Home  »  Company  »  Perfect-Octave Media  »  Quotes  »  Accounting Policy
Enter the first few characters of Company and click 'Go'

Accounting Policies of Perfect-Octave Media Projects Ltd. Company

Mar 31, 2014

(i) Basis of Preparation of financial statements:

These financial statements are prepared in accordance with Indian Generally Accepted Accounting Principles (GAAP) under the historical cost convention on the accrual basis except for certain financial instruments which are measured at fair values. GAAP comprises of mandatory accounting standards as prescribed by the Companies (Accounting Standards) Rules, 2006, the provisions of the Companies Act, 1956. Accounting policies have been consistently applied except where a newly issued accounting standard is initially adopted or are vision to an existing accounting standard requires a change in the accounting policy hitherto in use.

(ii) Use Of Estimates:-

The presentation of financial statements in conformity with the generally accepted accounting principal requires estimates and assumptions to be made that affects the reported amount of assets and liabilities on the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Difference between the actual result and estimates are recognized in the period in which the results are known/ materialized.

(iii) Fixed Assets:-

A. Tangible Assets:

Fixed Assets are stated at cost less accumulated depreciation. Cost is inclusive of freight, duties (net of tax credits as applicable) levies and any directly attributable cost of bringing the assets to their working condition for their intended use.

B. Intangible Assets:

Intangible Assets are amortized over their respective individual estimated useful life as decided by the management, on a straight line basis commencing from the year the asset is available to the Company for its commercial use.

(iv) Depreciation:-

Depreciation is provided as per the written down value method at the rate prescribed in Companies Act, 1956. Fixed assets are capitalized at cost inclusive of expenses and interest wherever applicable.

(v) Investments:-

Long term investments are stated at cost. Provision for diminution in value of Long term investment is made only if such decline is other than temporary in the opinion of management. Investments other than long term investments being current investments are valued at cost or fair value whichever is lower.

(vi) Inventories:-

Stocks of Finished goods are valued at lesser of Cost and Net Realisable Value.

(vii) Provision:-

A provision is recognized when an enterprise has a present obligation as a result of past events and it is probable that an outflow of resources will be required to settle the obligation, in respect of which a reliable estimate can be made. Provision are determined based on management estimate require to settle the obligation at the balance sheet date. These are reviewed at each balance sheet date and adjusted to reflect the current management estimates.

(viii) Treatment Of Contingent Liabilities:-

Contingent liabilities are disclosed by way of note on the balance sheet. Provision is made in the accounts for those liabilities which are likely to Materialize after the year end till the finalization of accounts and having effect on the position stated in the balance sheet as at the year end.

(ix) Taxation:-

Provision for taxation has been made in accordance with the rates of Income Tax Act, 1961 prevailing for the relevant assessment year.

(x) Deferred Taxation:-

Deferred Tax resulting from timing differences between book and tax profit is accounted for under the liability method, at the current rate of tax, to the extent that the timing difference are expected to crystallize as deferred tax charge/benefit in the Profit & Loss Accounts and deferred tax assets/liabilities in the balance sheet.

(xi) Retirement and other Employee Benefit:-

(a) There is no defined contribution scheme prevailing in the company.

(b) Provision in respect of leave encashment is recognized as an expense in Profit & Loss Account for the period in which the employee has rendered services.

(c) Expenses in respect of other short term benefit are recognized on the basis of the amount paid or payable for the year for which the services are rendered by the employee.

(xii) Revenue Recognition:-

(a) Broadcasting revenue - Advertisement revenue (net of agency commission), sale of time slot is recognized when the related advertisement or commercial appears before the public i.e. on telecast. Subscription revenue is recognized on completion of service.

(b) Sales (includes licensing of Programs, Films/Movie Rights) are recognized, when the delivery is completed.

(c) Dividend income is recognized when the Company''s right to receive dividend is established.

(d) Interest income is recognized on a time proportion basis taking into account outstanding and the applicable interest rate.

(e) Revenue from other services are recognised as and when such services are completed / performed.


Mar 31, 2013

(i) Basis of Preparation of financial statements:

These financial statements are prepared in accordance with Indian Generally Accepted Accounting Principles (GAAP) under the historical cost convention on the accrual basis except for certain financial instruments which are measured at fair values. GAAP comprises of mandatory accounting standards as prescribed by the Companies (Accounting Standards) Rules, 2006, the provisions of the Companies Act, 1956. Accounting policies have been consistently applied except where a newly issued accounting standard is initially adopted or are vision to an existing accounting standard requires a change in the accounting policy hitherto in use.

(ii) Use Of Estimates:- The presentation of financial statements in conformity with the generally accepted accounting principal requires estimates and assumptions to be made that affects the reported amount of assets and liabilities on the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Difference between the actual result and estimates are recognized in the period in which the results are known/materialized.

(iii) Fixed Assets:- Tangible Assets:

Fixed Assets are stated at cost less accumulated depreciation. Cost is inclusive of freight, duties (net of tax credits as applicable) levies and any directly attributable cost of bringing the assets to their working condition for their intended use.

The company has incurred expenses towards shooting content , such expenses are capitalized and shown under the head capital WIP. The company will frame policy of amortizing the same based on the concurrence of economic benefit.

Intangible Assets:

Intangible Assets are amortized over their respective individual estimated useful life as decided by the management, on a straight line basis commencing from the year the asset is available to the Company for its commercial use.

(iv) Depreciation & Amortisation:- Depreciation is provided as per the written down value method at the rate prescribed by Income Tax Act, 1961. Fixed assets are capitalized at cost inclusive of expenses and interest wherever applicable.

(v) Investments:- Long term investments are stated at cost. Provision for diminution in value of Long term investment is made only if such decline is other than temporary in the opinion of management.

(vi) Inventories:- Stocks of Raw Materials & Finished goods are valued at lesser of Cost and Net Realisable Value. Accordingly Inventories are valued at cost.

(vii) Provision:- A provision is recognized when an enterprise has a present obligation as a result of past events and it is probable that an outflow of resources will be required to settle the obligation, in respect of which a reliable estimate can be made. Provision are determined based on management estimate require to settle the obligation at the balance sheet date. These are reviewed at each balance sheet date and adjusted to reflect the current management estimates.

(viii) Treatment Of Contingent Liabilities-

Contingent liabilities are disclosed by way of note on the balance sheet. Provision is made in the accounts for those liabilities which are likely to Materialize after the year end till the finalization of accounts and having effect on the position stated in the balance sheet as at the year end

(ix) Taxation:-

Provision for taxation has been made in accordance with the rates of Income Tax Act, 1961 prevailing for the relevant assessment year.

(x) Deferred Taxation:-

Deferred Tax resulting from timing differences between book and tax profit is accounted for under the liability method, at the current rate of tax, to the extent that the timing difference are expected to crystallize as deferred tax charge/benefit in the Profit & Loss Accounts and deferred tax assets/liabilities in the balance sheet.


Mar 31, 2012

(i) Basis of Preparation of financial statements:

These financial statements are prepared in accordance with Indian Generally Accepted Accounting Principles (GAAP) under the historical cost convention on the accrual basis except for certain financial instruments which are measured at fair values. GAAP comprises mandatory accounting standards as prescribed by the Companies (Accounting Standards) Rules, 2006, the provisions of the Companies Act, 1956 and guide lines issued by the Securities and Exchange Board of India (SEBI). Accounting policies have been consistently applied except where a newly issued accounting standard is initially adopted or are vision to an existing accounting standard requires a change in the accounting policy hitherto in use.

(ii) Revenue Recognition:

Expenses and Income considered payable and receivable respectively are accounted for on accrual basis except when no significant uncertainty as to determination or realization exists.

(iii) Fixed assets and depreciation:

Fixed Assets are stated at cost less depreciation. Depreciation is claimed on the basis of rates specified in Companies Act, 1956.

(iv)Taxation

Income Tax expenses is accrued in accordance with AS22 ''Accounting for Taxes on income'' which includes current taxes and deferred taxes. Deferred income taxes reflects the impact of current year timing difference between taxable income and accounting income for the year. Deferred tax assets are recognized only to the extent that there is reasonable certainty that sufficient future taxable income will be available.

(v) Contingent Liability:

Contingent Liabilities are not provided for and are disclosed separately by way of notes.


Mar 31, 2011

1. Basis of preparation of financial statements:

The financial statements have been prepared under historical cost convention on an accrual basis.

2. Fixed assets and depreciation:

Fixed Assets are stated at cost less depreciation. Depreciation is claimed on the basis of rates specified in Companies Act, 1956.

3. Revenue Recognition:

Revenue is recognized on accrual basis.

4. Taxes on income:

a. Provision for current tax, if any is computed in accordance with the relevant tax regulations.

b. Deferred tax is recognized for all timing differences between accounting income and taxable income and is quantified using enacted/substantially enacted tax rates as at the balance sheet date.

c. Deferred Tax Asset and Provision for MAT Credit is not recognized as matter of prudence.


Mar 31, 2010

1. Basis of preparation of financial statements:

The financial statements have been prepared under historical cost convention on an accrual basis.

2. Use of Estimates:

The presentation of financial statements is in conformity with Indian GAAP, which requires estimates and assumptions to be made that affect the reported amount of assets and liabilities, disclosure of contingent assets and liabilities as of the date of the financial statements, and ihe reported amount ( of revenues and expenses during the reporting period. Difference between the actual result and estimates are recognised in the year in which the results are known/ materialized.

3. Fixed assets and depreciation:

There is no Fixed Assets in the company.

4. Revenue Recognition:

Revenue is recognized on accrual basis.

5. Taxes on income:

a. Provision for current tax, if any is computed in accordance with the relevant tax regulations.

b. Deferred tax is recognized for all timing differences between accounting income and taxable income and is quantified using enacted/substantially enacted tax rates as at the balance sheet date.

c. Deferred Tax Asset and Provision for MAT Credit is not recognized as matter of prudence.

Get Instant News Updates
Enable
x
Notification Settings X
Time Settings
Done
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X