Download Annual Report - Renata

2.6 Component of the financial statementsAccording to the Bangladesh Accounting Standards "BAS"-1, "Presentation of Financial Statements" a complete set ofFinancial Statements include the following components:a) Statement of Financial Position as at 31st December 2012.b) Statement of Comprehensive Income for the year ended 31 December 2012.c) Statement of Changes in Equity for the year ended 31 December 2012.d) Statement of Cash Flows for the year ended 31 December 2012.e) Notes to the Financial Statements as at & for the year ended 31 December 2012.2.7 DepreciationDepreciation on property, plant and equipment is charged on a straight line method over the estimated useful life of eachproperty, plant and equipment.2012 2011Vehicle 5 years 5 yearsFurniture & fixture 10 years 10 yearsIT equipments 5 years 5 years2.8 Trade receivableTrade receivable at the balance sheet date are stated at amounts which are considered realizable.2.9 InventoriesInventories are valued at lower of cost and estimated net realizable value. The cost of inventories is valued at weightedaverage cost method and includes expenditure for acquiring the inventories and bringing them to their existing locationand condition.2.10 Cash & cash equivalentsCash and cash equivalents comprised cash at bank which were held and available for use of the company without anyrestriction.2.11 Statement of cash flowsStatement of cash flows has been prepared in accordance with the of "BAS"-7, "Cash flow statements" under the directmethod.2.12 General* Previous year's figures and phrases have been rearranged where necessary to conform to the current year's presentation.* Figures have been rounded off to the nearest Taka.109 •renata annual report 12