Home  »  Company  »  Step Two Corporation  »  Quotes  »  Accounting Policy
Enter the first few characters of Company and click 'Go'

Accounting Policies of Step Two Corporation Ltd. Company

Mar 31, 2015

A Basis of preparation of financial statements

These financial statements are prepared in accordance with Generally Accepted Accounting Principles in India, under the historical cost convention, on a going concern concept and in accordance to applicable accounting standards.

b Revenue Recognition

Income & Expenditure are accounted for on accrual basis except dividend income which is accounted for on the basis of right to received dividend.

c Use of Estimates

Certain estimates and assumptions have been made in preparation of financial statement. The difference between the actual results and estimates are recognised in the year in which the results are known / materialised.

d Provisions and contingent liabilities

Provisions involving substantial degree of estimation in measurement are recognised when there is a present obligation as a result of past events and it is probable that there will be an outflow of resources. Contingent Liabilities are not recognised but are disclosed in the notes. Contingent Assets are neither recognised not disclosed in the financial statements.

e Fixed assets

Fixed Assets are accounted at cost, less accumulated depreciation and impairment, if any. Direct costs are capitalised until fixed assets are ready for use,

f Depreciation and Amortization

Deprecation on fixed assets has been provided for on straight line basis at rates prescribed under Schedule H of the Companies Act, 2013.

g Taxation

Current Tax

Provision for income tax is made on the assessable income at the tax rate applicable for the relevant assessment year.

Deferred Tax

Deferred tax liability is recognized, subject to the consideration of prudence, on timing difference, being the difference between taxable income and accounting income that originate in one period and are capable of reversal in one or more subsequent periods.

Deferred tax assets are not recognized unless there is reasonable certainty that sufficient future taxable income will be available against which such deferred tax assets can be realised.

h Earnings per share

Basic earnings per share is computed by dividing the net profit after tax by the weighted average number of equity sharess outstanding during the period. Diluted earnings per share is computed by dividing the profit after tax by the weighted average number of equity shares considered for deriving basic earnings per share and also the weighted number of equity shares that could have been issued upon conversion of all dilutive potential equity shares.

Investments are either classified as current or long term based on management's intention at the time of purchase. Current investments are carried at the lower of cost and fair value of each investment. Long term investments are carried at cost.

j Inventories

Stock of all quoted shares and securities has been value at cost or fair value whichever is lower. Unquoted shares have been valued at cost of acquisition.

k Cash flow statement

Cash flow reported using the indirect method, whereby profit before tax is adjusted for the effects of transactions of a non-cash nature, any deferrals or past or future operating cash receipts or payments and item of income or expenses associated with investing or financing cash flows. The cash from operating, investing and financing activities of Company are segregated.

I Previous year figures have been regrouped & rearranged wherever necessary to confirm to the current years classification.


Mar 31, 2014

A Basis of preparation of financial statements

These financial statements are prepared in accoedance with Generally Accepted Accounting Principles in India, under the historical cost convention, on a going concern concept and in accordance to applicable accounting standards.

b Revenue Recognition

Income &. Expenditure are accounted for on accrual basis except dividend income which is accounted for on the basis of right to received dividend.

c . Use of Estimates

Certain estimates and assumptions have been made in preparation of financial statement The difference between the actual results and estimates are recognised in the year in which the results are known/materialised.

d Provisions and contingent liabilities

Provisions involving substantial degree of estimation in measurement are recognised when there is a present obligation as a result of past events and it is probable that there will be an outflow of resources. Contingent Liabilities are not recognised but are disclosed in the notes. Contingent Assets are neither recognised not disclosed in the financial statements.

e Fixed assets

Fixed Assets are accounted at cost, less accumulated depredation and impairment, if any. Direct costs are capitalised until fixed assets are ready for use.

f Depreciation and Amortization

Depreciaton on fixed assets has been provided for on straight line basis at rates prescribed under Schedule XIV of the Companies Act, 1956.

g Taxation

Current Tax

Provision for income tax is made on the assessable income at the tax rate applicable for the relevant assessment year.

Deferred Tax

Deferred tax liability is recognized, subject to the consideration of prudence, on timing difference, being the difference between taxable income and accounting income that originate in one period and are capable of reversal in one or more subsequent periods.

Deferred tax assets are not recognized unless there is reasonable certainty that sufficient future taxable income will be available against which such deferred tax assets can be realised.

h Earnings per share

Basic earnings per share is computed by dividing the net profit after tax by the weighted average number of equity sharess Outstanding during the period. Diluted earnings per share is computed by dividing the profit after tax by the weighted average number of equity shares considered for deriving basic earnings per share and also the weighted number of equity shares that could have been issued upon conversion of all dilutive potential equity shares.

i Investments

Investments are either classified as current or long term based on management's intention at the time of purchase. Current investments are carried at the lower of cost and fair value of each investment. Long term investments are carried at cost.

j Inventories

Stock of all quoted shares and securities has been value at cost or fair value whichever is lower. Unquoted shares have been valued at cost of acquisition.

k Cash flow statement

Cash flow reported using the indirect method, whereby profit before tax is adjusted for the effects of transactions of a non-cash nature, any deferrals or past or future operating cash receipts or payments and item of income or expenses associated with investing or financing cash flows. The cash from operating, investing and financing activities of Company are segregated.

L Previous year figures have been regrouped & rearranged wherever necessary to confirm to the current years classification.


Mar 31, 2012

1 Basis of preparation of financial statements

These financial statements are prepared in accordance with Generally Accepted Accounting Principles in India, under the historical cost convention, on a going concern concept and in accordance to applicable accounting standards.

2 Revenue Recognition

Income & Expenditure are accounted for on accrual basis except dividend income which is accounted for on the basis of right to received dividend.

3 Use of Estimates

Certain estimates and assumptions have been made in preparation of financial statement The difference between the actual results and estimates are recognised in the year in which the results are known/materialised.

4 Provisions and contingent liabilities

Provisions involving substantial degree of estimation in measurement are recognised when there is a present obligation as a result of past events and it is probable that there will be an outflow of resources. Contingent Liabilities are not recognised but are disclosed in the notes. Contingent Assets are neither recognised not disclosed in the financial statements.

5 Fixed assets

Fixed Assets are accounted at cost, less accumulated depreciation and impairment, if any. Direct costs are capitalised until fixed assets are ready for use.

6 Depreciation and Ainu tization

Depredaton on fixed assets has been provided for on streight line basis at rates prescribed under Schedule XTVofthe Companies Act, 1956.

7 Taxation

Current Tax

Provision for income tax is made on the assessable income at the tax rate applicable for the relevant assessmentyear.

Deferred Tax

Deferred tax liability is recognized, subject to the consideration of prudence, on timing difference, being the difference between taxable income and accounting income that originate in one period and are capable of reversal in one or more subsequent periods.

Deferred tax assets are not recognized unless there is reasonable certaintymat sufficient future taxable income will be available against which such deferred tax assets can be realised.

8 Earnings per share

Basic earnings per share is computed by dividing the net profit after tax by the weighted average number of equity shares outstanding during the period. Diluted earnings per share is computed by dividing the profit after tax by the weighted average number of equity shares considered for deriving basic earnings per share and also the weighted number of equity shares that could have been issued upon conversion of all dilutive potential equity shares.

9 Investments

Investments are either classified as current or long term based on management's intention at the time of purchase. Current investments are carried at the lower of cost and fair value of each investment Long term investments are carried at cost.

10 Inventories

Stock of all quoted shares and securities has been value at cost or fair value whichever is lower. Unquoted shares have been valued at cost of acquisition.

11 Cash flow statement

Cash flow reported using the indirect method, whereby profit before tax is adjusted for the effects of transactions of a non-cash nature, any deferrals or past or future operating cash receipts or payments and item of income or expenses associated with investing or financing cash flows. The cash from operating, in vesting and financing activities of Company are segregated.

12 The Company is a Small and Medium Sized Company (SMC) as defined in the General Instructions in respect of Accounting Standard notified under the Companies (Accounting Standard) Rule, 2006. Accordingly, the Company has complied with the Accounting Standards as applicable to the Small and Medium Sized Company.

13 Previous year figures have been regrouped & rearranged wherever necessary to confirm to the current years classification.


Mar 31, 2011

1.1 Accounting Convention

The accounts have .been prepared on historical cost convention under accrual method of accounting and under the going concern concept & in accordance with the applicable accounting standards.

1.2 Basis of Accounting

The Company prepares its financial statement in accordance with generally accepted Accounting practices and also in accordance with the requirement of the Companies Act, 1956.

1.3 Inventories

Stock of all quoted shares and securities has been valued at cost or market price whichever is lower.Unquoted shares have been valued at cost of acquisition.

1.4 Investments

Investments are stated at their cost of acquisition.

1.5 Income & Expenditure

Income & Expenditure are accounted for on accrual basis except dividend income which is accounted for on the basis of right to received dividend.

1.6 Fixed Assets

Fixed Assets are stated at their original cost of acquisition which includes expenditure incurred for ' the acquisition and / or installation cost (if any) as reduced by accumulated depreciation there on up-to-date.

Depreciation on Fixed Assets has been provided for on straight line basis at rates prescribed under Schedule XIV of the Companies Act, 1956.

1.7 Taxation

Current Tax *

Provision for income tax is made on the assessable income at the tax rate applicable for the relevant assessment year. -

Deferred Tax

Deferred tax is recognised, subject to the consideration of prudence, on timing difference, being the difference between taxable income and accounting income that originate in one period and are capable of reversal in one or more subsequent periods.

Deferred tax assets are not recognised unless there is reasonable certainty that sufficient future taxable income will be available against which such deferred tax assets can be realised.


Mar 31, 2010

1.1 Accounting Convention

The accounts have been prepared on historical cost convention under accrual method of accounting and under the going concern concept & in accordance with the applicable accounting standards.

1.2 Basis of Accounting

The Company prepares its financial statement in accordance with generally accepted Accounting practices and also in accordance with the requirement of the Companies Act, 1956.

1.3 Inventories

Stock of all quoted shares and securities has been valued at cost or market price whichever is lower.

1.4 Investments

Investments are stated at their cost of acquisition.

1.5 Income & Expenditure

Income & Expenditure are accounted for on accrual basis except dividend income which is accounted on receipt basis.

1.6 Fixed Assets

Fixed assets are stated at their original cost of acquisition (which includes expenditure incurred for the acquisition and/or installation if any) as reduced by accumulated depreciation thereon.

Depreciation on Fixed Assets has been provided on straight line basis at rates prescribed under Schedule XIV of the Companies Act, 1956.

1.7 Taxation

Provision for income tax is made on the assessable income at the tax rate applicable for the relevant assessment year.

Deferred tax is recognized, subject to the consideration of prudence, on timing difference, being the difference between taxable income and accounting income that originate in one period and are capable of reversal in one or more subsequent periods.

Deferred tax assets are not recognized unless there is reasonable certainty that sufficient future taxable income will be available against which such deferred tax assets can be realized.

[Provision for fringe Benefit tax has been made in accordance with the provision of the Chapter XII-H of the Income Tax Act, 1961.]

 
Subscribe now to get personal finance updates in your inbox!