Vipras Corporation Ltd. కంపెనీ అకౌంటింగ్ విధానాలు

A. BASIS OF ACCOUNTING

The Accounts have been prepared on the basis of historical cost.

b. RECOGNITION OF INCOME & EXPENDITURE:

All item of income and expenditure having a material bearing on the financial statement are recognized on accrual basis. However dividend on investment in shares is accounted as and when received.

c. VALUATION OF INVESTMENTS:

All Investments are carried at cost provisions for diminution in the value of long term investment is made only if, such decline is other than temporary in the opinion of the management.

d. SHARE ISSUE EXPENSES:

Are written of over a period Stipulated by the act.

e. ACCOUNTING FOR TAXES ON INCOME:

Provision for current tax is made on the basis of the amount of tax payable on taxable income for the year in accordance with the income tax Act,1961.Deferred tax resulting from "time difference" between book and taxable profit, wherever material is accounted for using the tax rates and laws that have been enacted or substantially enacted as on balance sheet date. Deferred tax assets, subject to consideration of prudence and recognized and carried forward only to the extent that there sufficient future income will be available against which such deferred tax assets can be realized.