Home  »  Company  »  IFL Promoters Ltd.  »  Quotes  »  Accounting Policy
Enter the first few characters of Company and click 'Go'

Accounting Policies of IFL Promoters Ltd. Company

Mar 31, 2015

1.1 METHOD OF ACCOUTING

a) The Company follows the mercantile system of accounting & recognizes income & expenditure on accrual basis.

b) Financial statements are prepared on the historical cost convention and on the principles of going concern, and accordance with the prevalent accounting standards as applicable except as stated otherwise.

c) Accounting Policies not specifically referred to otherwise, are consistent & in accordance with the generally accepted accounting principles followed by the company.

1.2 REVENUE RECOGNISATION

Revenue is recognized only when it is earned & its collection is reasonably certain.

1.3 FIXED ASSETS

Fixed assets are stated at cost of acquisition inclusive of freight, duty and taxes and incidental expenses less accumulated depreciation.

1.4 INVESTMENTS

Investment s are valued at cost of acquisition, which includes the brokerage and stamp duty. Dividend credited/debited for the ex-dividend/cum-dividend transactions are considered with the cost of acquisition of the investments

1.5 DEPRECIATION

Depreciation is charged on a pro-rata basis on the written down method as per the rates and in the manner prescribed under the Companies Act, 2013.

1.6 EMPLOYEE BENEFITS

Since there is no employee in the Company who has completed 5 years of service till the end of financial year so no provision for gratuity has been made in the financial statements.


Mar 31, 2014

1.1 METHOD OF ACCOUTING

a) The Company follows the mercantile system of accounting & recognizes income & expenditure on accrual basis.

b) Financial statements are prepared on the historical cost convention and on the principles of going concern, and accordance with the prevalent accounting standards as applicable except as stated otherwise.

c) Accounting Policies not specifically referred to otherwise, are consistent & in accordance with the generally accepted accounting principles followed by the company.

1.2 REVENUE RECOGNISATION

Revenue is recognized only when it is earned & its collection is reasonably certain.

1.3 FIXED ASSETS

Fixed assets are stated at cost of acquisition inclusive of freight, duty and taxes and incidental expenses less accumulated depreciation.

1.4 INVESTMENTS

Investment s are valued at cost of acquisition, which includes the brokerage and stamp duty. Dividend credited/debited for the ex-dividend/cum-dividend transactions are considered with the cost of acquisition of the investments

1.5 DEPRECIATION

Depreciation is charged on a pro-rata basis on the written down method as per the rates and in the manner prescribed under the Schedule XIV to the Companies Act, 1956.

1.6 EMPLOYEE BENEFITS

Since there is no employee in the Company who has completed 5 years of service till the end of financial year so no provision for gratuity has been made in the financial statements.

 
Subscribe now to get personal finance updates in your inbox!