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GeeCee Ventures

BSE: 532764|NSE: GEECEE|ISIN: INE916G01016|SECTOR: Miscellaneous
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Notes to Accounts Year End : Mar '18

NOTE 1:

STANDARDS ISSUED BUT NOT EFFECTIVE

On March 28, 2018, the Ministry of Corporate Affairs (MCA) has notified Indian Accounting Standard (In AS) 115, Revenue from Contracts with Customers. In AS 115 introduces a five-step model to revenue recognition:

Step 1: Identify the contract(s) with a customer

Step 2: Identify the performance obligations in the contract

Step 3: Determine the transaction price

Step 4: Allocate the transaction price to the performance obligations in the contract

Step 5: Recognize revenue when (or as) the entity satisfies a performance obligation

Under In AS 115, revenue is recognized when (or as) the entity satisfies a performance obligation by transferring a promised good or service (i.e. an asset) to a customer (i.e. when (or as) the customer obtains control of that asset) at an amount that reflects the consideration to which the entity expects to be entitled in exchange for transferring goods or services to a customer. The new revenue standard will supersede all current revenue recognition requirements under In AS. Either a full retrospective application or a modified retrospective application is required for accounting periods commencing on or after April 1, 2018.

The Company will adopt In AS 115 effective from April 1, 2018. As at the date of issuance of the company’s financial statements, the company is in the process of evaluating the requirements of the said standard and the impact on its financial statements in the period of initial application.

NOTE 2

OTHER NOTES

A. In our opinion, all current assets appearing in the Balance Sheet as at March 31, 2018 have a value on realization in the ordinary course of the Company’s business at least equal to the amount at which they are stated in the Balance Sheet.

B. Balance of trade receivables, trade payables and loans and advances are subject to confirmation from respective parties and reconciliation, if any.

C. Previous year figures have been regrouped, re-arranged and re-classified wherever necessary to conform to current year’s classification.

D. Figures have been rounded off to the nearest lakh.

Source : Dion Global Solutions Limited
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