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Moneycontrol.com India | Accounting Policy > Edible Oils & Solvent Extraction > Accounting Policy followed by Premier Proteins - BSE: 519178, NSE: N.A
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Premier Proteins
BSE: 519178|SECTOR: Edible Oils & Solvent Extraction
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Premier Proteins is not traded in the last 30 days
Premier Proteins is not listed on NSE
Mar 12
Accounting Policy Year : Mar '13
1 Accounting Policies a Use of Estimates
 
 The preparation of the financial statements in conformity with GAAP
 requires management to make estimates and assumptions that affect the
 reported balances of assets and liabilities and disclosures relating to
 contingent liabilities as at the date of the financial statements and
 reported amounts of income and expenses during the period. Although
 these estimates are based on management''s best knowledge of current
 events and actions, uncertainty about these assumptions and estimates
 could result in the outcomes requiring a material adjustment to the
 carrying amounts of assets or liabilities in future period, b Fixed
 Assets
 
 Fixed assets are recorded at cost less depreciation except Plant &
 Machinery at revalued cost Assets acquired on lease are not reflected
 in the accounts and the lease rent is charged to profit & loss account
 as accrued, c Intangible Assets
 
 All intangible assets are measured at cost and amortized so as to
 reflect the pattern in which the assets economic benefits are consumed
 d Depreciation
 
 Depreciation is provided on fixed assets at straight line method in
 accordance with provision of schedule XIV to the companies Act 1956 &
 amendment there to.  e Borrowing Cost
 
 Borrowing cost that are attributable to the acquisition of qualifying
 assets are capitalised as part of the such cost till the said assets
 put to use. All other borrowing cost are charged to revenue, f
 Impairment of Assets
 
 An asset is treated as impaired, when carrying cost of assets exceeds
 its receivable amount. An impairment loss is charged to the Profit &
 Loss A/c in the year in which an asset is identified as impaired. The
 impairment loss recognized in prior accounting period is reversed if
 there has been a change in the estimate of the recoverable amount, g
 Investments
 
 Investment are stated at cost/or market price whichever is lower.
 Dividends are accounted for as and when received, h Inventories
 
 The Company values its Raw Material at cost on FIFO basis and finished
 goods at cost or net realizable value whichever is lower and other
 items at cost.
 
 I Revenue Recognition
 
 A) Sales are recorded after adjusting returns, rebates, claims and transit
 losses
 
 B) Revenue in respect of interest, commission and other receipts is
 recognized only when it is reasonably certain that ultimate collection
 will be made.
 
 j Foreign currency transactions
 
 Foreign currency liabilities in respect of fixed assets restated at the
 rates ruling at the year end. Any material exchange difference arising
 on such transaction are adjusted in the Cost of Assets, k Retirement
 and Employee Benefits
 
 a) Defined Contribution Plan Company''s Contribution paid/payable during
 the year to Provident Fund ,ESIC and Labour welfare fund are charged to
 Profit and Loss Account .There are no other obligation other than the
 contribution payable to the respective authorities.
 
 b) Defined Benefit Plan Company''s liabilities towards gratuity are
 determined on the basis of simple calculation as per the Gratuity Act
 and Labour Act only. Leave Encashment are determined on the basis of
 simple calculation.
 
 I Income Taxes
 
 Tax liabilities of the Company is estimated considering the provisions
 of Income Tax Act, 1961. Deferred Tax is recognized subject to the tax
 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 period, m
 Provisions & Contingent Liabilities
 
 Provisions involving substantial degree of estimation in measurement
 are recognized when there is a present obligation as a result of past
 events and it is probable that there will be outflow of resources.
 Contingent liabilities are not recognized but are disclosed in the
 notes.  Contingent assets are neither recognized nor disclosed in the
 financial statements.
Source : Dion Global Solutions Limited
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