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Accounting Policies of MFS Intercorp Ltd. Company

Mar 31, 2015

NOTE: 1 ACCOUNTING POLICIES:

The accounts are prepared on a historical cost convention and materially comply with the mandatory accounting standards issued by the Institute of Chartered Accountants of India. The significant accounting policies followed by the company are as stated below: -

Basis of accounting: The accounts have been prepared on the basis of historical cost and accrual basis.

Earnings Per Share: In accordance with the Accounting Standard 20 " Earnings per Share " issued by the Institute of Chartered Accountants of India, basic earnings per share is computed using the weighted average number of shares outstanding during the year.

Contingent Liabilities: Contingent Liabilities are disclosed when the Company has a possible obligation or a present obligation and it is probable that a cash outflow will not be required to settle the obligation.


Mar 31, 2014

The accounts are prepared on a historical cost convention and materially comply with the mandatory accounting standards issued by the Institute of Chartered Accountants of India. The significant accounting policies followed by the company are as stated below: -

Basis of accounting:

The accounts have been prepared on the basis of historical cost and accrual basis.

Earning Per Share:

In accordance with the Accounting Standard 20 " Earnings per Share " issued by the Institute of Chartered Accountants of India, basic earnings per share is computed using the weighted average number of shares outstanding during the year.

Contingent Liabilities:

Contingent Liabilities are disclosed when the Company has a possible obligation or a present obligation and it is probable that a cash outflow will not be required to settle the obligation.


Mar 31, 2013

ACCOUNTING POLICIES:

The accounts are prepared on a historical cost convention and materially comply with the mandatory accounting standards issued by the Institute of Chartered Accountants of India. The significant accounting policies followed by the company are as stated below: -

Basis of accounting:

The accounts have been prepared on the basis of historical cost and accrual basis.

Earning Per Share:

In accordance with the Accounting Standard 20 " Earnings per Share " issued by the Institute of Chartered Accountants of India, basic earnings per share is computed using the weighted average number of shares outstanding during the year.


Mar 31, 2012

The accounts are prepared on a historical cost convention and materially comply with the mandatory accounting standards issued by the Institute of Chartered Accountants of India.

The significant accounting policies followed by the company are as stated below: -

i. Basis of accounting

The accounts have been prepared on the basis of historical cost and accrual basis.

ii Earning Per Share

In accordance with the Accounting Standard 20 " Earnings per Share " issued by the Institute of Chartered Accountants of India , basic earnings per share is computed using the weighted average number of shares outstanding during the year.

iii Contingent Liabilities

Contingent Liabilities are disclosed when the Company has a possible obligation or a present obligation and it is probable that a cash outflow will not be required to settle the obligation.


Mar 31, 2010

(a) DEPRECIATION

Upto the end of the year the Company could not start commercial production depreciation on any fixed Assets has not been provided.

(b) MISCELLANEOUS EXPENDITURE

Premilinary expenses has not been amortised as the Company could not start its commercial production.

(c) CONTIGENT LIABILITIES

Contigent Liabilities if any have been shown by way of the notes on accounts.

 
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