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Moneycontrol.com India | Accounting Policy > Aluminium > Accounting Policy followed by Bhoruka Aluminium - BSE: 506027, NSE: N.A
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Bhoruka Aluminium

BSE: 506027|ISIN: INE866G01013|SECTOR: Aluminium
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Bhoruka Aluminium is not listed on NSE
Mar 13
Accounting Policy Year : Mar '14
BASIS OF PREPARATION OF ACCOUNTS
 
 The Financial Statements have been prepared in compliance with all
 material aspects of the applicable Accounting Standards issued by the
 Institute of Chartered Accountants of India (ICAI) and based on
 historical cost convention on accrual basis.
 
 RECOGNITION OF INCOME & EXPENDITURE
 
 Sales are inclusive of excise duty. Material returned / rejected are
 accounted in the year of return / rejection. Expenses are accounted on
 accrual basis net of service tax, wherever applicable and provision is
 made for all known losses and liabilities.
 
 FIXED ASSETS
 
 Fixed Assets are stated at cost of acquisition. Direct costs comprising
 of purchase price, import duties, levies and any other directly
 attributable costs of bringing the asset to their working condition are
 capitalized.
 
 Depreciation is provided on Fixed Assets from the date assets are put
 to use, on a straight line method, at rates prescribed under Schedule
 XIV of the Companies Act, 1956.
 
 INVENTORIES
 
 Finished goods and raw materials are valued at lower of cost or the net
 realizable value inclusive of excise duty as recommended under
 Accounting Standard (AS-2). Work-in-progress process and Consumable
 stores and spares are valued at cost using the first-in first out
 method.
 
 A periodic review is made of slow moving stock and appropriate
 provisions are made for anticipated losses, if any.
 
 INCOME TAX
 
 Current Income-tax is determined in accordance with the provisions of
 the Income-tax Act, 1961.
 
 Deferred tax asset is recognised, subject to consideration of prudence,
 on timing differences, representing the differences between the taxable
 income and accounting income that originated in one period and capable
 of reversing in one or more subsequent periods. Deferred tax assets and
 liabilities are measured using current tax rates.
 
 In the absence of virtual certainity about the availability of future
 taxable income Deferred Tax Asset has not been recognised as on 31st
 March, 2014 in terms of Accounting Standard 22.
 
 INVESTMENTS
 
 Investments are classified into current and long term investments and
 stated at cost. Provision for diminution, if any, in the value of
 long-term investments is made to recognise a decline, other than
 temporary, in the value of long term investments.
 
 RETIREMENT BENEFITS
 
 Retirement benefits in the form of provident fund, gratuity and leave
 encashment is accounted on actuarial basis and charged to profit and
 loss account.
 
 FOREIGN CURRENCY TRANSACTIONS
 
 Export sales and import purchases are accounted at the rates prevailing
 at the date of transaction. Gain and losses on settlement of such
 transactions and from translation of monetary assets and liabilities
 are accounted in the profit and loss account.
 
 IMPAIRMENT
 
 Impairment of Assets are assessed at each balance sheet date and loss
 is recognized whenever the recoverable amount of an asset is less than
 its carrying amount.
Source : Dion Global Solutions Limited
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