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Accounting Policies of Oseaspre Consultants Ltd. Company

Mar 31, 2014

(a) Basis of Accounting:

The Financial Statements are prepared under the historical cost convention on an accrual basis and are in accordance with requirements of the Companies Act, 1956.

(b) Fixed assets and Depreciation:

Fixed assets are stated at cost of acquisition less accumulated depreciation.

Depreciation is provided on the written down value method, at the rates specified in Schedule XIV to the Companies Act, 1956.

(d) Investments

Long term investments are stated at cost, less provision for diminution in value (other than temporary) where applicable.

Short term investments are stated at lower of cost and fair value.

(e) Contingent Liabilities:

Contingent Liabilities are not provided for, and If any are separately disclosed.

(f) Taxation

Income tax / savings comprises Current tax and Deferred Tax charge or credit. Provision for current tax is made on the estimated taxable income at the tax rate applicable to the relevant assessment year.

The deferred tax assets are recognised based on the principles of prudence. Deferred tax assets and deferred tax liabilities are calculated by applying the rate and the tax laws that have been enacted or substantively enacted by the Balance Sheet date. Deferred Tax Assets are reviewed at each Balance Sheet date.


Mar 31, 2012

(a) Basis of accounting

The financial statements are prepared under the historical cost convention, on an accrual basis, in accordance with requirements of the Companies Act, 1956.

(b) Fixed assets

Fixed assets are stated at cost inclusive of incidental expenses

(c) Depreciation

Depreciation on fixed assets has been calculated on written down value at the rates as per Schedule XIV to the Companies Act, 1956.

(d) Investments

Long term investment are stated at cost less provision for diminution in value (other than temporary) where applicable. Short term investment are stated at cost and fair value

(e) Taxation

i) Current tax is measured at the amount expected to be paid in accordance with The Income Tax Act, 1961. ii) Deferred tax is recognized, subject to the consideration of prudence, on timing differences, being the difference between taxable income and accounting income that originate in one period and capable of reversal in one or more subsequent periods


Mar 31, 2011

A) Basis of accounting :

The financial statements are prepared under Historical Cost Convention on accrual basis.

b) Long term investments are stated at cost less provision for diminution in value (other than temporary) where applicable. Short term investments are stated at lower of cost and fair value.

c) Fixed Assets : Fixed Assets are capitalised at cost inclusive of incidental expenses

d) Depreciation : Depreciation on fixed assets has been calculated on written down value at the rates as per Schedule XIV to the Companies Act, 1956.

e) Contingent Liabilities:

Contingent Liabilities are not provided for, and if any separately disclosed.

 
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