Accounting Policies of Iccon Oil & Specialities Ltd. Company

Mar 31, 2012

1 Basis of preparation of Financial Statements- The Financial Statements have been prepared under the historical cost conventions and in accordance with the normally accepted accounting principles and the provisions of the Companies Act,1956.

2 Basis of Accounting- All items of income and expenditure having a material effect on the financial statements are recoignlsed on accrual basis.

3 Revenue- Revenue is recognised as and when it becomes due. Revenue in respect of cost of man power is recognized as and when service is rendered.

4 Provision for Taxation - Provision for Taxation is made after considering various relief admissible under the Income Tax Act, 1961.

5 Provision for Deferred Tax - Deferred Tax is recognised on the timing difference, between taxable income and accounting income, which originates in one period and are capable of reversal in one or more subsequent periods.

6 Capital Subsidy received is credited to Capital Reserve.