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SENSEX NIFTY India | Accounting Policy > Finance - General > Accounting Policy followed by Classic Global Finance and Capital - BSE: 538433, NSE: N.A

Classic Global Finance and Capital

BSE: 538433|ISIN: INE854P01028|SECTOR: Finance - General
Dec 11, 16:00
VOLUME 1,368
Classic Global Finance and Capital is not listed on NSE
Mar 14
Accounting Policy Year : Mar '15
 1-1 Basis of Accounting
 The financial statements are prepared under the historical cost
 convention on the concept of a going concern, in accordance with the
 Generally Accepted Accounting Principles and mandatory Accounting
 Standards as notified under Rule 7 of the Companies (Accounts) Rules,
 2014 which is similar to provisions and presentational requirements of
 the Companies Act, 2013.
 1-2 Recognition of Income
 Revenue from Interest on loans financed by the Company is recognized on
 accrual basis, considering the directions issued by the Reserve Bank of
 India from time to time in terms of the Non Banking Financial Companies
 Prudential Norms (Reserve Bank) Directions, 1998. Other Income, if any
 is recognised and accounted for on accrual basis unless otherwise
 1-3 Tangible Fixed Assets
 Fixed assets are stated at cost less accumulated depreciation and
 impairment losses, if any. Cost comprises the purchase price and any
 attributable cost of bringing the asset to its working condition for
 its intended use. Borrowing costs relating to acquisition of fixed
 assets which take substantial period of time to get ready for its
 intended use are also included to the extent they relate to the period
 till such assets are ready to be put to use.
 1.4 Taxes on Income
 Current tax is determined and provided for on the amount of taxable
 income at the applicable rates for the relevant financial year.
 Deferred Tax Assets and Liabilities (DTA/ DTL) are recognised, subject
 to consideration of prudence, on timing differences, being the
 difference between taxable income and accounting income that originate
 in one period and is capable of reversal in one or more subsequent
 periods.The DTA is recognised only to the extent that there is
 reasonable certainty of sufficient future profits against which such
 DTA can be realised.
 1.5 Contingent Liability
 The contingent liabilities, if any, are disclosed in the Notes to
 Accounts . Provision is made in the accounts, if it becomes probable
 that there will be outflow of resources for settling the obligation.
 1.6 Events occurring after the balance sheet date
 Adjustments to assets and liabilities are made for events occurring
 after the balance sheet date to provide additional information
 materially affecting the determination of the amounts of assets or
 liabilities relating to conditions existing at the balance sheet date.
 1.7 Earnings Per Share
 Basic earnings per share are calculated by dividing the net profit or
 loss for the year/ period attributable to equity shareholders by the
 weighted average number of equity shares outstanding during the year/
 1.8 Use of estimates
 The preparation of financial statements, in conformity with generally
 accepted accounting principles, requires management to make estimates
 and assumptions that affect the reported amounts of assets and
 liabilities and the disclosure of contingent assets and liabilities on
 the date of the financial statements and the results of operations
 during the reporting year. Actual results could differ from those
 estimates. Any revision to accounting estimates is recognised
 prospectively in current and future periods.
 1.9 Foreign Currency Transaction
 Transactions denominated in foreign currencies are normally recorded at
 the exchange rate prevailing at the time of the transaction. Monetary
 items denominated in foreign currencies at the year end are translated
 at the rate ruling at the year end rate.
 1.10 Depreciation
 Depreciation on Fixed Assets is provided to the extent of depreciable
 amount on the Written Down Value (WDV) Method. Depreciation is provided
 based on useful life of the assets as prescribed in Schedule II to the
 Companies Act, 2013.
Source : Dion Global Solutions Limited
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