Acounting Standards

Change in accounting policies 1. Certain freehold and leasehold land, factory and other(a) buildings and residential quarters were re identifyd during 1985, 1986 and 1996. The phoner in 2010 decided to reprize these assets at historical cost. As a result Rs 138,036 gm give the sack of depreciation was adjusted against book value of immovable assets and corresponding critical review reserve. This had no impact on the net emolument for the division. In 2011, the company revised its accounting policy for state of grace of God arising on learning of businesses from amortization. As a result, pay 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 need to assess whether they were record in excess of their redeemable amounts, and where carrying value exceed this estimated redeemable amoun t, assets were written down to their recoverable amount. The recoverable amount is the greater of the assets net selling price and value in use. In 2011, such method acting was dropped. 3.

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

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