Statement of Assets and Liabilities for last Five Years and Latest ...

Deferred tax expense or benefit is recognised on timing differences, being thedifference between taxable incomes and accounting income, that originate in oneperiod and are capable of reversal in one or more subsequent periods. Deferred taxassets and liabilities are measured using the tax rates and tax laws that have beenenacted or substantively enacted by the balance sheet date.10) Employee BenefitsEmployee Benefits are valued and disclosed in the Annual Accounts in accordance withAccounting Standard -15 (Revised):a) Short-term employee benefits are recognised as an expense at the undiscountedamount in the Profit & Loss Account of the year in which the employees haverendered services entitling them to contributions.b) Long-term employee benefits are recognised as an expense in the Profit & LossAccount for the year in which the employee has rendered services. The expense isrecognised at the present value of the amount payable as per actuarial valuations.Actuarial gain and losses in respect of such benefits are recognised in the Profitand Loss Account.11) Provisions, Contingent Liabilities and Contingent AssetsThe Company recognises provisions when it has a present obligation as a result of apast event. This occurs when it becomes probable that an outflow of resourcesembodying economic benefits might be required to settle the obligation and when areliable estimate of the amount of the obligation can be made.Provisions are determined based on Management estimate required to settle theobligation at the balance sheet date. These are reviewed at each balance sheet dateand adjusted to reflect the current management estimates. In cases, where theavailable information indicates that a loss on the contingency is reasonably possiblebut the amount of loss cannot be reasonably estimated, a disclosure is made in thefinancial statements.Contingent Assets, if any, are not recognised in the financial statements since this mayresult in the recognition of income that may never be realised.