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Accounting Policies of Linkson International Ltd. Company

Mar 31, 2013

1. Basis of Preparation of Financial Statements

The Financial statements are prepared under the historical cost convention in accordance with the Generally Accepted Accounted Practices (GAAP) and comply with mandatory accounting standards and statements issued by the Institute of Chartered Accountants of India and the Companies Act, 1956. All income and expenditure having a material bearing on the financial are recognized on accrual basis.

2. Revenue Recognition

Revenue is recognized on the basis of completion of the Sale Transaction, i.e. as and when the property in the goods is transferred to the buyer.

3. Fixed Assets and Depreciation

Fixed assets are stated at the cost of acquisition. All direct costs related to acquisition of fixed assets are capitalized as part of the cast of such assets till commencement of commercial production. These costs include freight, installation costs, duties and taxes, and other allocated expenses, including finance cost that are attributable to specific borrowing incurred during the acquisition or construction of a qualifying assets.

Depreciation on fixed assets is provided using the Written Down Value method based by applying the rates prescribed in Schedule XIV of the Companies Act, 1956.

4. Borrowing Costs:

Borrowing costs that are attributable to the acquisition or construction of qualifying assets are capitalized as part of the cost of such assets.

5. Inventories

Items of inventories are measured at cost. Cost of inventories comprise of all cost of purchase, cost of conversion and other cost incurred in bringing them to their respective present location and condition.

6. General

Other accounting policies of the company are consistent with generally accepted accounting policies.


Mar 31, 2012

1. Basis of Preparation of Financial Statements

The Financial statements are prepared under the historical cost convention in accordance with the Generally Accepted Accounted Practices (GAAP) and comply with mandatory accounting standards and statements issued by the Institute of Chartered Accountants of India and the Companies Act, 1956. AH income and expenditure having a material bearing on the financial are recognized on accrual basis.

2. Revenue Recognition

Revenue is recognized on the basis of completion of the Sale Transaction, i.e. as and when the property in the goods is transferred to the buyer.

3. Fixed Assets and Depreciation

Fixed assets are stated at the cost of acquisition. All direct costs related to acquisition of fixed assets are capitalized as part of the cast of such assets till commencement of commercial production. These costs include freight, installation costs, duties and taxes, and other allocated expenses, including finance cost that are attributable to specific borrowing incurred during the acquisition or construction of a qualifying assets.

Depreciation on fixed assets is provided using the Written Down Value method based by applying the rates prescribed in Schedule XIV of the Companies Act, 1956.

4. Borrowing Costs:

Borrowing costs that are attributable to the acquisition or construction of qualifying assets are capitalized as part of the cost of such assets.

5. Inventories

Items of inventories are measured at cost. Cost of inventories comprise of all cost of purchase, cost of conversion and other cost incurred in bringing them to their respective present location and condition.

6. General

Other accounting policies of the company are consistent with generally accepted accounting policies.


Mar 31, 2011

1. Basis of Preparation of Financial Statements

The Financial statements are prepared under the historical cost convention in accordance with the Generally Accepted Accounted Practices (GAAP) and comply with mandatory accounting standards and statements issued by the Institute of Chartered Accountants of India and the Companies Act, 1956. All income and expenditure having a material bearing on the financial are recognized on accrual basis.

2. Revenue Recognition

Revenue is recognized on the basis of completion of the Sale Transaction, i.e. as and when the property in the goods is transferred to the buyer.

3. Fixed Assets and Depreciation

Fixed assets are stated at the cost of acquisition. All direct costs related to acquisition of fixed assets are capitalized as part of the cast of such assets till commencement of commercial production. These costs include freight, installation costs, duties and taxes, and other allocated expenses, including finance cost that are attributable to specific borrowing incurred during the acquisition or construction of a qualifying assets.

Depreciation on fixed assets is provided using the Written Down Value method based by applying the rates prescribed in Schedule XIV of the Companies Act, 1956.

4. Borrowing Costs:

Borrowing costs that are attributable to the acquisition or construction of qualifying assets are capitalized as part of the cost of such assets.

5. Inventories

Items of inventories are measured at cost. Cost of inventories comprise of all cost of purchase, cost of conversion and other cost-incurred in bringing them to their respective present location arid condition.

6. General

Other accounting policies of the company are consistent with generally accepted accounting policies.


Mar 31, 2010

The significant accounting policies adopted by the company in preparation and presentation of its financial statements are briefed as follows:

1. Basis of Preparation of Financial Statements

The Financial statements are prepared under the historical cost convention in accordance with the Generally Accepted Accounted Practices (GAAP) and comply with mandatory accounting standards and statements issued by the Institute of Chartered Accountants of India and the Companies Act. 1956. All income and expenditure having a material bearing on the financial are recognized on accrual basis.

2. Revenue Recognition

Revenue is recognized on the basis of completion of the Sale Transaction, i.e. as and when the property in the goods is transferred to the buyer.

3. Fixed Assets and Depreciation

Fixed assets are stated at the cost of acquisition. All direct costs related to acquisition of fixed assets are capitalized as part of the cast of such assets till commencement of commercial production. These costs include freight, installation costs, duties and taxes, and other allocated expenses, including finance cost that are attributable to specific borrowing incurred during the acquisition or construction of a qualifying assets.

Depreciation on fixed assets is provided using the Written Down Value method based by applying the rates prescribed in Schedule XIV of the Companies Act, 1956.

4. Borrowing Costs:

Borrowing costs that are attributable to the acquisition or construction of qualifying assets are capitalized as part of the cost of such assets.

5. Inventories

Items of inventories are measured at cost. Cost of inventories comprise of all cost of purchase, cost of conversion and other cost incurred in bringing them to their respective present location and condition.

6. General

Other accounting policies of the company are consistent with generally accepted accounting policies.


Mar 31, 2009

The significant accounting policies adopted by the company in preparation and presentation of its financial statements are briefed as follows:

1. Basis of Preparation of Financial Statements

The Financial statements are prepared under the historical cost convention in accordance with the Generally Accepted Accounted Practices (GAAP) and comply with mandatory accounting standards and statements issued by the Institute of Chartered Accountants of India and the Companies Act, 1956. All income and expenditure having a material bearing on the financial statements are recognized on accrual basis.

2. Revenue Recognition

Revenue is recognised on dispatch of goods to customers. For service revenues, it is recognised when the service is completed.

3. Fixed Assets and Depreciation

Fixed assets are stated at the cost of acquisition. All direct costs related to acquisition of fixed assets are capitalized as part of the cost of such assets till commencement of commercial production. These costs include freight, installation costs, duties and taxes, and other allocated expenses, including finance cost that are attributable to specific borrowing incurred during the acquisition or construction of a qualifying assets.

Depreciation on fixed assets is provided using the Written down Value method based by applying the rates prescribed in Schedule XIV of the Companies Act, 1956.

4. Borrowing Costs:

Borrowing costs that are attributable to the acquisition or construction of qualifying assets are capitalized as part of the cost of such assets.

5. Inventories

Items of inventories are measured at cost or net realizable value whichever is lower. Cost of inventories comprise of all cost of purchase, cost of conversion and other cost incurred in bringing them to their respective present location and condition.

6. General

Other accounting policies of the company are consistent with generally accepted accounting policies.

 
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