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Accounting Policies of Innovation Software Exports Ltd. Company

Mar 31, 2014

1. Basis of Accounting

The financial statements are prepared under the historical cost convention on a going concern basis and accordance with the requirements of the Companies Act, 1956 and applicable accounting standards.

2. Recognition of Revenue

Income in recognized on accrual basis.

3. Fixed Assets and Depreciation

Fixed Assets are stated at actual cost less accumulated depreciation. Depreciation on Fixed Assets is computed on written down value method at the rates and in the manner specified under schedule XIV to the Companies Act, 1956.

4. Payment of Gratuity has not arisen and therefore not recognized in the accounts.

5. All other expenditure has been accounted on accrual basis.

6. The Company does not carry any inventory.


Mar 31, 2012

1. Basis of Accounting

The financial statements are prepared under the historical cost convention on a going concern basis and accordance with the requirements of the Companies Act, 1956 and applicable accounting standards.

2. Recognition of Revenue

Finance charges on Hire purchase Contracts have not been recognized during the year in the absence of its virtual certainty.

3. Fixed Assets and Depreciation

Fixed Assets are stated at actual cost less accumulated depreciation. Depreciation on Fixed Assets is computed on written down value method at the rates and in the manner specified under schedule XIV to the Companies Act, 1956.

4. Payment of Gratuity has not arisen and therefore not recognized in the accounts.

5. All other expenditure has been accounted on accrual basis.

6. The Company does not carry any inventory.


Mar 31, 2010

1. Basis of Accounting

The financial statements are prepared under the historical cost convention on a going concern basis and accordance with the requirements of the Companies Act, 1956 and applicable accounting standards.

2. Recognition of Revenue

Finance charges on Hire purchase Contracts have not been recognized during the year in the absence of its virtual certainty.

3. Fixed Assets and Depreciation

Fixed Assets are stated at actual cost less accumulated depreciation. Depreciation on Fixed Assets is computed on written down value method at the rates and in the manner specified under schedule XIV to the Companies Act, 1956.

4. Payment of Gratuity has not arisen and therefore not recognized in the accounts.

5. All other expenditure has been accounted on accrual basis.

6. The Company does not carry any inventory.


Mar 31, 2009

1. Basis of Accounting

The financial statements are prepared under the historical cost convention on going concern basis and accordance with the requirements of the Companies Act 1956 and applicable accounting standards.

2. Recognition of Revenue

Finance charges on Hire purchase Contracts have not been recognized during the year in the absence of its virtual certainty.

3. Fixed Assets and Depreciation

Fixed Assets are stated at actual cost less accumulated depreciation Depreciation on Fixed Assets is computed on written down value method at the rates and in the manner specified under schedule XIV to the Companies Act 1956.

4. Payment of Gratuity has not arisen and therefore not recognized in the accounts.

5. All other expenditure has been accounted on accrual basis.

6. The Company does not carry any inventory.

 
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