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Moneycontrol.com India | Accounting Policy > Construction & Contracting - Civil > Accounting Policy followed by VSF Projects - BSE: 519331, NSE: N.A
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VSF Projects

BSE: 519331|ISIN: INE923K01014|SECTOR: Construction & Contracting - Civil
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VSF Projects is not listed on NSE
Mar 13
Accounting Policy Year : Mar '14
a) Basis of Preparation:
 
 The financial statements are prepared under the historical cost
 convention and comply in all material respects with the mandatory
 Accounting Standards issued by the Institute of Chartered Accountants
 of India and the relevant provisions of the Companies Act, 1956 and the
 same is prepared on a going concern basis.
 
 b) Fixed Assets:
 
 All fixed assets are stated at cost of acquisition inclusive of
 freight, duties, taxes and other incidental charges related to
 acquisition.
 
 c) Revenue Recognition:
 
 All revenue income and expenditure are recognized on accrual concept of
 accounting.
 
 d) Depreciation:
 
 Depreciation on fixed assets has been provided on straight line method
 at the rates specified in Schedule XIV of the Companies Act, 1956 on
 pro-rata basis.
 
 e) Inventories:
 
 Inventories are stated at the lower of cost and net realizable value.
 
 f) Earning per Share:
 
 The Company reports its Earnings per Share (EPS) in accordance with
 Accounting Standard 20 issued by the Institute of Chartered Accountants
 of India.
 
 g) Taxes on Income:
 
 The current charge for income tax is calculated in accordance with the
 relevant tax regulations applicable to the company. Deferred tax asset
 and liability is recognized for future tax consequences attributable to
 the timing differences that result between the profit offered for
 income tax and the profit as per the financial statements. Deferred tax
 asset & liability are measured as per the tax rates / laws that have
 been enacted or substantively enacted by the Balance Sheet date.
 
 h) Provision, Contingent Liabilities and Contingent Assets:
 
 Provisions involving substantial degree of estimation in measurement
 are recognised when there is a present obligation as a result of past
 events and it is probable that there will be an outflow of resources.
 Contingent Liabilities are not recognised but are disclosed in Notes.
 Contingent Assets are neither recognised nor disclosed in the financial
 statements.
Source : Dion Global Solutions Limited
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