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Moneycontrol.com India | Accounting Policy > Computers - Software Medium & Small > Accounting Policy followed by Integra Telecommunication & Software - BSE: 536868, NSE: N.A
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Integra Telecommunication & Software

BSE: 536868|ISIN: INE256F01019|SECTOR: Computers - Software Medium & Small
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Integra Telecommunication & Software is not listed on NSE
Mar 14
Accounting Policy Year : Mar '15
1. Going Concern
 
 The accounts are being prepared on the going concern basis, i.e. the
 assets and liabilities are recorded on the basis that the Company will
 be able to use or realise its assets at least at the recorded amounts
 and discharge its liabilities in the usual course of business.
 
 2. Basis of preparation of financial statements.
 
 These financial statements are prepared in accordance with the Indian
 Generally Accepted accounting principles (GAAP) under the historical
 cost convention on the accrual basis. GAAP comprises of mandatory
 accounting standards as prescribed under section 133 of the Companies
 Act 2013 read with Rule 7 of the Companies ( Accounts) Rules 2014.
 Accounting policies have been consistently applied except where a newly
 issued accounting standard is initially adopted or a revision to an
 existing accounting standard requires a change in the accounting policy
 hitherto in use.
 
 3. Use of estimates
 
 The preparation of the financial statements in conformity with GAAP
 requires the 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 incomes and expenses during that
 period. Difference between the actual results and estimates are
 recognized in the period in which the results are known/ materialized.
 
 4. Revenue Recognition
 
 Revenue is recognized only when risks and rewards incidental to
 ownership are transferred to the customer, it can be reliable measured
 and it is reasonable to expect ultimate collection. Revenue is
 primarily derived from trading of software and hardware.  Arrangements
 with customers are on a time and item basis.
 
 5. Provisions and contingent Liabilities
 
 A provision is recognized if as a result of a past event, the company
 has a present obligation that is reasonably estimable and it is
 probable that an outflow of economic benefits will be required to
 settle the obligation. Provisions are determined by the best estimate
 of the outflow of the economic benefits required to settle the
 obligation at the reporting date. Where no reliable estimate can be
 made, a disclosure is made as a contingent liability. A disclosure for
 a contingent liability is also made when there is a possible obligation
 or a present obligation that may but probably will not require an
 outflow of resources. When there is a possible obligation or a present
 obligation in respect of which the likelihood of outflow is remote, no
 provision or disclosure is made.
 
 6. Onerous Contracts
 
 There is no Onerous Contracts entered by the Company.
 
 7. Tangible Assets and Capital work in progress
 
 Tangible assets are stated at cost, less accumulated depreciation and
 impairment, if any. Direct costs are capitalized until such assets are
 ready for use. There is no Capital work in progress at the reporting
 date.
 
 8. Intangible Assets
 
 There are no Intangible assets with the Company at the reporting date.
 
 9. Depreciation and Amortization
 
 Depreciation on tangible assets is provided on straight line basis over
 the useful life of the assets estimated by the management.
 Depreciation for assets purchased/ sold during a period is
 proportionately charged.
 
 10. Impairment
 
 The management periodically assesses, whether there is an indication
 that an asset may be impaired. An impairment loss is recognized
 wherever the carrying value of an asset exceeds its recoverable amount.
 An impairment loss for an asset is reversed, if and only if, the
 reversal can be related to an objectively to an event occurring after
 the impairment loss was recognized.
 
 11. Retirement Benefits to employees Gratuity
 
 The company is not covered under Gratuity Plan.
 
 Superannuation
 
 The company is not covered under Superannuation Plan.
 
 Provident fund
 
 The company is not covered under Provident Fund.
 
 12. Share based payments
 
 The Company have not issued any stock-options so far and hence no share
 based payment during the reporting year.
 
 13. Foreign Currency Transactions
 
 There are no Foreign currency transactions during the year.
 
 14. Forward and option contracts in foreign currencies
 
 Since there are no Foreign exchange transactions forward and option
 contracts is not applicable
 
 15. Income Taxes
 
 Income taxes are accrued in the same year in which the related revenues
 and expenses arise. A provision is made for income tax based on the tax
 liability computed, after considering tax allowances and exemptions.
 The company does not recognizes Provisions for Deferred Tax
 assets/Liabilities.
 
 16. Earnings per share
 
 Basic earnings per share in computed by dividing the net profit after
 tax by the weighted average number of equity shares outstanding during
 the period.
 
 17. Investments
 
 Current investments are carried at the lower of the cost and
 quoted/fair value of each investment individually. Non-Current
 investments are carried at cost less provisions recorded to recognize
 any decline, other than temporary, in the carrying value of each
 investment.
 
 18. Cash and cash equivalents
 
 Cash and cash equivalents comprise cash and cash deposit with banks and
 corporations.
 
 19. Cash Flow Statement
 
 Cash flows are reported using the indirect method, whereby profit
 before tax is adjusted for the effects of the transactions of a non
 cash nature, any deferrals or accruals of past or future operating cash
 receipts or payments and item of income or expenses associated with
 investing or financing cash flows. The cash flows from operating,
 investing and financing activities of the company are segregated.
 
 20. Leases
 
 No Lease agreement entered by or with the Company except lease for
 office premises.
 
 21. Inventories
 
 Items of Inventories are measured at lower of cost and net realizable
 value providing for obsolescence, if any.
Source : Dion Global Solutions Limited
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