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SENSEX NIFTY India | Accounting Policy > Cement - Mini > Accounting Policy followed by Kameshwari Industries - BSE: 531825, NSE: N.A

Kameshwari Industries

BSE: 531825|ISIN: INE335N01015|SECTOR: Cement - Mini
Oct 09, 16:00
Kameshwari Industries is not listed on NSE
Mar 14
Accounting Policy Year : Mar '15
1.  Corporate information
 RCC CEMENTS LIMITED Company incorporated under the provisions of the
 Companies Act, 1956.
 2.  Basis of preparation
 - The financial statements of the company have been prepared in
 accordance with generally accepted accounting principles in India
 (Indian GAAP).
 - The company has prepared these financial statements to comply in all
 material respects with the accounting standards notified under the
 Companies (Accounting Standards) Rules, 2006, (as amended) and the
 relevant provisions of the Companies Act, 1956.
 - The company follows the Mercantile System of Accounting recognizing
 Income and Expenditure on accrual basis.
 - The directors have certified that there are no outstanding expenses
 not provided for and nor there are income which have fallen due but not
 accounted for. The accounts are prepared on historical cost basis and
 as a going concern.
 - The accounting policies adopted in the preparation of financial
 statements are consistent with those of previous year.
 3.  Summary of significant accounting policies
 From the year ended 31 March 2015, the Schedule III notified under the
 Companies Act 2013, has become applicable to the company, for
 preparation and presentation of its financial statements. The adoption
 of Schedule III does not impact recognition and measurement principles
 followed for preparation of financial statements. However, it has
 significant impact on presentation and disclosures made in the
 financial statements. The company has also reclassified the previous
 year figures in accordance with the requirements applicable in the
 current year.
 - Use of estimates
 The preparation of financial statements in conformity with Indian GAAP
 requires the management to make judgments, estimates and assumptions
 that affect the reported amounts of revenues, expenses, assets and
 liabilities and the disclosure of contingent liabilities, at the end of
 the reporting period. Although these estimates are based on the
 management''s best knowledge of current events and actions, uncertainty
 about these assumptions and estimates could result in the outcomes
 requiring a material adjustment to the carrying amounts of assets or
 liabilities in future periods.
 - Fixed Assets
 Fixed Assets are stated at cost. Depreciation of fixed assets is
 calculated at the rates prescribed under Schedule XIV to the Companies
 Act, 1956.
 - Investment
 Investments, which are readily realizable and intended to be held for
 not more than one year from the date on which such investments are
 made, are classified as current investments. All other investments are
 classified as long-term investments. On initial recognition, all
 investments are measured at cost.
 Current investments are carried in the financial statements at lower of
 cost and fair value determined on an individual investment basis.
 Long-term investments are carried at cost. On disposal of an
 investment, the difference between its carrying amount and net disposal
 proceeds is charged or credited to the statement of profit and loss.
 - Inventories
 Raw materials, components, stores and spares are valued at lower of
 cost and net realizable value. Work in progress and finished goods are
 valued at lower of cost and net realizable value.
 - Revenue Recognition
 Revenue is recognized to the extent that it is probable that the
 economic benefits will flow to the company and the revenue can be
 reliably measured.
 - Income tax
 o Tax expense comprises current and deferred tax. Current income-tax is
 measured at the amount expected to be paid to the tax authorities in
 accordance with the Income-tax Act, 1961 enacted in India and tax laws
 prevailing in the respective tax jurisdictions where the company
 operates. The tax rates and tax laws used to compute the amount are
 those that are enacted or substantively enacted, at the reporting date.
 - Deferred income taxes reflect the impact of timing differences
 between taxable income and accounting income originating during the
 current year and reversal of timing differences for the earlier years.
Source : Dion Global Solutions Limited
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