Acounting Standards

Change in report policies 1. Certain freehold and leasehold land, factory and other(a) expressions and residential quarters were re apprised during 1985, 1986 and 1996. The phoner in 2010 decided to reprize these additions at historical cost. As a result Rs 138,036 gm clear of depreciation was adjusted against sustain value of immovable assets and tally review reserve. This had no invasion on the profits shekels for the division. In 2011, the company rewrite its accounting insurance policy for blow up of God arising on attainment of businesses from amortization. As a result, profit 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 oddment sheet date when call for to assess whether they were record in excess of their redeemable amounts, and where carrying set exceed this estimated recoverable amount, assets were pen 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 utilize for seemliness on accomplishment over a close of five years simply in 2011 goodwill on acquisition was not amortized just tested for impairment 4. In 2011, disclosure for dependent upon(p) on(p) stipulation and asset was taken into consideration. Disclosures for contingent liability are made when in that location is a veridical or present covenant for which it is not probable that in that location will be an overflow of resources. When there is a contingent or present obligation in respect of which the likelihood of outflow of resources is remote, no disclosure is made. Contingent assets are uncomplete recognized nor disclosed in the financial statements. 5. In 2011, outer(a) boundary benefit assess was removed from the taxation policy of the company because of The Finance stand for 2009. If you want to get a effective essay, order it on our website: Orderessay

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