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Moneycontrol.com India | Accounting Policy > Media & Entertainment > Accounting Policy followed by Sanguine Media - BSE: 531898, NSE: N.A
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Sanguine Media

BSE: 531898|ISIN: INE617F01038|SECTOR: Media & Entertainment
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Sanguine Media is not listed on NSE
Mar 14
Accounting Policy Year : Mar '15
a) Basis of Accounting
 
 The accounts of the Company are prepared under the historical cost
 convention and are in accordance with the applicable accounting
 standards and accordingly accrual basis of accounting is followed for
 recognition of income and expenses except where otherwise stated and
 where the exact quantum is not ascertainable.  Expenditure on issue of
 share capital, if any, is accounted when actually incurred.
 
 b) 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. The following specific recognition criteria are met
 before revenue is recognized:
 
 (i) Revenue will be recongnised on completion of the project / telecast
 of advertisement / prints of ads in news papers/ magines etc.
 
 (ii) Interest income is recognized on a time proportion basis taking in
 to account the amount outstanding and the applicable interest rate
 
 (iii) Dividend income is recognized when the company''s right to receive
 dividend is established on the reporting date.
 
 c) Fixed Assets
 
 Fixed assets are stated at total capitalized costs relating and
 attributable directly or indirectly to acquisition and installation
 thereof as reduced by the accumulated depreciation thereon.
 
 d) Depreciation/Amortization
 
 Depreciation is provided on pro-rata basis on Straight Line Method at
 the rate prescribed under schedule II to the Companies Act, 2013 with
 the exeption of the following:
 
 (i) Assets costing Rs.5000 or less are fully depreciated in the year of
 purchased.
 
 e) Inventories
 
 Inventories are valued as follows:
 
 (i) Raw Materials, Stores and Spares: at cost
 
 (ii) Work in Progress: at lower of estimated cost or net realizable
 value
 
 (iii) Waste Materials, Damaged goods, Scrap: if any at net estimated
 realizable value
 
 (iv) Finished Goods: at lower of cost or market value.
 
 f) Investments
 
 Investments that are intended to be held for more than a year, from the
 date of acquisition are classified as long term investment are carried
 at cost less any provision for permanent diminution in value.
 Investments other than long term investments are being current
 investments are valued at cost or fair market value whichever is lower.
 
 g) Assets & Liabilities
 
 The Assets and Liabilities are taken at the book value certified by the
 Management.
 
 Foreign Currency Transactions
 
 Foreign Currency Transactions are normally recorded at the exchange
 rate, prevailing on the date of transaction or conversion, as the case
 may be.
 
 i) Taxes on Income
 
 (i) Current Tax: Provision for Income Tax is determined in accordance
 with the provisions of Income Tax Act, 1961.
 
 (ii) Deferred Tax Provision: Deferred Tax is recognized on timing
 differences between the accounting income and the taxable income for
 the year, and quantified using the tax rates and laws enacted or
 substantively enacted on the Balance Sheet date.
 
 Deferred Tax Assets are recognized and carried forward to the extent
 that there is a reasonable certainty that sufficient future taxable
 income will be available against which such Deferred Tax Assets can
 realized.
 
 j) Miscellaneous Expenditure
 
 Preliminary expenses / shares and deferred revenue expenses etc. are
 not amortise during the year.
 
 
Source : Dion Global Solutions Limited
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