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Accounting Policies of My Money Securities Ltd. Company

Mar 31, 2015

A) Corporate Information

My Money Securities Limited is a public limited company and incorporated as under the provisions of the Companies Act, 1956. Its shares are listed on Bombay Stock Exchange (BSE Ltd.) Ahmadabad Stock Exchange, Delhi Stock Exchange and Jaipur Stock Exchange. The company is engaged in the business of dealing in shares & currency and acting as a Broker in the National Stock Exchange and MCX Stock Exchange.

b) Basis of Accounting

The financial statements of the Company have been prepared in accordance with the Generally Accepted Accounting Principles in India (Indian GAAP). The company has prepared these financial statements to comply in all material respects with the Accounting Standards notified under section 133 of the Companies Acts, 2013, read together with paragraph 7 of the Companies (Accounts) rules 2014. The financial statements have been prepared on accrual basis under the historical cost convention.

Method of Accounting followed is mercantile system.

c) Use of estimates

The preparation of the financial statements in conformity with Indian GAAP requires the Management to make estimates and assumptions considered in the reported amounts of assets and liabilities (including contingent liabilities) and the reported income and expenses during the year. The Management believes that the estimates used in preparation of the financial statements are prudent and reasonable. Future results could differ due to these estimates and the differences between the actual results and the estimates are recognised in the periods in which the results are known / materialise.

d) Revenue Recognition

Income/Expenses/Revenues are accounting for on accrual basis in accordance with Accounting Standard (AS-9) issued by the Institute of Chartered Accountants of India except the dividend is accounted for in the year of receipt of dividend.

e) Depreciation and Amortisation

Depreciation is provide on all assets is provided using the Straight-line method over the useful lives and in the manner prescribed under schedule II to the Companies Act, 2013.

f) Investments

Investments are in the nature of long term investments and are valued at cost to the company in accordance with AS-13 accounting for investments.

g) Inventories

Inventories are valued at lower of cost or Market value.

h) Provision for Current & Deferred Tax Expenses

Tax expenses for the year, comprising current tax and deferred tax, is provided in the accounts for determination of net profit for the year.

Deferred Tax has been provided for all timing differences as required under the provision of accounting standards issued by ICAI.

i) Impairment of Fixed Assets

An asset is treated as impaired when the carrying cost of assets exceeds its recoverable value. An impairment loss is charges for when an asset is identified as impaired. The impairment loss recognized in prior accounting period is reversed if there has been a change in the estimate of recoverable amount.

j) Contingencies

The Company creates a provision when there is present obligation as a result of a past event that probably requires an outflow of resources and a reliable estimate can be made of the amount of obligation. A disclosure for contingent liability is made when there is a possible obligation or a present obligation that may, but probably will not, require an outflow of resources. When there is a possible obligation or a present obligation in respect of which the likelihood of outflow or resources is remote, no provision or disclosure is made.



 
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