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Accounting Policies of ABL Bio-Technologies Ltd. Company
Mar 31, 2010
BASIS OF PREPARATION OF FINANCIAL STATEMENTS
The financial statements have been prepared in accordance with the
Accounting Standards Specified by the Institute of Chartered
Accountants of India.
ACCOUNTING CONVENTION AND REVENUE RECOGNITION
The financial statements are prepared under the historical cost
convention, in accordance with the generally accepted accounting
principles and the provision of Companies Act, 1956, as adopted and
consistently followed by the Company.
Fixed Assets are stated at Cost of acquisition less accumulated
The Company has adopted Depreciation as per the Companies Act, 1956
Preoperative Expenditure pertaining to GDR issue and Spectrum Division
is being amortised over a period of 10 years.
a) Raw Materials, Packing Material - Valued at Cost
b) Work in Progress - Valued at Cost
c) Finished Goods - valued at net realisable value.
Long term Investments are stated at cost RETIREMENT BENEFITS
a) Gratuity liability under the Payment of Gratuity Act is accrued and
provided at the end of each financial year.
b) Retirement benefits in the form of provident fund and
pension./superannuation schemes whether in pursuance of any law or
otherwise is accounted on accrual basis and charged to profit and loss
account for the year.