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SENSEX NIFTY India | Accounting Policy > Computers - Software Medium & Small > Accounting Policy followed by Luminaire Technologies - BSE: 526045, NSE: STRAUSIND

Luminaire Technologies

BSE: 526045|NSE: STRAUSIND|ISIN: INE682C01021|SECTOR: Computers - Software Medium & Small
, :
Luminaire Technologies is not traded in the last 30 days
Mar 13
Accounting Policy Year : Mar '14
A Basis of Accounting:
 The financial statements are prepared under the historical cost
 convention, on going concern concept and in compliance with the
 Accounting Standards issued by the Companies (Accounting standard),
 Rules, 2006.
 B 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
 period. Differences between actual and estimated results are recognized
 in the period in which the results are materialized.
 C Recognition of income and expenditure
 The Company follows the accrual method of accounting for its income &
 D Revenue Recognition
 In respect of other heads of income, the Company follows the practice
 of accounting on accrual basis.
 E 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.
 F Depreciation:
 Depreciation on Fixed Assets is being provided on ''Written Down Value
 Method'' in the manner and at the rates prescribed in Schedule XIV of
 the Companies Act, 1956. However during the year no depreciation had
 been provided on Fixed assets as the same to discarded and not to put
 G Investments:
 Long term investments are stated at cost. Provision for diminution in
 the value of investment is made only if such decline is other than
 temporary in the opnion of the management.
 H Foreign Currency Transactions :
 i) The transactions in foreign currencies are stated at the rate of
 exchange prevailing on the date of transactions.
 ii) The difference on account of fluctuation in the rate of exchange
 prevailing on the date of transaction and the date of realization is
 charged to the Profit and Loss Account.
 iii) Differences on translations of Current Assets and Current
 Liabilities remaining unsettled at the year-end are recognized in the
 Profit and Loss Account.
 I Accounting for Taxes 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
 J 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.
 K Employee Benefits :
 i) Short-term employee benefit are recognized as an expense at the
 undiscounted amount in the Profit and Loss Account of the year in which
 the related service is rendered.
 ii) The Company make contributions towards Provident Fund to defined
 contribution retirement benefit plan for qualifying employee. The
 provident fund plan is operated by the Regional Provident fund
 Commissioner. Under the scheme the company is required to contribute a
 specified percentage of payroll cost to reirement benefit scheme to
 fund the benefits.
 L Provisions and Contingent Liabilities:
 i) 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.
 ii) 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.
Source : Dion Global Solutions Limited
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