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SIGNIFICANT ACCOUNTING POLICIES (Illustrative)

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..... s otherwise stated and on the accrual method of accounting. 2. INVESTMENTS 2.1 Investments classified as "long term investments" are carried at cost. Provision for decline, other than temporary, is made in carrying cost of such investments. 2.2 Investments classified as "Current" are carried at lower of cost and fair value. Provision for shortfall on the value of such investmen .....

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..... the Income-tax Act, 1961 except depreciation on cost adjustments arising on account of conversion of foreign currency liabilities for acquisition of fixed assets, which is amortized over the residual life of the respective assets. 4.2 In respect of additions to/deductions from fixed assets during the year, depreciation is considered on prorata basis. 4.3 Assets consisting ₹ 5,000 or less eac .....

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..... ns and current liabilities are converted at the exchange rate prevailing as at the year end and the resultant gain/loss is adjusted to cost of fixed assets, if the foreign currency liability related to fixed assets, and in other cases is considered to revenue. 9. LEASE Lease rentals are expensed with reference to lease terms. 10. RETIREMENT BENEFITS 10.1 Liability towards gratuity payable on death .....

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