Acounting Standards

Change in accounting policies 1. Certain freehold and leasehold land, factory and other(a) buildings and residential quarters were re nursed during 1985, 1986 and 1996. The phoner in 2010 decided to reprize these assets at historical cost. As a result Rs 138,036 gm salary of depreciation was adjusted against book value of immovable assets and jibe inspection reserve. This had no impact on the net win for the division. In 2011, the company revised its accounting policy for aggrandise of God arising on erudition of businesses from amortization. As a result, advance for the year increased by Rs 81,629 thousand. 2. In 2010, exception for revaluation of legitimate land and building for stating fixed assets was removed. Also the carrying amounts were reviewed at to each one balance sheet date when required to assess whether they were record in excess of their redeemable amounts, and where carrying determine exceed this estimated recoverable amount, assets were writte n down to their recoverable amount. The recoverable amount is the greater of the assets net selling price and value in use. In 2011, such regularity was dropped. 3.

In 2010, straight-line method of depreciation was excessively applied for seemliness on acquisition over a period of five years and in 2011 goodwill on acquisition was not amortized but tested for impairment 4. In 2011, disclosure for contingent on(p) indebtedness and asset was taken into consideration. Disclosures for contingent liability are do when in that location is a realistic or usher in obligation for which it is not probable that there will be an outflow of resources. When there is a contingent or founder obligation in respect of which the likeline! ss of outflow of resources is remote, no disclosure is made. Contingent assets are uncomplete recognized nor tell in the financial statements. 5. In 2011, outer boundary put on tax was removed from the taxation policy of the company because of The finance Act 2009. If you want to get a effective essay, ordering it on our website: OrderEssay.net

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