These Notes provide a list of material accounting policies adored in preparation of these
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2*1 Basils of preparation Of Financial Statements
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These financial statement's comply in all material aspects whh die Indian Accounting
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standard is initially adopted or a revision to an existing accounting standard retires a change
The preparation of financial statements m conformity wift GAAP requires Management to make
estimates and assumptions that affect dhe reported amounts of assets and lmtahties and disclosures
of contingent liabilities on the date of the financial statements and reported amounts of income and
cjrrini events as soSi Actual results c&ssd differ from tii3i stimaSiZsy to
accounting estimates is recognised as the Management becomes aware of changes in circumstances
relating to the estimates. Changes are made in the financial statements in the period in which
\V Y;; changes are made and, if material, their effects are disclosed in the notes to the financial statements.
2.3 Financial Instruments
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and selling fmanc]al assets and tide confractaa3 teims of the financia1 assets give rise on specified
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loss allcwance on trafo recewaMes is measured at an amount equal to life time experted Tosses i.e.
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Classification as debt or equity
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An equity instrument is any contract that evidences a residual interest in the assets of an entity after
\T \91'> deducting all of its liabilities. Equity instruments issued by a Company entity are recognised at the
]j J‘*; proceeds received, net of direct issue costs.
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A payable is dassified is a ‘t^i^ide payable’ if ft is m respect: of the amount due on account of goods
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Finincii! assets and financial natalities are offset and die net amount is reported in the Biliice
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liabilities are recognised for all deductible temporary differences between the financial statements’
|\ carrying amount of existing assets and liabilities and their respective tax base. Deferred tax assets
\Sv' and liabilities are measured using the enacted tax rates or tax rates that are substantively enacted at
j * i the Balance Sheet date. The effect on deferred tax assets and liabilities of a change in tax rates is
recognised in the period that includes the enactment date. Deferred tax assets are only recognised to
the extent that it is probable that future taxable profits will be available against which the temporary
differences can be utilised. Such assets are reviewed at each Balance Sheet date to reassess
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current tax assets and natalities. Current tax assets and tax natalities are offset where the entity has
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and sett!e die liability simultaneously.
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