Gaja Alternative Asset Management Ltd. కంపెనీ అకౌంటింగ్ విధానాలు

2 MATERIAL ACCOUNTING POLICIES:-

The material accounting policies applied by the
Company in the preparation of its Standalone
financial statements are listed below. Such
accounting policies have been applied consistently
to all the periods presented in these Standalone
financial statements, unless otherwise indicated.

a) Statement of compliance with IND AS

The Standalone Financial Statements have
been prepared in accordance with the Indian
Accounting Standards (referred to as “Ind
AS”) prescribed under Section 133 of the
Companies Act, 2013 read with Companies
(Indian Accounting Standards) Rules, as
amended from time to time and other
relevant provisions of the Act.

b) Basis of preparation

The Company has prepared the Standalone
Financial Statements in accordance with
Indian Accounting Standards as specified
under Companies (Indian Accounting
Standards) Rules 2015 prescribed by
Section 133 of the Companies Act, 2013.

The accounting policies adopted in the
preparation of standalone financial
statements have been consistently applied
except where a newly issued accounting
standard is initially adopted or a revision to
an existing accounting standard requires a
change in the accounting policy used until
now (hitherto) with those of previous year.

All assets and liabilities have been classified
as current or non-current as per the Schedule
III normal operating cycle. Based on the
nature of services and the time between the
rendering of services and their realisation in
cash and cash equivalents, the Company has
ascertained its operating cycle as 12 months
for the purpose of current - non current
classification of assets and liabilities.

c) Functional and presentation currency

The standalone financial statements of the
Company are presented in Indian Rupee
("I"), which is the functional currency of the
Company and the presentation currency
for the standalone financial statements.

In preparing the standalone financial
statements, transactions in currencies other
than the entity’s functional currency are
recorded at the rates of exchange prevailing
on the date of the transaction.

At the end of each reporting period, monetary
items denominated in foreign currencies are
re-translated at the rates prevailing at the
end of the reporting period.

Non-monetary items carried at fair value that
are denominated in foreign currencies are
retranslated at the rates prevailing on the
date when the fair value was determined.
Non-monetary items that are measured in
terms of historical cost in a foreign currency
are not translated.

Exchange differences arising on the re¬
translation or settlement of other monetary
items are included in the statement of profit
and loss for the period.

d) Significant accounting judgements,
estimates and assumptions

In the preparation of the standalone financial
statements, the Company makes judgements
in the application of accounting policies; and
estimates and assumptions which affects
carrying values of assets and liabilities that
are not readily apparent from other sources.
The estimates and associated assumptions
are based on historical experience and
other factors that are considered to be
relevant. Actual results may differ from
these estimates. Estimates and underlying
assumptions are reviewed on an ongoing
basis. Revisions to accounting estimates are
recognised in the period in which the estimate
is revised and future periods affected.

The Company uses the following critical
accounting estimates and judgements
in preparation of its standalone
financial statements:

Impairment of financial assets (other than
subsequent measurement at fair value)

Measurement of impairment of financial
assets require use of estimates and
judgements, which have been explained
in the note on financial instruments under
impairment of financial assets.

Useful lives of property, plant and
equipment, right-of-use assets and
intangible assets

The Company reviews the useful life of
property, plant and equipment, right-of-use
assets and intangible assets at the end of
each reporting period. This reassessment
may result in change in depreciation and
amortisation expense in future periods. The
policy has been detailed in note 2(e), (f) & (g).