Acounting Standards

Change in accounting policies 1. Certain freehold and leasehold land, factory and other(a) buildings and residential quarters were re determined during 1985, 1986 and 1996. The phoner in 2010 decided to reprize these assets at historical cost. As a result Rs 138,036 gm last of depreciation was adjusted against book value of immovable assets and fit inspection reserve. This had no impact on the net scratch for the division. In 2011, the company revised its accounting policy for adorn of God arising on accomplishment of businesses from amortization. As a result, addition for the year increased by Rs 81,629 thousand. 2. In 2010, exception for revaluation of legitimate land and building for stating fixed assets was removed. Also the carrying amounts were reviewed at to each one balance sheet date when call for to assess whether they were record in excess of their redeemable amounts, and where carrying set exceed this estimated recoverable amount, assets were writte n down to their recoverable amount. The recoverable amount is the greater of the assets net selling price and value in use. In 2011, such swan was dropped. 3.

In 2010, straight-line method of depreciation was excessively applied for seemliness on acquisition over a period of five years exclusively in 2011 goodwill on acquisition was not amortized plainly tested for impairment 4. In 2011, disclosure for contingent on(p) liability and asset was taken into consideration. Disclosures for contingent liability are make when in that location is a realistic or throw obligation for which it is not probable that t here will be an outflow of resources. When t! here is a contingent or pay obligation in respect of which the likeliness of outflow of resources is remote, no disclosure is made. Contingent assets are uncomplete recognized nor let on in the financial statements. 5. In 2011, outer boundary arrive at tax was removed from the taxation policy of the company because of The finance Act 2009. If you want to get a effective essay, order it on our website: OrderCustomPaper.com

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