SENSEX NIFTY India | Accounting Policy > Finance - General > Accounting Policy followed by Nouveau Global Ventures - BSE: 531465, NSE: N.A

Nouveau Global Ventures

BSE: 531465|ISIN: INE317B01034|SECTOR: Finance - General
Mar 02, 15:40
Nouveau Global Ventures is not listed on NSE
Mar 14
Accounting Policy Year : Mar '15
1.  Basis of Accounting
 a) The Financial Statements have been prepared in compliance with
 mandatory accounting standards as prescribed under Section133 of the
 Companies Act,2013 (''Act'') read with Rule 7 of the Companies (Accounts)
 Rules,2014,theprovisions of the Act (to the extent notified) and
 guidelines issued by the Securities and Exchange Board of India (SEBI).
 a) Financial Statements are based on historical cost convention and are
 prepared on accrual basis.
 2.  Use of Estimates
 The preparation of financial statements in conformity with Generally
 Accepted Accounting Principles requires estimates and assumptions to be
 made that affect the reported amounts of assets and liabilities and
 disclosure of contingent liabilities on the financial statements and
 the reported amounts of revenues and expenses during the reporting
 Difference between actual results and estimates are recognized in the
 periods in which the results are known/ materialize.
 3.  Revenue Recognition
 a) Profits or Losses from Stock-in-trade are recognised on trade date
 on First-in-first- out basis.
 b) Revenue in respect of various rights attached to the movies (Feature
 films) is recognised at the time of their respective telecast.
 c) Sales are recognized when all significant risks and reward of
 ownership of the goods are passed on to the buyer.
 d) Dividend income is recognized on receipt basis.
 4.  Fixed Assets:
 Fixed Assets are stated at actual cost less accumulated depreciation.
 Cost comprises the purchase price and any attributable cost of bringing
 the asset to its working condition for its intended use.
 5.  Impairment of Fixed Assets
 At the end of each year, the Company determines whether a provision
 should be made for impairment loss on fixed assets by considering the
 indication that an impairment loss may have occurred in accordance with
 Accounting Standard 28 on Impairment of Assets.  Where the
 recoverable amount of any fixed assets is lower than its carrying
 amount, a provision for impairment loss on fixed assets is made for the
 6.  Depreciation
 Depreciation on all Fixed Assets is provided on ''Straight Line Method''
 over the useful lives of assets as prescribed under Part C of Schedule
 II of the Companies Act 2013.
 7.  Investments:
 Investments that is intended to be held for more than a year from the
 date of acquisition are classified as long term investments and are
 carried at cost less any provision for permanent diminution in value.
 Investments other than long term investments being current investments
 are valued at cost or fair market value whichever is lower.
 8.  Miscellaneous Expenditure:
 Preliminary expenses are amortized in the year in which they are
 9.  Inventories
 Stock in Trade is valued as follows:
 a) Quoted Shares / Debentures are Valued category wise at cost or
 market price, whichever is lower.
 b) Unquoted Shares - Valued scrip wise at cost or break up value,
 whichever is lower.
 c) In case of film and other rights - valued at lower of cost and net
 realisable value.
 d) Work in Progress - cost of TV rights acquired is valued at actual
 e) Stock of traded goods is valued at cost or net realizable value
 whichever is lower
 10.  Employee Benefits
 a) Company''s contribution to Provident Fund for the year is accounted
 on accrual basis and charged to the Profit & Loss Account for the year.
 b) Retirement benefits in the form of Gratuity are considered as
 defined benefit obligations and are provided on the basis of the
 actuarial valuation, using the projected unit credit method as at the
 date of the Balance Sheet.
 11.  Provisions and Contingent Liabilities
 a) Provisions are recognized in terms of Accounting Standard 29-
 Provisions, Contingent Liabilities and Contingent Assets issued by The
 Institute of Chartered Accountants of India (ICAI), when there is a
 present legal or statutory obligation as a result of past events where
 it is probable that there will be outflow of resources to settle the
 obligation and when a reliable estimate of the amount of the obligation
 can be made.
 b) Contingent Liabilities are recognized only when there is a possible
 obligation arising from past events due to occurrence or non-occurrence
 of one or more uncertain future events not wholly within the control of
 the company or where reliable estimate of the obligation cannot be
 made. Obligations are assessed on an ongoing basis and only those
 having a largely probable outflow of resources are provided for.
 c) Liabilities are disclosed by way of notes.
 12.  Accounting for Taxation of Income : Current Taxes
 Provision for current income-tax is recognized in accordance with the
 provisions of Indian Income- tax Act, 1961 and is made annually based
 on the tax liability after taking credit for tax allowances and
 Deferred Taxes
 Deferred tax assets and liabilities are recognized for the future tax
 consequences attributable to timing differences that result between the
 profits offered for income taxes and the profits as per the financial
 statements. Deferred tax assets and liabilities are measured using the
 tax rates and the tax laws that have been enacted or substantially
 enacted at the Balance Sheet date. Deferred tax assets are recognized
 only to the extent there is reasonable certainty that the assets can be
 realized in the future. Deferred tax assets are reviewed as at each
 Balance Sheet date.
Source :
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