Home  »  Company  »  Finkurve Financial S  »  Quotes  »  Accounting Policy
Enter the first few characters of Company and click 'Go'

Accounting Policies of Finkurve Financial Services Ltd. Company

Mar 31, 2014

A. Basis Of Preparation

The financial statements have been prepared in accordance with the Generally Accepted Accounting Principles in India under the historical cost convention. The Company follows Mercantile System of Accounting and income and expenditure are recognised on accrual basis of accounting. The accounting policies have been consistently applied by the Company unless otherwise stated.

b. Use of estimates

The preparation of financial statements in conformity with accounting standards requires the management to make estimates and assumptions that affect the reported amounts of assets, liabilities and disclosure relating to contingent liability at the date of the financial statements and the reported amounts of revenues and expenses during the reported period. Actual results could differ from those estimates. Any revision to such estimates is recognised in the period the same is determined.

c. Revenue Recognition

The Company follows Mercantile System of Accounting and Income and expenditure are recognised on accrual basis.

d. Fixed Assets

All Fixed Assets are stated at cost of acquisition less accumulated depreciation. All cost relating to the acquisition and installation of the fixed assets are capitalised and includes financing costs relating to borrowed fund attributable to the acquisition of fixed assets up to the date the fixed assets is put to use.

e. Depreciation

Depreciation has been provided on Written Down Value Method at the rates and in the manner prescribed in Schedule XIV to the Companies Act.

Depreciation on Additions/Deletions during the year has been provided on pro rata basis.

f. Investments:

Long-term Investments are valued at cost less provision for diminution, other than temporary, if any. The cost is determined by taking purchase price and other direct expenses related to acquisition.

g. Taxes on Income:

Current Tax is measured at the amount expected to be paid to the taxation authorities, using the applicable tax rates and tax laws.

Deferred tax assets and liabilities are measured using the tax rates and tax laws that have been announced upto the balance sheet date. Deferred Tax assets and liabilities are recognised for the future tax consequences attributable to timing differences between the taxable income and accounting income. The effect of tax rate change is considered in the Statement of Profit and Loss of the respective year of change. Deferred Tax Assets on unabsorbed depreciation & tax losses is recognised, subject to the consideration of prudence, only if there is virtual certainty that such deferred tax asset can be realised against future taxable profits.

h. Impairment of Assets:

The carrying amount of Company''s assets including intangible assets are reviewed at each balance sheet date to determine whether there is any indication of impairment. If any such indication exists, the asset''s recoverable amount is estimated, as the higher of the net selling price and the value in use. Any impairment loss is recognised whenever the carrying amount of the asset exceeds its recoverable amount.

i. Earnings Per Share:

Basic earnings per share are calculated by dividing the net profit / (loss) for the period attributable to equity shareholders (after deducting attributable taxes) by weighted average number of equity shares outstanding during the period.

For the purpose of calculating diluted earning per share, the net profit or loss for the period attributable to equity shareholders and the average number of shares outstanding during the period are adjusted for the effects of all dilutive potential equity shares.

j. Provisions, Contingent Liabilities And Contingent Assets:

Provisions are recognized in the accounts in respect of present probable obligations arising as a result of past events and it is probable that there will be an outflow of resources, the amount of which can be reliably estimated.

Contingent liabilities are disclosed in respect of possible obligation that arises from past events but their existence is confirmed by the occurrence or non occurrence of one or more uncertain future events not wholly with in the control of the company.

Contingent Assets are neither recognized nor disclosed in the financial statements.


Mar 31, 2013

A. Basis of Preparation

The financial statements have been prepared in accordance with the Generally Accepted Accounting Principles in India under the historical cost convention. The Company follows Mercantile System of Accounting and Income and Expenditure are recognised on accrual basis of accounting. The accounting policies have been consistently applied by the Company unless otherwise stated.

b. Use of estimates

The preparation of financial statements in conformity with accounting standards requires the management to make estimates and assumptions that affect the reported amounts of assets, liabilities and disclosure relating to contingent liability at the date of the financial statements and the reported amounts of revenues and expenses during the reported period. Actual results could differ from those estimates. Any revision to such estimates is recognised in the period the same is determined.

c. Revenue Recognition

The Company follows Mercantile System of Accounting and Income and Expenditure are recognised on accrual basis.

d. Fixed Assets

All Fixed Assets are stated at cost of acquisition less accumulated depreciation. All cost relating to the acquisition and installation of the fixed assets are capitalised and includes financing costs relating to borrowed fund attributable to the acquisition of fixed assets up to the date the fixed assets is put to use.

e. Depreciation

Depreciation has been provided on Written Down Value Method at the rates and in the manner prescribed in Schedule XIV to the Companies Act.

Depreciation on Additions/Deletions during the year has been provided on pro rata basis.

f. Investments

Long-term Investments are valued at cost less provision for diminution, other than temporary, if any. The cost is determined by taking purchase price and other direct expenses related to acquisition.

g. Taxes on Income

Current Tax is measured at the amount expected to be paid to the taxation authorities, using the applicable tax rates and tax laws.

Deferred tax assets and liabilities are measured using the tax rates and tax laws that have been announced upto the balance sheet date. Deferred Tax assets and liabilities are recognised for the future tax consequences attributable to timing differences between the taxable income and accounting income. The effect of tax rate change is considered in the Statement of Profit and Loss of the respective year of change. Deferred Tax Assets on unabsorbed depreciation & tax losses is recognised, subject to the consideration of prudence, only if there is virtual certainty that such deferred tax asset can be realised against future taxable profits.

h. Impairment of Assets

The carrying amount of Company''s assets including intangible assets are reviewed at each Balance Sheet date to determine whether there is any indication of impairment. If any such indication exists, the asset''s recoverable amount is estimated, as the higher of the net selling price and the value in use. Any impairment loss is recognised whenever the carrying amount of the asset exceeds its recoverable amount.

i. Earnings Per Share

Basic Earnings per share are calculated by dividing the net profit / (loss) for the period attributable to equity shareholders (after deducting attributable taxes) by weighted average number of equity shares outstanding during the period.

For the purpose of calculating diluted earning per share, the net profit or loss for the period attributable to equity shareholders and the average number of shares outstanding during the period are adjusted for the effects of all dilutive potential equity shares.

j. Provisions, Contingent Liabilities And Contingent Assets

Provisions are recognized in the accounts in respect of present probable obligations arising as a result of past events and it is probable that there will be an outflow of resources, the amount of which can be reliably estimated.

Contingent Liabilities are disclosed in respect of possible obligation that arises from past events but their existence is confirmed by the occurrence or non occurrence of one or more uncertain future events not wholly with in the control of the Company.

Contingent Assets are neither recognized nor disclosed in the financial statements.


Mar 31, 2012

A. Basis of Preparation

The financial statements have been prepared in accordance with the Generally Accepted Accounting Principles in India under the historical cost convention. The Company follows Mercantile System of Accounting and income and expenditure are recognised on accrual basis of accounting. The accounting policies have been consistently applied by the Company unless otherwise stated.

B. Use of estimates

The preparation of financial statements in conformity with accounting standards requires the management to make estimates and assumptions that affect the reported amounts of assets, liabilities and disclosure relating to contingent liability at the date of the financial statements and the reported amounts of revenues and expenses during the reported period. Actual results could differ from those estimates. Any revision to such estimates is recognised in the period the same is determined.

C. Revenue Recognition

The Company follows Mercantile System ofAccounting and Income and expenditure are recognised on accrual basis.

D. Fixed Assets

All Fixed Assets are stated at cost of acquisition less accumulated depreciation. All cost relating to the acquisition and installation of the fixed assets are capitalised and includes financing costs relating to borrowed fund attributable to the acquisition of fixed assets up to the date the fixed assets is put to use.

E. Depreciation

Depreciation has been provided on Written Down Value Method at the rates and in the manner prescribed in Schedule XIV to the Companies Act.

Depreciation on Additions/Deletions during the year has been provided on prorata basis.

F. Investments:

Long-term Investments are valued at cost less provision for diminution, other than temporary, if any. The cost is determined by taking purchase price and other direct expenses related to acquisition.

G. Taxes on Income

Current Tax is measured at the amount expected to be paid to the taxation authorities, using the applicable tax rates and

tax laws.

Deferred tax assets and liabilities are measured using the tax rates and tax laws that have been announced upto the Balance Sheet date. Deferred Tax assets and liabilities are recognised for the future tax consequences attributable to timing differences between the taxable income and accounting income. The effect of tax rate change is considered in the Statement of Profit and Loss of the respective year of change. Deferred Tax Assets on unabsorbed depreciation & tax losses is recognised, subject to the consideration of prudence, only if there is virtual certainty that such deferred tax asset can be realised against future taxable profits.

H. Impairment of Assets

The carrying amount of Company's assets including intangible assets are reviewed at each Balance Sheet date to determine whether there is any indication of impairment. If any such indication exists, the asset's recoverable amount is estimated, as the higher of the net selling price and the value in use. Any impairment loss is recognised whenever the carrying amount of the asset exceeds its recoverable amount.

I. Earnings PerShare

Basic earnings per share are calculated by dividing the net profit / (loss) for the period attributable to equity shareholders (after deducting attributable taxes) by weighted average number of equity shares outstanding during the period.

For the purpose of calculating diluted earning per share, the net profit or loss for the period attributable to equity shareholders and the average number of shares outstanding during the period are adjusted for the effects of all dilutive potential equity shares.

J. Provisions, Contingent Liabilities And Contingent Assets

Provisions are recognized in the accounts in respect of present probable obligations arising as a result of past events and it is probable that there will be an outflow of resources, the amount of which can be reliably estimated.

Contingent liabilities are disclosed in respect of possible obligation that arises from past events but their existence is confirmed by the occurrence or non occurrence of one or more uncertain future events not wholly with in the control of the company.

Contingent Assets are neither recognized nor disclosed in the financial statements.


Mar 31, 2010

(a) All revenues, costs, assets and liabilities are accounted for on accrual basis.

(b) DEPRECIATION:

(1) Depreciation is claimed only on those fixed assets, which are used during the year.

(2) Depreciation on all the fixed assets is provided on the written down value basis in accordance with section 205(2) (a) of the Companies Act, 1956 at the rates specified in Schedule XIV to the Companies Act, 1956.

(3) In respect of additions to / deletions from the Fixed Assets, depreciation is provided on pro-rata basis with reference to the date of addition/deletion of the Assets.

(c) FIXED ASSETS:

Fixed Assets are stated at cost less accumulated depreciation. The cost of an asset comprises its purchase price and any directly attributable costs of bringing the asset to working condition for its intended use. Expenditure for additions and improvements are capitalized and expenditure for maintenance and repairs are charged to the Profit and Loss Account. When assets are sold or discarded their cost and accumulated depreciation are removed from the accounts and only gain or loss resulting from their disposal is included in the Profit and Loss Account.

(d) REVENUE RECOGNITION:

(1) In appropriate circumstances, revenue (income) is recognized when no significant uncertainty as to determination or realization exists.

(2) INCOME FROM HP OPERATIONS:

Income from HP operations is recognized on -monthly equated basis.

(e) Earning per Share:

In determining Earning per share, the Company considers the profit after tax and includes the post tax effect of extra ordinary item, if any.

The number of Shares used in computing basic earning per share is the weighted average number of shares outstanding during the year.

(f) Taxation:

Provision for tax for the year comprises of current income-tax determined to be payable in respect of taxable income and deferred tax being the tax effect of timing difference representing the difference between taxable income and accounting income that originate in one period, and are capable of reversal in one or more subsequent period(s).


Mar 31, 2003

(a) Ail revenues, costs, assets and liabilities are accounted for on accrual basis.

(b) DEPRECIATION:

(1) Depreciation is claimed only on those fixed assets, which are used during the year.

(2) Depreciation on all the fixed assets is provided on the written down value basis in accordance with section 205(2)(a) of the Companies Act, 1956 at the rates specified in Schedule XIV to the Companies Act, 1956.

(3) In respect of additions to / deletions from the Fixed Assets, depreciation is provided on pro-rata basis with reference to the date of addition/deletion of the Assets.

(c) FIXED ASSETS:

Fixed Assets are stated at cost less accumulated depreciation. The cost of an asset comprises its purchase price and any directly attributable costs of bringing the asset to working condition for its intended use. Expenditure for additions and improvements are capitalised and expenditure for maintenance and repairs are charged to the Profit and Loss Account. When assets are sold or discarded their cost and accumulated depreciation are removed from the accounts and only gain or loss resulting from their disposal is included in the Profit and Loss Account.

(d) REVENUE RECOGNITION :

(1) In appropriate circumstances, revenue (income) is recognised when no significant uncertainty as to determination or realization exists.

(2) INCOME FROM HP OPERATIONS :

Income from HP operations is recognised on monthly equated basis.

(e) Earning per Share :

In the determining Earning per share, the Company considers the profit after tax and includes the post tax effect of extra ordinary item, if any.

The number of Shares used in Computing basic earning per shares is the weighted average number of shares outstanding during the year.

(f) Taxation:

Provision for tax for the year companies current income-tax determined to be payable in respect of taxable income and deferred tax being the tax effect of timing difference representing the difference between taxable income and accounting income that originate in one period, and are capable of reversal in one or more subsequent period(s).


Mar 31, 2001

(a) All revenues, costs, assets and liabilities are accounted for on accrual basis.

(b) DEPRECIATION:

(1) Depreciation is claimed only on those fixed assets, which are used during the year.

(2) Depreciation on all the fixed assets is provided on the written down value basis in accordance with section 205(2)(a) of the Companies Act, 1956 at the rates specified in Schedule XIV to the Companies Act, 1956.

(3) In respect of additions to / deletions from the Fixed Assets, depreciation is provided on pro-rata basis with reference to the date of addition/deletion of the Assets.

(c) FIXED ASSETS:

Fixed Assets are stated at cost less accumulated depreciation. The cost of an asset comprises its purchase price and any directly attributable costs of bringing the asset to working condition for its intended use. Expenditure for additions and improvements are capitalised and expenditure for maintenance and repairs are charged to the Profit and Loss Account. When assets are sold or discarded their cost and accumulated depreciation are removed from the accounts and only gain or loss resulting from their disposal is included in the Profit and Loss Account.

(d) REVENUE RECOGNITION:

(1) In appropriate circumstances, revenue (income) is recognised when no significant uncertainty as to determination or realization exists.

(2) INCOME FROM HP OPERATIONS :

Income from HP operations is recognised on monthly equated basis.

(e) Earning per Share:

In the determining Earning per share, the Company considers the profit after tax and includes the post tax effect of extra ordinary item, if any.

The number of Shares used in Computing basic earning per shares is the weighted average number of shares outstanding during the year.

(f) Taxation:

As regards provisions for taxation, attention is invited to Note No. 12 of Schedule.

 
Subscribe now to get personal finance updates in your inbox!