SIGNIFICANT ACCOUNTING POLICIES
Note No. 1: Corporate Information:
The accompanying financial statements comprise of the financial statements of BEML Land
Assets Limited (BLAL) (the Company) for the period ended 31st March, 2025.
Note No. 2: Significant accounting policies:
2.1. Basis of preparation and Statement of Compliance:
a. The financial statements of the Company have been prepared in accordance with Indian
Accounting Standards (Ind AS) as per the Companies (Indian Accounting Standards) Rules,
2015 notified under section 133 of the Companies Act,2013 (the 'Act') and other relevant
provisions of the Act. These financial statements for the period ended 31 March 2025 are
prepared in accordance with Ind AS.
b. The financial statements have been prepared on historical cost basis. The financial
statements are presented in Indian Rupee (INR) which is the functional and the
presentation currency of the Company and all values are rounded to the nearest lakhs
(INR 00,000), except when otherwise indicated.
c. Preparation of the financial statements in conformity with Ind AS requires the
Management to make estimates and assumptions considered in the reported amounts of
assets and liabilities (including contingent liabilities) and the reported income and
expenses during the year. The Management believes that the estimates used in
preparation of the Financial Statements are prudent and reasonable. Future results could
differ due to these estimates.
d. Assets and liabilities have been classified as current or non-current as per the Company's
normal operating cycle and other criteria set out in the Schedule III to the Companies Act,
2013. The Company's operating cycle is considered as twelve months for the purpose of
current / non-current classification of assets and liabilities.
e. The Company revises its accounting policies if the change is required due to a change in
Ind AS or if the change will provide more relevant and reliable information to the users of
the financial statements. Changes in accounting policies are applied retrospectively.
f. A change in an accounting estimate that results in changes in the carrying amounts of
recognised assets or liabilities or to profit or loss is applied prospectively in the period(s)
of change. Discovery of errors result in revisions retrospectively by restating the
comparative amounts of assets, liabilities and equity of the earliest prior period in which
the error is discovered. The opening balances of the earliest period presented are also
restated.
A. Property, Plant & Equipment:
Property, Plant and Equipment are stated at cost, net of accumulated depreciation and
accumulated impairment losses if any. Cost includes expenditure on acquisition of asset,
present value of expected cost for the decommissioning of an asset, cost of replacing
part of Plant and Equipment and borrowing costs.
Depreciation is calculated on a straight-line basis over estimated useful lives as
prescribed in schedule II of the Companies Act, 2013.
Any gain or loss arising out of derecognizing of an asset is included in statement of
Profit and Loss of the relevant period.
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