet date for the estimated term of the obligations. The estimate of future salary increase considered takes into account the inflation, seniority, promotion and other relevant factors. The plan is unfunded. The actuarial gain/loss are recognised immediately in the Statement of Profit and Loss.

1.10 Taxes on Income

Provision for current income tax is made on the basis of the assessable income under the Income Tax Act, 1961.

Current tax is the amount of tax payable on the taxable income for the year determined in accordance with the provisions of the Income Tax Act, 1961.

Deferred tax asset or liability is recognised for timing differences between the profit/loss as per financial statements and the profit/loss offered for income tax, based on tax rates that have been enacted or substantively enacted at the Balance Sheet date. Deferred Tax Assets are recognised only if there is reasonable certainty that sufficient future taxable income will be available, against which they can be realised. The carrying amount of deferred tax assets is reviewed at each Balance Sheet date and reduced to the extent that it is no longer probable that sufficient taxable income will be available to allow all or part of the deferred tax assets to be utilised.


Mar 31, 2013

1.1 System of Accounting

The company generally follows the accrual basis of accounting both as to income and expenditure except those with significant uncertainties.

1.2 Method of Accounting

Assets and liabilities are recorded at historical cosL These costs are not adjusted to reflect the changing value in the purchasing power of money.

1.3 Revenue Recognition

Services Income is recognized when service render to customer. Interest income is recognized on accrual basis

1.4 Fixed Assets

a) Fixed assets are stated at cost of acquisition and subsequent improvement thereto, including taxes, duties, freight and other incidental expenses related to acquisition and installation.

b) Fixed Assets are stated at cost less depreciation. Depreciation is provided on the written down value at the rates and in the manner specified in Schedule XIV of the Companies Act, 1956

1.5 Foreign Currency Transactions

Transactions denominated in foreign currency are normally recorded at the exchange rates prevalent on the date of the transaction. All monetary items denominated if foreign currency remaining outstanding at the end of the year are translated at prevailing exchange rate on the Balance Sheet date and loss/gain if any is appropriately recognized as revenue charge/income.

1.6 Investments

Investments are considered at cost unless there is a permanent decline in value thereon, in which case, adequate provision is made there against it in the accounts.

1.7 Sundry Debtors

Sundry debtors are stated after making adequate provision for doubtful debts, if any.

1.8 Loans and Advances

Loans& Advances are stated after making adequate provision for doubtful advances, if any.

1.9 Retirement Benefits

Leave encashment are short compensation and are booked on accrual basis.

1.10 Taxes on Income

Provision for current income tax is made on the basis of the assessable income under the Income Tax Act 1961.

Current tax is the amount of tax payable on the taxable income for the year determined in accordance with the provisions of the Income Tax Act 1961.

Deferred tax asset or liability is recognised for timing differences between the profit/loss as per financial statements and the profit/loss offered for income tax, based on tax rates that have been enacted or substantively enacted at the Balance Sheet date. Deferred Tax Assets are recognised only if there is reasonable certainty that sufficient future taxable income will be available, against which they can be realised. The carrying amount of deferred tax assets is reviewed at each Balance Sheet date and reduced to the extent that it is no longer probable that sufficient taxable income will be available to allow all or part of the deferred tax assets to be utilised.


Mar 31, 2012

1.1 System of Accounting

The company generally follows the accrual basis of accounting both as to income and expenditure except those with significant uncertainties.

1.2 Method of Accounting

Assets and liabilities are recorded at historical cost. These costs are not adjusted to reflect the changing value in the purchasing power of money.

1.3 Revenue Recognition

Services Income is recognized when service render to customer. Interest income is recognized on accrual basis

1.4 Fixed Assets

a) Fixed assets are stated at cost of acquisition and subsequent improvement thereto, including taxes, duties, freight and other incidental expenses related to acquisition and installation.

b) Fixed Assets are stated at cost less depreciation. Depreciation is provided on the written down value at the rates and in the manner specified in Schedule XIV of the Companies Act, 1956

1.5 Foreign Currency Transactions

Transactions denominated in foreign currency are normally recorded at the exchange rates prevalent on the date of the transaction. All monetary items denominated if foreign currency remaining outstanding at the end of the year are translated at prevailing exchange rate on the Balance Sheet date and loss/gain if any is appropriately recognized as revenue charge/income.

1.6 Investments

Investments are considered at cost unless there is a permanent decline in value thereon, in which case, adequate provision is made there against it in the accounts.

1.7 Sundry Debtors

Sundry debtors are stated after making adequate provision for doubtful debts, if any.

1.8 Loans and Advances

Loans & Advances are stated after making adequate provision for doubtful advances, if any.

1.9 Retirement Benefits

Leave encashment are short compensation and are booked on accrual basis.

1.10 Taxes on Income

Provision for current income tax is made on the basis of the assessable income under the Income Tax Act 1961.

Current tax is the amount of tax payable on the taxable income for the year determined in accordance with the provisions of the Income Tax Act 1961.

Deferred tax asset or liability is recognised for timing differences between the profit/loss as per financial statements and the profit/loss offered for income tax, based on tax rates that have been enacted or substantively enacted at the Balance Sheet date. Deferred Tax Assets are recognised only if there is reasonable certainty that sufficient future taxable income will be available, against which they can be realised. The carrying amount of deferred tax assets is reviewed at each Balance Sheet date and reduced to the extent that it is no longer probable that sufficient taxable income will be available to allow all or part of the deferred tax assets to be utilised.


Mar 31, 2010

I. System of Accounting

a) The company generally follows the accrual basis of accounting both as to income and expenditure except those with significant uncertainties.

b) The financial statements are based on historical cost.

II. Investments are valued at cost of acquisition.

III. Deferred tax asset or liability is recognised for timing differences between the profit/loss as per financial statements and the profit/loss offered for income tax, based on tax rates that have been enacted or substantively enacted at the Balance Sheet date. Deferred Tax Assets are recognised only if there is reasonable certainty that sufficient future taxable income will be available, against which they can be realised. The carrying amount of deferred tax assets is reviewed at each Balance Sheet date and reduced to the extent that it is no longer probable that sufficient taxable income will be available to allow all or part of the deferred tax assets to be utilised.

 
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