Dina Iron & Steel Ltd. நிறுவனத்தின் கணக்கியல் கொள்கைகள்

A. PRESENTATION AND DISCLOSURE OF FINANCIAL STATEMENT:

During the year ended 31st March 2012, the revised schedule VI notified under the companies act, 1956 has been applicable to the company for preparation and presentation of its financial statement. The adaptation of revised schedule VI does not impact recognition and measurement principles followed for presentation of financial statements. However it has significant impact on presentation and disclosure made in the financial statements. The company has also reclassified the previous year figures in accordance with the requirement applicable to the current year.

B. ACOUNT1NG CONCEPTS:

The company follows mercantile system of accounting except Telephone Expenditure. Accounting policies not referred to otherwise are consistent with generally accepted accounting principles.

C. FIXED ASSETS:

a) Fixed Assets are stated at the original cost including other expenses related to acquisition and installation and allocated pre-operative expenses less depreciation on W.D.V. method.

b) Excise Duty paid on purchase of Fixed Assets is reduced from the Purchase Price in order to avail Cenvat credit.

D DEPRECIATION:

Depreciation on Fixed Assets is charged on W.D.V. method, as per rates prescribed in the schedule XIV of the companies Act, 1956 based on single shift on pro-rata basis.

F. REVENUE RECOGNITION:

a) Sales are recognised at the time of delivery of goods.

b) Sales commission and brokerage is recognised on completion of the terms of sales contract between the principal and the buyers.

c) Sales distribution charges are recognised at the time of delivery of the goods as per the terms of contract.

A. ACOUNTING CONCEPTS :

The company follows mercantile system of accounting except Telephone Expenditure. Accounting policies not referred to otherwise are consistent with generally accepted accounting principles.

B. FIXED ASSETS :

a) Fixed Assets are stated at the original cost including other expenses related to acquisition and installation and allocated pre-operative expenses less depreciation on W.D.V. method.

b) Excise Duty paid on purchase of Fixed Assets is reduced from the Purchase Price in order to avail Cenvat credit.

C. DEPRECIATION :

Depreciation on Fixed Assets is charged on W.D.V. method, as per rates prescribed in the schedule XIV of the companies Act, 1956 based on single shift on pro-rata basis.

E. REVENUE RECOGNITION :

a) Sales are recognised at the time of delivery of goods.

b) Sales commission and brokerage is recognised on completion of the terms of sales contract between the principal and the buyers.

c) Sales distribution charges are recognised at the time of delivery of the goods as per the terms of contract.