Contents

AS - 1 - Disclosure of Accounting Policies

1. Are the following fundamental accounting assumptions followed:

1. Going concern concept (Note, the concept shall be evaluated with reference to foreseeable period of one year)? Yes/No

2. Consistency in accounting policies? Yes/No

3. Accrual basis of preparing Financial Statement? Yes/No

2. If answer to any of the above is in negative, has disclosure been made? Yes/No

3. Have significant accounting policies been listed out and disclosed at one place as part of financial statement? Yes/No

4. Is there any change in accounting policy:

(a)    (i) Which has a material effect in current period? Yes/No

(ii) If yes, whether disclosed with quantification? Yes/No

(iii) If no, whether indicated the fact, that not possible? Yes/No

(b)    (i) Which has a material effect in later period? Yes/No

        (ii) If yes, whether disclosed? Yes/No

AS - 2 - Valuation of Inventories

1. (a) Is the inventory valued at lower of cost and net realisable value? Yes/No

        (b) Is the disclosure made to that effect in accounting policy? Yes/No

2. (a) Which is the cost formula used

(i) Specific identification? Yes/No

(ii) FIFO? Yes/No

(iii) Weighted Average? Yes/No

(b) Is the disclosure made to that effect in accounting policy? Yes/No

3. Have you ascertained whether cost includes

(a) Cost of purchase (net of Modvatable duties)? Yes/No

(b) Direct labour? Yes/No

(c) Production overheads? Yes/No

(d) Such other direct cost to bring inventory to their present location and condition? Yes/No

4. Whether fixed overhead is worked out on normal production capacity; i.e., after taking into account loss of capacity due to planned maintenance? Yes/No

5. Have you ascertained that cost of conversion does not include the following:

(a) Interest, (Unless permitted by AS-16)? Yes/No

(b) Administrative overheads? Yes/No

(c) Selling and distribution cost? Yes/No

(d) Abnormal wastage of material, labour and other production cost? Yes/No

6. If standard cost, as a technique of measurement is followed to ascertain cost, whether standards reviewed periodically? Yes/No

7. In arriving at cost of inventory, whether

(a) Inter-divisional profits eliminated? Yes/No

(b) Foreign currency fluctuation excluded and charged as expense in respect of foreign currency loan obtained against stock? Yes/No

8. (a) Is physical verification of inventory taken at year end? Yes/No

(b) In arriving at net realisable value, have you ascertained

(i) Damaged/obsolete/non-moving stock? Yes/No

(ii) Subsequent sale price after Balance Sheet Date? Yes/No

9. Are the inventory in accounts classified into:

(a) Raw material and components? Yes/No

(b) Stores and spares and tools? Yes/No

(c) Work-in-progress? Yes/No

(d) Finished goods? Yes/No

AS - 3 - Cash Flow Statements

1. If the enterprise

(a) A listed company? Yes/No

(b) Business enterprise having turnover exceeding Rs. 50 crores? Yes/No

(c) If yes to any of above, is cash flow statement prepared under indirect method? Yes/No

(d) Is necessary reference of cash flow statement made in the Audit Report? Yes/No

2. Depending upon the principal activity of the enterprise, is the classification of items in the cash flow appropriate made into operating, financing and investment activities? Yes/No

3. Are the following items specifically addressed

— Interest Income or Expense? Yes/No

— Dividends Paid or Received? Yes/No

— Income Tax Paid or Refunds? Yes/No

— Conversion Gains or Losses in banks accounts denominated in foreign currency? Yes/No

— Effect of business acquisition or divestments? Yes/No

— Investment in subsidiaries, equity affiliates and joint venture? Yes/No

— Cash flows of foreign operations? Yes/No

4. Whether non-cash transactions like following are excluded from Cash Flow Statement

(a) Acquisition of assets by assuming related liabilities? Yes/No

(b) Acquisition of an enterprise by issue of shares? Yes/No

(c) Conversion of debt into equity? Yes/No

AS - 4 - Contingencies and Events Occurring After the Balance Sheet Date

1. Are contingent liabilities disclosed in accounts by way of notes as to its amount, nature and uncertainties which may affect the future outcome? Yes/No

2. (a) Out of the contingent liability, have you come across any item which is probable to result in a loss to the enterprise? Yes/No

(b) If yes, whether provision is made? Yes/No

3. Have you ascertained that no contingent gains are recognised as income? Yes/No

4. (a) Have you inquired about events occurring after balance sheet date? Yes/No

(b) Are any adjustments required to be made in accounts, relating thereto? Yes/No

(c) If not made, whether disclosed with quantification? Yes/No

AS - 5 - Net Profit or Loss for the period, Prior Period Items and Changes in Accounting Policies

(Net Profit or Loss for the Period, Prior Period Items and Changes in Accounting Policies.)

1. (a) Has any of the following transaction/event taken place during the year

(i) Write down/back of inventories? Yes/No

(ii) Restructuring Cost? Yes/No

(iii) Disposal of Fixed Assets? Yes/No

(iv) Disposal of long-term investments? Yes/No

(v) Legislative changes having retrospective application? Yes/No

(vi) Litigation Settlement? Yes/No

(vii) Reversal of Provisions? Yes/No

(b) If yes, are the same disclosed separately or by way of note? Yes/No

(c) If yes, are the same not considered as extraordinary items? Yes/No

2. (a) Have you come across any extraordinary item of income or expense clearly distinct from ordinary activities of the enterprise? Yes/No

(b) Have you come across any income or expense, which has arisen due to error or omission in the preparation of financial statement of one or more prior periods? Yes/No

(c) If yes to either a or b, have the amount for each item disclosed separately in P and L A/c. in the manner that its impact on current profit/loss can be perceived? Yes/No

3. (a) Has the enterprise during the year revised any of its estimates? Yes/No

(b) If yes, and if such change has material effect in current period or subsequent period whether the nature and amount of such change disclosed? Yes/No

(c) If no to (b) above, is the reason for non-quantification disclosed? Yes/No

4. (a) Whether the enterprise has revised any accounting policies? Yes/No

(b) If yes, have you ensured that the change is required to be made because:

(i) Of statute or Yes/No

(ii) For compliance with AS or Yes/No

(iii) Such change would result in a more appropriate presentation of the financial enterprise. Yes/No

(c) If the change in accounting policy has a material effect, whether such change is quantified so as to reflect the effect of such change? Yes/No

(d) If change in accounting policy, which is material and is not ascertainable whether such fact is disclosed in notes? Yes/No

(e) If change in accounting policy has no material effect for the current period but is expected to have material effect in later periods, whether such change has been appropriately disclosed? Yes/No

(f) Is change in accounting policy arising upon adoption of an Accounting Standard made as per AS-5, unless the transitional provisions of the other Accounting Standard requires alternative disclosure? Yes/No

AS - 6 - Depreciation Accounting

1. Which method of depreciation is followed by the enterprise:

(a) Straight line method? Yes/No

(b) Written down value method? Yes/No

(c) Any other method? Yes/No

2. (a) Are the rates prescribed in Sch. XIV followed, to the extent that these are minimum rates? Yes/No

(b) If no, are higher rates followed? Yes/No

(c) If yes, whether disclosed the same in accounting policy? Yes/No

3. (a) Whether, historical cost of Fixed Asset has undergone a change due to exchange fluctuation? Yes/No

(b) If yes, whether depreciation on such amount provided prospectively over the residual useful life of the asset? Yes/No

4. (a) Is the method of providing depreciation changed during the year? Yes/No

(b) If yes, whether depreciation as per new method recalculated retrospectively? Yes/No

(c) If yes, whether deficiency/surplus adjusted in P and L A/c.? Yes/No

(d) Whether such change has been treated as a change in accounting policy and its effect quantified and disclosed so as to reflect the effect of such change in account as per AS-5? Yes/No

5. (a) Have the fixed assets been revalued? Yes/No

(b) If yes, is depreciation provided based on

(i) Revalued amount? and Yes/No

(ii) On the estimate of the remaining useful life of such asset? Yes/No

(c) If yes, how is the additional depreciation on revalued asset accounted

(i) By charging to Profit and Loss Account? Yes/No

(ii) By recouping from revaluation reserve? Yes/No

6. Is addition/extension to existing asset (not retaining a separate identity) depreciated over the remaining useful life of the asset? Yes/No

7. Is addition/extension to existing asset (retaining a separate identity) depreciated independent of the original asset based on the assessment of it own useful life? Yes/No

8. In respect of Intangible Assets, whether amortisation is done as prescribed in AS-26? Yes/No

AS -7 - Construction Contracts

1. Is the enterprise involved in

(a) Contracts for construction of dams, buildings, roads, ships, refineries, pipeline? or Yes/No

(b) Contracts for the rendering of services, directly related to the construction of the asset? Yes/No

2. If yes to 1 above, is revised AS-7 followed in respect of construction contracts entered into on or after 1-4-2003? Yes/No

3. How many contracts at the year end are of:

(a) Fixed Price Contracts? _______

(b) Cost Plus Contracts? _______

4) Are the following cost considered as direct cost to the contract cost?

(a) Site labour cost? Yes/No

(b) Material costs used in construction? Yes/No

(c) Depreciation of machinery used for the contract? Yes/No

(d) Cost of moving machinery and materials to and from contract site? Yes/No

(e) Cost of hiring machinery for the contract? Yes/No

(f) Cost of design/technical assistance directly related to contract? Yes/No

(g) Estimated cost of

(i) Rectification? Yes/No

(ii) Guarantee, including warranty costs? Yes/No

(h) Claims from third party relating to contract? Yes/No

5) Are following attributable cost, allocated to the contract costs?

(a) Insurance on materials/machinery? Yes/No

(b) Construction overheads? Yes/No

(c) Interest cost (if permissible under AS-16)? Yes/No

6) Are the following cost excluded from contract costs

(a) General administration cost for which reimbursement is not specified in the contract? Yes/No

(b) Selling cost? Yes/No

(c) Depreciation of idle plant not used for a particular contract? Yes/No

7) In recognising revenue under fixed price contract, are all the following conditions satisfied:

(a) Total contract revenue can be measured reliably? Yes/No

(b) Both the contract costs to complete the contract and the stage of contract completion at the reporting date can be measured reliably? Yes/No

(c) Contract costs can be clearly identified and measured reliably, so that actual cost incurred can be compared with prior estimates? Yes/No

8) In recognising revenue under cost plus contract, can contract costs be clearly identified and measured reliably? Yes/No

9) Is contract revenue in case of fixed price contract or cost plus contract recognised using the percentage of completion method? Yes/No

10) Which of the following method is determined to ascertain the stage of completion of the contract?

(a) The proportion of contract costs incurred bears to the estimated total contract costs? Yes/No

(b) Survey of worke performed? Yes/No

(c) Completion of physical proportion of the contract work? Yes/No

11) Are contract cost of following nature, recovery of which may not be probable, expensed as and when incurred?

(a) Which are not enforceable (validity in question)? Yes/No

(b) Completion subject to pending litigation or legislation? Yes/No

(c) Relating to property likely to be condemned (forfeited) or expropriated (dispossessed)? Yes/No

(d) Where customer unable to meet obligation? Yes/No

(e) Where contractor unable to complete contract or meet obligations under contract? Yes/No

12) Is expected loss (when contract cost exceeds contract revenue) recognised as an expense, disregarding whether or not work has commenced on the contract or stage of completion of contract activity? Yes/No

13) Have the following been disclosed in the financial statements:

(a) Amount of contract revenue recognised as income? Yes/No

(b) The methods used to determine contract revenue? Yes/No

(c) The method used to determine the stage of completion of contract-in-progress? Yes/No

(d) The aggregate amount of cost incurred and recognised profits/losses up to the reporting date? Yes/No

(e) The amount of advances received? and Yes/No

(f) The amount of retentions? Yes/No

14) Have the following been presented in the Balance Sheet:

(a) Gross amount due from customers for contract work as an asset? Yes/No

(b) Gross amount due to customers for contract work as a liability? Yes/No

AS - 9 - Revenue Recognition

1) In case of sale of goods whether the revenue is recognised only when all significant risk and rewards of ownership have been transferred to the buyer and the enterprise has retained no effective control of the goods transferred? Yes/No

2) In case of rendering of services, whether the revenue is recognised on:

(a) Completed service contract method? or Yes/No

(b) Proportional completion method? Yes/No

3) In case of Interest, Royalties and Dividends, whether the revenue recognised as under:

(a) Interest on time basis? Yes/No

(b) Royalties in accordance with terms of agreement? Yes/No

(c) Dividend from investments in share when right to receive established? Yes/No

4) (a) Have you ascertained that when significant uncertainty exists as to the consideration or measurability, the revenue recognition is postponed and shall be recognised as revenue of the period in which the uncertainty is resolved? Yes/No

(b) Have you ascertained that adequate provision is made for expenses to be incurred for future when revenue has been fully recognised in accounts; e.g., warranties on product sold, services to be rendered for which full fees collected etc.? Yes/No

5) (a) Is revenue recognised on accrual basis? Yes/No

(b) If revenue recognition is postponed, the circumstance for such postponement has been disclosed? Yes/No

6) Is excise duty, paid on goods sold disclosed on the face of profit & loss statement by way of deduction from turnover/sales? Yes/No

AS - 10 - Accounting for Fixed Assets

1) In case of capitalisation of Fixed Assets whether the following is included in cost:

(a) Purchase price including import duty and other non-refundable taxes or levies (capital MODVAT if availed then excluded from cost)? Yes/No

(b) Interest cost (net of income, if any) specific/general borrowing capitalised? Yes/No

(c) Administrative and other general overheads excluded? Yes/No

(d) Expenditure on test-runs and experimental production till commercial production? Yes/No

(e) However, if commercial production prolonged, then expenses incurred after plant ready to commence commercial production charged to P and L A/c? Yes/No

2) Whether only those expenses, incurred on existing assets, which increase capacity have been capitalised? Yes/No

3) In case of following Fixed Assets, is their treatment in conformity with AS:

(a) Hire purchase/Assets taken on lease accounted as per AS-19? Yes/No

(b) Joint ownership, adequate disclosure given in Balance Sheet? Yes/No

(c) Consolidated price apportioned to various assets? Yes/No

(d) Goodwill recorded, paid for (AS 26) or arising on merger (AS 14) and as a prudent policy written-off over a period? Yes/No

(e) Patents and know-how accounted as per AS-26? Yes/No

4) If assets are revalued, whether

(a) Revaluation is of entire class? or Yes/No

Whole class of assets within a unit? Yes/No

(b) Revalued amount presented in financial statement by

(i) Restating both gross book value and accumulated depreciation? or Yes/No

(ii) Adding the net increase on account of revaluation to net book value? Yes/No

(c) Disclosure in accounting policy is made of

(i) Method adopted to compute the revalued amount? Yes/No

(ii) Nature of indices used? Yes/No

(iii) Year of appraisal made? and Yes/No

(iv) External valuer involved? Yes/No

5) Whether Fixed Assets retired from active use and held for disposal:

(i) Stated at lower of net book value and net realisable value? and Yes/No

(ii) Shown separately as part of other current asset? Yes/No

6) Whether

(i) Critical or stand-alone spares connected with specific fixed assets and whose use is expected to be irregular is written off over the useful life of the Fixed Asset? Yes/No

(ii) Whether any replacement of above is charged as repairs in the profit and loss account? Yes/No

AS - 11 - The Effects of Changes in Foreign Exchange Rates (revised 2003)

1) In case of transactions in foreign currency, how are the following accounted;

(a) In respect of transactions in foreign currency entered on or before 31-3-2004, whether AS-11 (1994) followed? Yes/No

(b) In respect of transactions in foreign currency entered on or after 1-4-2004 whether AS-11 (2003) followed? Yes/No

2) (a) Whether cash flows arising from transaction in a foreign currency and the translation of cash flow of a foreign operation in cash flow statement is presented as per AS-3? Yes/No

(b) Whether exchange differences arising from foreign borrowings to the extent that they are regarded as an adjustment to interest cost is presented as per AS-16? Yes/No

3) Whether the initial transaction is recorded at:

(a) Transaction date? or Yes/No

(b) Average rate of week or month if more transactions? Yes/No

4) At the reporting date; i.e., Balance Sheet date, are all monetary assets/liabilities (including the following) recorded at closing rate, i.e amount likely to be realised,: or Yes/No

(a) Cash and Bank Balances? Yes/No

(b) Receivables? Yes/No

(c) Payables? Yes/No

5) At the reporting date; i.e., Balance Sheet date are all non-monetary assets/liabilities recorded at rates prevailing on transaction date, like;

(a) Investments? Yes/No

(b) Inventories? Yes/No

(c) Fixed Assets? Yes/No

(d) Depreciation? Yes/No

(e) Equity? Yes/No

6) Are exchange differences arising on the settlement of monetary items or on reporting an enterprise’s monetary items at rates different from those at which they are initially recorded during the period or reported in previous financial statements, recognised as income or as expense in the period in which they arise? Yes/No

(Note - Exchange differences arising on repayment of liabilities incurred for purchase of fixed assets shall be expensed through profit and loss account. {Note, in case of a Company (read as required by Schedule VI), where the fixed asset is purchased from outside India, the related exchange gains and loss, if any, are required to be capitalized}. Also in case of a company, other exchange differences arising out of long term monetary items can be initially deferred and later amortized over the period upto March 31, 2012 or the life of the related long term monetary asset whichever is lower with corresponding adjustments in balance sheet through “Foreign Currency Monetary Item Translation Difference Account”)

7) If non-monetary item is subsequently measured at fair value or net realisable value, is the exchange rate taken on the date when such fair value or net realisable value determined? Yes/No

8) (a) Whether exchange differences arising on a monetary item that forms a net investment in a non-integral foreign operation is accumulated in a foreign currency transaction reserve in the financial statements? Yes/No

(b) On disposal of the net investment in non-integral foreign operation, is the accumulated foreign currency transaction reserve recognised as income or an expense in the profit & loss statement? Yes/No

9) In the consolidated financial statements, wherein non-integral foreign operation is incorporated are the,

(a) Assets and liabilities both monetary and non-monetary of the non-integral foreign operations translated at the closing rate? Yes/No

(b) Income and expense items of the non-integral foreign operation translated at exchange rate at the dates of the transaction (note, average exchange rates during the period if approximates the exchange rates at the date of transaction, may be used)? Yes/No

(c) Resulting exchange differences accumulated in a foreign currency translation reserve until the disposal of the net investment? Yes/No

10) (a) Is the liability or asset outstanding at the reporting date converted using the exchange rate prevailing on that date? Yes/No

(b) Exchange difference arising out of the forward exchange contracts undertaken to hedge the foreign currency risk of a firm commitment or a highly probable forecast transaction accounted when the transactions gets settled? Yes/No

11) Have the following been disclosed as required by the Accounting Standard:

(a) Amount of exchange differences included in the net profit or loss for the period? Yes/No

(b) (i) Net exchange differences accumulated in foreign currency translation reserve. Yes/No

(ii) Any amount of such exchange differences at the beginning and end of the period? Yes/No

(c) When the reporting currency is different from the currency of the country in which the enterprise is domiciled, along with the reason for using a different currency? Yes/No

(d) when there is a change in the classification of a significant foreign operation, the nature of change in classification, reason for the change, the impact of the change in classification on shareholders’ funds and the impact on net profit or loss for each prior period presented had the change in classification occurred at the beginning of the earliest period presented? Yes/No

AS - 12 - Accounting for Government Grants

1) How are the Government grants and grants received from similar bodies, in financial statements presented for the following:

(a) Fixed Assets

(i) Is the grant amount deducted from the gross value of concerned asset? or Yes/No

(ii) In case of depreciable asset is it treated as deferred income and recognised in P and L Statement over the period and in proportion in which depreciation is charged? Yes/No

(iii) In case of non-depreciable asset is it credited to capital reserve? Yes/No

(b) Revenue is grant shown under other income? or Yes/No

deducted from related expenses? Yes/No

(c) Promoters contribution in such grants credited to capital reserve? Yes/No

(d) Non-monetary assets is such asset received at free of cost, recorded at nominal value? Yes/No

2) Refund of Government grants:

(a) Whether refund of Government grant treated as extraordinary item in Financial Statement? Yes/No

(b) In respect of grant related to specific fixed asset, is

(i) Book value of assets increased? or Yes/No

(ii) Capital reserve reduced? or Yes/No

(iii) Deferred income balance reduced? Yes/No

(c) In respect of Revenue grants

- If any unamortised deferred credit available whether refund adjusted there against? Yes/No

- If no deferred credit balance available, whether charged to P and L Statement? Yes/No

(d) In respect of promoters contribution whether capital reserve balance reduced? Yes/No

3) At the time of recognising Government grants, whether the enterprise:

(a) Has complied with the conditions attached to the grant? and Yes/No

(b) Is reasonably certain for the ultimate collection of such benefits earned? Yes/No

4) Have the following disclosures been made:

(a) Regarding accounting policy adopted for Government grants including methods of presentation in financial statement? Yes/No

(b) The nature and extent of Government grants including non-monetary assets received at concessional rate or free of cost? Yes/No

AS - 13 - Accounting for Investments

1) Is the accounting policy for determining the carrying amount of investments disclosed? Yes/No

2) Are investments classified into

(a) Current investments? Yes/No

(b) Long-term investments? Yes/No

3) Are investments

(a) Verified/confirmed? and Yes/No

(b) Further classified as per requirement of Schedule VI to the Companies Act, 1956? Yes/No

4) Are current Investments carried at the lower of cost and fair value

(a) On individual basis? or Yes/No

(b) Category of investment? Yes/No

5) In case of long-term investments

Whether provisions made for diminution other than temporary in value of each investments individually? Yes/No

6) Whether the following disclosed in P and L A/c.

(a) Interest, dividend and rental on investments shown separately under long-term and current investments? Yes/No

(b) Profit or Loss on disposal of current and long-term investment and changes in the carrying amount of such investments? Yes/No

AS - 14 - Accounting for Amalgamations

1) Is the amalgamation:

(a) In nature of merger? or Yes/No

(b) In nature of purchase? Yes/No

2) (a) Is goodwill arising out of amalgamation? Yes/No

(b) If yes, whether such goodwill is amortised over a period not exceeding five years? Yes/No

3) (a) Whether treatment to be given to reserves of transferor company is specified in scheme of amalgamation? Yes/No

(b) If different treatment is prescribed in scheme as compared to the requirements of AS, are following disclosures made in the financial statements?

(i) Description of the accounting treatment given to the reserves and the reasons for following the treatment different from that prescribed in the statement. Yes/No

(ii) Deviations in the accounting treatment given to the reserves as prescribed by the scheme of amalgamation sanctioned under the statute as compared to the requirements of this statement that would have been followed had no treatment been prescribed by the scheme Yes/No

(iii) The financial effect, if any arising due to such deviation. Yes/No

4) Whether following disclosures made in first financial statement following amalgamation:

(a) Name and general nature of business of amalgamating companies? Yes/No

(b) Effective date of amalgamation? Yes/No

(c) Method of accounting used to reflect amalgamation Yes/No

(d) Particulars of the scheme sanctioned under the Companies Act, 1956? Yes/No

5) If amalgamation under pooling of interest method, whether additional disclosure made in first financial statement following the amalgamation of the following:

(a) Description and number of shares issued, together with percentage of equity share exchanged to effect amalgamation? Yes/No

(b) Amount of any difference between the consideration and the value of net identifiable asset acquired and the treatment thereof? Yes/No

6) If amalgamation in nature of purchase, whether additional disclosure made in the first financial statement following the amalgamation of the following:

(a) Consideration for the amalgamation and a description of the consideration paid or contingently payable? Yes/No

and

(b) The amount of any difference between the consideration and the value of net identifiable assets acquired, and the treatment thereof including the period of amortisation of any goodwill arising on amalgamation? Yes/No

AS - 15 - Employee Benefits (revised 2005)

1. The standard is applicable to all kinds of employee benefits (except share based payments), inclulding: Yes/No

a. Salaries

b. Bonus

c. Provident Fund

d. Superannuation

e. Pension

f. Gratuity

g. Compensated absences; i.e., Leave Accruals (not only encashment)

h. Post retirement health and welfare schemes?

i. Termination Benefits

j. Etc.

2. Are the employee benefits classified into; Yes/No

a. Short-term benefits

b. Post employment benefits

i. Defined Contribution Plans (DCP)

ii. Defined Benefit Plans (DBP)

c. Termination benefits

d. Other Long-term benefits

3. Are only those benefits, that are payable within twelve months of the balance date, included in short term benefits. (Note, generally measurement of such transaction does not pose significant difficulty in recording the transaction. Moreover, undiscounted amounts are recorded)? Yes/No

4. Is the classification of post employment benefits into DCP or DBP based on the criteria ie whether the investment risk or actuarial risk falls back on the employer, if yes the plan is DBP or else it is DCP? Yes/No

5. Is the measuring of cost of DCP based on contribution due during the period? Yes/No

6. Is the measurement of cost of DBP based on actuarial valuation principles as elaborated in AS 15R. Though the valuation is not required at each balance sheet date, the same is encouraged due to complexity involved in measuring the cost. To elaborate a bit;? Yes/No

a. The concept of plan asset allow only those fund balance to be considered that are legally separate from the enterprise and are not available to creditors of the entity even in case of bankruptcy

b. The concept of return on plan asset requires even unrealized holding gains to be included after deducting administration cost, both being computed net of impact of taxes on income

c. The discount rate that could be used will be close to the yields that are witnessed for Government of India Bonds for comparable period of maturity

d. Elaborate, reconciliation are required to be disclosed, like;

i. Reconciliation of Projected Benefit Obligation

ii. Reconciliation of Plan Assets

iii. Reconciliation of Net Liability/Assets

iv. Break-up of Net Periodic Cost (to tally with those in above)

7. Are VRS included in Termination benefits? Yes/No

8. Is VRS expenditure written off when incurred Yes/No

9. Is the measurement of termination benefits based on number of employees that has accepted the VRS scheme? Yes/No

10. Are the transitional provisions applied in accordance with the standards? Yes/No

11. Are the disclosures made in accordance with standard including; ? Yes/No

a. A brief description of retirement benefit plans

b. The impact of transitional provisions

c. The reconciliations as mentioned in above

d. Discount rates, rates for increase in compensation,

e. The net cost charged in Profit and Loss account, etc.

AS - 16 - Borrowing Costs

1) (a) Is the enterprise in the process of

(i) Setting-up capital project? Yes/No

(ii) Manufacturing inventories. Yes/No

(b) Is time required for (a) above twelve months or more? Yes/No

(c) If no to (b) above, is borrowing cost expensed in the period in which they are incurred? Yes/No

2) Are any specific borrowings costs, including of following nature made by enterprise for (1) above

(a) Interest and commitment charges? Yes/No

(b) Amortisation of discounts or premium to borrowing? Yes/No

(c) Ancillary costs in connection with borrowings? Yes/No

(d) Finance charges in respect of assets acquired under finance lease? Yes/No

(e) Exchange difference arising from foreign currency borrowing regarded as interest costs?

3) (a) Is expenditure incurred on (2) above capitalised as part of the cost of the asset? Yes/No

(b) Is any income earned on temporary investments out of specific borrowings deducted from the borrowing costs incurred? Yes/No

4) (a) Are any general borrowings utilised for any of (1) above? Yes/No

(b) If yes, is interest worked out on weighted average of borrowing cost (other than specific borrowing capitalised) for the purpose of capitalisation? Yes/No

5) Are all the following conditions being fulfilled, when borrowing costs is being capitalised?

(a) Expenditure for the asset is being incurred. Yes/No

(b) Borrowing cost is being incurred. Yes/No

(c) Activities to prepare the asset for its intended use or sale are in progress. Yes/No

6) Is capitalisation of borrowing cost suspended during the period when active development is interrupted without any technical or administrative reason? Yes/No

7) Is capitalisation of borrowing cost ceased when substantially all the activities relating to the asset are completed? Yes/No

8) Are the following disclosure made in the financial statements? Yes/No

(a) The accounting policy adopted for borrowing costs and Yes/No

(b) The amount of borrowing costs capitalised during the period. Yes/No

AS - 17 - Segment Reporting

1) (a) Is the company a level I enterprise as per the criteria for classification of enterprise? Yes/ No

(b) If yes, is segment reporting made in financial statements ? Yes/ No

2) Is the financial reporting to the BOD/CEO based on:

(a) Products or Services? or Yes/No

(b) Geographic areas? Yes/No

3) If answer is 2(a) is:

(a) Primary reporting by products or services? and Yes/No

(b) Secondary reporting by geographical segment? Yes/No

4) If answer is 2(b) is:

(a) Primary reporting by geographical segment? and Yes/No

(b) Secondary reporting by products or services? Yes/No

5) If answer to (2) is not obtained, whether the enterprise determines the risk and returns more related to:

(a) Products and Services? or Yes/No

(b) Geographic areas in which it operates? Yes/No

6) Having identified segment reporting into business or geographical segment, are the following identified thereafter?

(a) Segments where revenue is 10% or more both from internal and external sales. Yes/No

(b) Segments where profit or loss is 10% or more of combined results of the segment in relation to profit or loss whichever is greater in absolute amount. Yes/No

(c) Segment where assets are 10% or more of the total assets of all segments. Yes/No

7) (a) Do all the reportable segment put together constitute more than 75% of the total enterprise revenue? Yes/No

(b) If no, has management identified additional segment/s even if that segment do not meet 10% criteria, such that at least 75% of total enterprise revenue is reported in reportable segment? Yes/No

8) Are the disclosure of the reportable segments made in compliance with the requirement of Accounting Standards? Yes/No

AS - 18 - Related Party Disclosures

1) (a) Is the company a level I enterprise as per the criteria for classification of enterprise? Yes/No

(b) If yes, is related party disclosures made in financial statements? Yes/No

2) Have the following been listed out?

(a) Holding company/ies? Yes/No

(b) Subsidiary company/ies? Yes/No

(c) Fellow subsidiary/ies? Yes/No

(d) Person able to appoint or remove all or majority of directors of the reporting enterprise or vice versa? Yes/No

(e) Person who has substantial interest in voting power (20% or more) and power to direct by statute or agreement the financial and/or operating policies of the reporting enterprise and vice versa? Yes/No

3) Have the following been listed out:

(a) Associates (two ways)? Yes/No

(b) Joint ventures (two ways)? Yes/No

(c) (i) Individuals, directly or indirectly having voting power to control or significantly influence over the reporting enterprise? and Yes/No

(ii) Relatives of any such individual? Yes/No

(d) (i) Key management personnel? and Yes/No

(ii) Relatives of such personnel? Yes/No

(e) Enterprises owned or significantly influenced by individuals or their relatives, who have direct or indirect control or significant influence over the reporting enterprise? Yes/No

(f) Enterprises owned or significantly influenced by key management personnel or their relatives? Yes/No

4) Is the following disclosure made in financial statements. Yes/No

(a) Name of related party as appearing in 1 above even though no transaction has taken place during the period? Yes/No

(b) If transactions have taken place during the period with parties listed in either 1 or 2 of above,

(i) The name of the transacting related party? Yes/No

(ii) Description of the relationship? Yes/No

(iii) Description of the nature of transaction? Yes/No

(iv) Volume of transaction in amount? Yes/No

(v) Outstanding amount of year end and provision made for doubtful debts relating thereto? Yes/No

(vi) Amount written off or written back in the period in respect of such due from or to such parties? Yes/No

(vii) Any other item of transaction (e.g interest free loans, no repayment period, use of group trademarks, etc.) necessary for an understanding of the financial statement? Yes/No

5) If disclosure for 4(b) not made partywise, are items of similar nature disclosed in aggregate by type of related Yes/No

AS - 19 - Leases

1) Has the enterprise taken asset on:

(a) Finance lease? Yes/No

(b) Operating lease? Yes/No

2) Has the enterprise given asset on:

(a) Finance lease? Yes/No

(b) Operating lease? Yes/No

3) If asset taken on finance lease:

(a) Is the leased asset recognised as asset equal to the fair value? Yes/No

(b) If the fair value exceeds the present value of the minimum lease payments, is the asset recorded at the present value of the minimum lease payments? Yes/No

(c) Is discount rate in calculating the present value of minimum lease payments taken as:

(i) Interest rate implicit in the lease? or Yes/No

(ii) If not practicable, then at lessee’s incremental borrowing rate? Yes/No

(d) Are lease payments apportioned between finance charge and the reduction of the outstanding liability? Yes/No

(e) Is depreciation provided at the rate for which own assets are depreciated? Yes/No

(f) Is disclosure made in financial statements as required by AS? Yes/No

4) If asset given on finance lease:

(a) Is the amount shown as a receivable equal to the net investment in the lease? Yes/No

(b) Is the lease rental apportioned between finance income and reduction of the outstanding receivable? Yes/No

(c) If commission and legal fees incurred

(i) Written off immediately? Yes/No

(ii) Allocated against the finance income over the lease term? Yes/No

(d) Is disclosure in financial statements made as required by AS? Yes/No

5) If the asset taken on operating lease:

(a) Is the lease payment expensed in the Profit & Loss statement on a straight line basis? Yes/No

(b) If no to (a) above, is it on a systematic basis more representative of the time pattern of the user’s benefit? Yes/No

(c) Is disclosure in financial statements made as required by AS? Yes/No

6) If the asset given on operating lease:

(a) Is the asset shown as Fixed Asset? Yes/No

(b) Is the income recognised on a straight line basis in the statement of Profit & Loss? Yes/No

(c) Is depreciation provided at the rates for which similar assets are depreciated? Yes/No

(d) Is disclosure in financial statements made as required by AS? Yes/No

7) Is the enterprise:

(a) Also involved in leasing of assets sold? Yes/No

(b) If yes, is the sales revenue (and corresponding receivable) recorded at the fair value of the assets? Yes/No

(c) If no, is profit on sale of asset restricted by applying commercial rate of interest over lease term? Yes/No

8) (a) Has the enterprise entered into sale and lease back transaction? Yes/No

(b) If the transaction is finance lease, is the excess or deficiency of sale proceeds over the carrying amount amortised over the lease term in proportion to depreciation? Yes/No

(c) If the transaction is operating lease, and the transaction is:

(i) Established at fair value, whether profit or loss recognised immediately? Yes/No

(ii) Below fair value whether profit or loss recognised immediately unless falling in (iii) below? Yes/No

(iii) Below fair value and loss is to be compensated by charging lower lease rentals than market value, whether the loss amortised over the expected use of the asset? Yes/No

(iv) Above fair value whether the gain deferred and amortised over the expected use of the asset? Yes/No

AS - 20 - Earnings per Share

(1) Is the company

(a) Listed? Yes/No

(b) Required by statute (Sch. VI) or choosing to disclose earnings per share? Yes/No

(c) If answer to (a) and (b) is yes, is working/disclosure made as per AS-20? Yes/No

2) If there is any fresh Equity issue made during the year, is weighted average number of equity shares outstanding during the period considered for working basic equity per share? Yes/No

3) (a) Has the enterprise during the year or after year end but before approval of account by the Board of Directors. Yes/No

(i) Issued Bonus Shares? Yes/No

(ii) Issued Rights issue having a bonus issue? Yes/No

(iii) Made Share split? Yes/No

(iv) Made a reverse share split? Yes/No

(v) Made buy-back above fair value? Yes/No

(b) If yes to above, is the basic equity per share for current period as well as all reported periods worked out after considering the above change ? Yes/No

4) (a) Are the following convertible into Equity Shares

(i) Preference share? Yes/No

(ii) Debentures? Yes/No

(iii) Loans? Yes/No

(b) If yes, to above is the net profit (numerator) for the period attributable to equity shareholders for computing dilutive equity per share:

(i) Increased by the amounts of dividend net of tax saved on preference shares? Yes/No

(ii) Increased by the amount of interest net of tax saved on debentures/loans? Yes/No

(c) If yes, to a) above is the Equity Share (Denominator) increased by weighted average number of additional equity shares outstanding, assumed to be converted for working dilutive equity per share? Yes/No

5) (a) Are options issued, convertible at rate less than the fair value? Yes/No

(b) If yes, has the dilutive effect been worked out as a difference between the number of shares issuable and the number of shares that would have been issued at fair value? Yes/No

6) (a) Are Anti-dilutive Potential equity shares ignored in calculating diluted Earnings share? Yes/No

(b) For above working in each series of potential equity shares considered separately rather than aggregate? Yes/No

7) Has the enterprise disclosed

(a) Basic and diluted earnings per share with equal prominence on face of profit and loss statement for all periods presented? Yes/No

(b) Basic and diluted earnings per share even if there is loss as per profit and loss statement? Yes/No

(c) (i) Amounts used as the numerators in calculating basic and diluted equity per share? Yes/No

(ii) Reconciliation of amount if the net profit as used in numerator is different from net profit
as per profit and loss statement? Yes/No

(d) (i) Weighted average number of equity shares as the denominator in calculating basic and diluted earnings per share? Yes/No

(ii) Reconciliation of the weighted average number of equity shares used in denominator if different for calculating basic and diluted earnings per share? Yes/No

(e) Nominal value of shares along with earnings per share figures? Yes/No

(f) On the face of profit and loss statement basic and diluted earnings per share excluding extraordinary items net of tax? (though of a recommendatory nature)? Yes/No

AS - 21 - Consolidated Financial Statements

1) (a) Has the enterprise Subsidiary/ies? Yes/No

(b) Is the enterprise required to prepare and present Consolidated Financial Statement? (at present listed companies only required)? Yes/No

(c) If yes to (b) above, has the enterprise prepared and presented CFS in accordance with AS-21? Yes/No

2) Has the parent at the time of preparing CFS

(a) Eliminated investment in each subsidiary, worked out goodwill or Capital Reserve as at the date of investment in the subsidiary? Yes/No

(b) Shown minority interest in the net income? Yes/No

(c) Shown minority interest in the net assets in consolidated balance sheet separately from liabilities and the equity of the parent’s shareholders? Yes/No

3) Have the following relating to Intra-group been eliminated in CFS?

(a) Balances and transactions? Yes/No

(b) Unrealised profits arising out of inventory/Fixed Assets? Yes/No

(c) Unrealised losses unless cost cannot be recovered? Yes/No

4) (a) Are the financial statements of parent and subsidiaries drawn up to the same reporting date? Yes/No

(b) If no, is the difference between reporting dates not more than six months and ? Yes/No

(c) Are significant events and transaction between the two reporting dates adjusted in consolidated financial statements? Yes/No

5) (a) Are accounting policies uniform of parent and subsidiaries in preparing consolidated financial statements? Yes/No

(b) If no, is the fact disclosed together with proportions of items in the CFS to which the different accounting policies applied? Yes/No

6) (a) Is goodwill arising on CFS amortised in Statement of Profit and Loss? Yes/No

(b) If no, to (a) above, is impairment test thereof carried out at each balance sheet date? Yes/No

7) When consolidated financial statements are presented first time, has the enterprise not presented comparative figures of previous period? Yes/No

8) Has the enterprise ensured at time of preparing consolidated financial statements that the tax expense of parent and subsidiaries are not adjusted against one another but only aggregated the amounts of tax expenses as appearing in their separate financial statements? Yes/No

9) Has the enterprise ensured that only material items are disclosed and that statutory information having no bearing on the true and fair view are not included in the consolidated financial statements? Yes/No

10) Have the following disclosures been made in consolidated financial statements:

(a) The reasons for not consolidating a subsidiary in the CFS? Yes/No

(b) Non use of uniform accounting policies and the proportions of items in CFS to which the different accounting policies have been applied? Yes/No

(c) (i) List of all subsidiaries with name? Yes/No

(ii) Country of incorporation? Yes/No

(iii) Proportion of ownership interest? Yes/No

(d) Nature of relationship between the parent and subsidiary, if the parent does not own directly or indirectly through subsidiaries more than one half of the voting power of the subsidiary? Yes/No

(e) (i) The effect on financial position at the reporting date and the results for the reporting period and on the corresponding preceding period in case of disposal of subsidiary? Yes/No

(ii) The effect on the financial position at the reporting date in case of acquisition of subsidiary? Yes/No

(f) The name of subsidiary(ies) of which reporting date is/are different from that of the parent and the difference in reporting dates? Yes/No

AS - 22 - Accounting for Taxes on Income

1) Is there a difference between accounting income and taxable income? Yes/No

2) Is the difference a timing difference, comprising, inter alia;

(a) Depreciation? Yes/No

(b) Section 43B? Yes/No

(c) Deferred revenue expenses partly appearing in balance sheet? Yes/No

(d) Preliminary expenses u/s. 35D? Yes/No

(e) Income credited in P & L Statement, taxable in subsequent years? Yes/No

(f) Provision for doubtful debts/advances? Yes/No

(g) Voluntary retirement schemes? Yes/No

(h) Lease income? Yes/No

(i) Diminution in value of investments other than temporary? Yes/No

3) Is the difference a permanent difference comprising of

(a) Scientific research expenditure (weighted deduction) Yes/No

(b) Penalty for infringement of law Yes/No

(c) Dividend income (if non-taxable) Yes/No

(d) Donations to trusts u/s. 80-G Yes/No

4) (a) Does reasonable certainty of future taxable income exists when deferred tax asset is recognised? Yes/No

(b) Does virtual certainty supported by convincing evidence of future taxable income exists when deferred tax asset is recognised for carried forward loss or unabsorbed depreciation? Yes/No

(c) Is unrecognised deferred tax asset reassessed at each balance sheet date? Yes/No

(d) Is recognised deferred tax asset reviewed at each balance sheet date? Yes/No

5) Is deferred tax asset/liability measured using tax rates

(i) That are enacted? or Yes/No

(ii) Substantively enacted [if tax rates announced through budget] by the balance sheet date? Yes/No

6) Is deferred tax asset/liability created at Minimum Alternate Tax (MAT) rate or at normal tax rate? Yes/No

7) Is deferred tax asset and liability presented in financial statement as under:

(a) DTA/DTL disclosed separately from current tax? Yes/No

(b) DTA is shown after Investments but before current assets and DTL is disclosed after unsecured loans but before current liabilities in the balance sheet? Yes/No

(c) Break-up of DTA/DTL into major components of balances disclosed in notes to accounts? Yes/No

(d) The nature of evidence supporting the recognition of DTA disclosed when DTA comprises of unabsorbed depreciation or carried forward loss? Yes/No

AS - 23 - Accounting for Investments in Associates in Consolidated Financial Statements

1) (a) Is the enterprise required to prepare consolidated financial statement? Yes/No

(b) If yes, to (a) above, does the enterprise have investments in a company, considered as an associate? Yes/No

(c) If yes, to (b) above, is associate also considered in consolidated financial statement? Yes/No

2) Has the enterprise worked out goodwill/capital reserve arising at the time of acquisition? Yes/No

3) Is the carrying amount of the investment in associate increased or decreased to recognise investor’s share of the profit or losses of the associate after the acquisition? Yes/No

4) Are the unrealised profits resulting from transactions between the investor and its subsidiaries with associate eliminated to the extent of investor’s interest in the associate? Yes/No

5) (a) Is investment in associate acquired and held exclusively with a view to its subsequent disposal in near future? Or Yes/No

(b) Does the associate operate under severe long-term restrictions that significantly impair its ability to transfer funds to the investor? Yes/No

(c) If yes, to (a) or (b) above, is investment in associate accounted for in accordance with AS-13, Accounting for Investments. Yes/No

6) Has the enterprise disclosed the following:

(a) Reasons for not applying equity method in accounting for investments? Yes/No

(b) Goodwill/capital reserve arising on acquisition separately in the carrying amount of investment in the associate? Yes/No

(c) Name and description of associate, including the proportion of ownership interest and if different, the proportion of voting power held? Yes/No

(d) (i) Investments in associates classified as long-term investments and shown separately? Yes/No

(ii) Share of profit or losses and extraordinary or prior period items separately? Yes/No

(e) Difference in reporting date(s) along with the names of the associate(s)? Yes/No

(f) Difference in accounting policies not adjusted in financial statements and a brief description of the differences in the accounting policies? Yes/No

AS - 24 - Discontinuing Operations

1) Is a component of the enterprise that represents a separate major line of business or geographical area of operations and that can be distinguished operationally and for financial reporting purposes been decided to be:

(a) Sold off substantially in its entirety? Yes/No

(b) Sold off in piecemeal? Yes/No

(c) Terminated by abandonment? Yes/No

2) If yes to (a) above when has the

(a) Enterprise entered into a binding sale agreement for sale of the assets attributable to the discontinuing operations? Yes/No

(b) Enterprise’s board of directors approved a detailed formal plan for the discontinuance and made an announcement of the plan? Yes/No

3) Has the enterprise measured the changes in the assets and liabilities and revenue expenses relating to discontinuing operation as set out in other accounting standards mainly impairment of assets? Yes/No

4) Is separate disclosure made for each discontinuing operation? Yes/No

5) Are prior period figures restated to segregate assets, liabilities, revenue, expenses and cash flow of continuing and discontinuing operations as disclosed in current year? Yes/No

6) Has the enterprise disclosed the following in the notes (except a (vii) and b (i) to be shown on face of profit and loss statement) to the financial statements

(a) In relation to initial disclosures —

(i) A description of the discontinuing operation? Yes/No

(ii) Business or geographical segment as reported in segment reporting? Yes/No

(iii) Date and nature of the initial disclosure events? Yes/No

(iv) Date or period in which the discontinuance expected to be completed if known or determinable? Yes/No

(v) The carrying amount as of the balance sheet date of the total assets (to be disposed of) and liabilities (to be settled)? Yes/No

(vi) Amount of revenue and expenses in respect of the ordinary activities attributable to discontinuing operation during the current year? Yes/No

(vii) Amount of profit/loss before tax and income tax (current and deferred) thereon from ordinary activities attributable to discontinuing operation? Yes/No

(viii) Amount of net cash flow attributable to operating, investing and financing activities of discontinuing operation during the current year? Yes/No

(b) In relation to other disclosures, when the events occur;

(i) The amounts of pre-tax gain or loss and income tax expense relating thereto on disposal of assets or settlement of liabilities attributable to the discontinuing operation? Yes/No

(ii) The net selling price or range of prices of those net assets for which one or more binding sale agreements are entered into, the expected timing of receipt of those cash flows, and thecarrying amount of those net assets on the balance sheet date? Yes/No

(c) In relation to updating of disclosures;

(i) Description of any significant changes in the amount or timing of cash flows relating to the assets to be disposed or liabilities to be settled? and Yes/No

(ii) Events causing those changes? Yes/No

(d) In relation to completion of discontinuance;

(i) Disclosure to be made till the plan is substantially completed or abandoned, though full payment may not yet have been received from the buyer? Yes/No

(e) In relation to abandonment or withdrawal of plans previously reported as a discontinuing operation.

(i) Fact, reasons therefor and its effects be disclosed? Yes/No

(f) In relation to each discontinuing operation.

(i) Disclosure be made for each discontinuing operation separately? Yes/No

AS - 25 - Interim Financial Reporting

1) (a) Is the enterprise required to prepare and present interim financial report? Yes/No

(b) If yes, to (a) above, has the enterprise prepared and presented information for the interim date as per the form and content as applicable to annual complete set of financial statement unless otherwise required in a different form as per statute or as per regulatory body governing the enterprise? Yes/No

2) Are the following information, if material and not disclosed elsewhere in interim financial statements been disclosed by way of notes:

(a) A statement that the same accounting policies are followed or if changed a description of the
nature and effect of the change? Yes/No

(b) Comments about the seasonality of interim operations? Yes/No

(c) Nature and amount of items affecting assets, liabilities, equity, net income or cash flows that are unusual because of their nature, size or incidence? Yes/No

(d) Nature and amount of changes in estimates of amounts reported in prior interim periods of current financial year or changes in estimates of amount reported in prior financial years? Yes/No

(e) Issuances, buy-backs, repayments and restructuring of debt, equity and potential equity shares? Yes/No

(f) Dividends, aggregate or per share? Yes/No

(g) Segment revenue, segment capital employed and segment result for business segments or geographical segments, depending upon enterprise’s primary basis of segment reporting? Yes/No

(h) Effect of changes in composition of the enterprise during interim period, such as amalgamations, acquisitions, or disposal of subsidiaries and long-term investments, restructuring and discontinuing operations? Yes/No

(i) Material changes in contingent liabilities since the last annual balance sheet date? Yes/No

3) Has the enterprise in its interim financial statement (condensed or complete) for the period included the following:

(a) Balance sheet as of the end of current interim period and a comparative balance sheet as of the end of the immediately preceding financial year? Yes/No

(b) Statement of Profit and Loss for the current interim period and cumulatively for the current financial year to date, with comparative statements of profit and loss for the comparable interim periods (current and year-to-date) of the immediately preceding financial year? Yes/No

(c) Cash flow statements cumulatively for the current financial year-to-date, with a comparative statement for the comparable year-to-date period of the immediately preceding financial year? Yes/No

4) Has the enterprise followed the recognition and measurement principles in preparation of interim financial statement as illustrated in the AS in respect of:

(a) Gratuity and other defined benefit schemes? Yes/No

(b) Major planned periodic maintenance or overhaul or other seasonal expenditure? Yes/No

(c) Provisions? Yes/No

(d) Year end bonuses where there is legal obligation or payable as per past practice? Yes/No

(e) Intangible Assets? Yes/No

(f) Other planned (discretionary in nature) but irregularly occurring costs? Yes/No

(g) Income-tax expense for interim period? Yes/No

(h) Income-tax expense when difference in financial reporting year and tax year? Yes/No

(i) Tax deductions/exemptions for determining tax payable? Yes/No

(j) Carry forward tax losses? Yes/No

(k) Contractual purchase price changes such as discount, rebates not of a discretionary nature? Yes/No

(l) Depreciation and amortisation? Yes/No

(m) Inventories? Yes/No

(n) Foreign Currency Translation? Yes/No

(o) Impairment of Assets? Yes/No

5) (a) Has the enterprise changed its accounting policy other than one as specified by an Accounting Standard? Yes/No

(b) If yes to (a) above, are financial statements of prior interim periods of current financial year, restated? Yes/No

6) If the enterprise is listed and required to follow listing guidelines for quarterly or half-yearly results has the enterprise followed:

(a) The disclosure requirements of the listing agreements? and Yes/No

(b) Recognition and measurement principles as per the Accounting Standard 25? Yes/No

AS - 26 - Intangible Assets

1) Has the enterprise expended resources or incurred liabilities, iteralia on;

(a) Acquisition? Yes/No

(b) Development? Yes/No

(c) Enhancement of intangible resources? such as: Yes/No

(i) Scientific or technical knowledge? Yes/No

(ii) Design and implementation of new process or systems? Yes/No

(iii) Licences or licensing agreements (e.g., motion picture films, video recordings)? Yes/No

(iv) Intellectual property (e.g., computer software)? Yes/No

(v) Market knowledge? Yes/No

(vi) Trademarks, Copyrights, Patents? Yes/No

2) Is the following criteria met in relation to above in respect of

(i) Identifiability? Yes/No

(ii) Control over the asset? Yes/No

(iii) Future economic benefits? Yes/No

(iv) Cost can be measured reliably? Yes/No

3) If all four criteria as mentioned in (2) above are not met, is the expenditure to acquire it or internally generate it, recognised as an expense when incurred? Yes/No

4) Is a software, which is not an integral part of hardware (plant), treated as an intangible asset? Yes/No

5) (a) Is intangible asset acquired in amalgamation (in the nature of purchase), capable of being measured reliably as to its cost; i.e., fair value? Yes/No

(b) If yes, to (a) above, is intangible asset recognised in books of the enterprise (transferee) even if not recognised in financial statements of transferor? Yes/No

(c) If no, to (a) above, is the intangible asset recognised part of goodwill in books of the enterprise (transferee)? Yes/No

(d) If active market do not exist for an intangible asset as recognised in (b) above, is cost recognised for such intangible asset restricted to an amount that does not create or increase any Capital Reserve at the date of amalgamation? Yes/No

6) (a) Is the enterprise incurring expenses on research and development? Yes/No

(b) Is the expenditure on research such as obtaining new knowledge, or search for new alternative materials, processes, systems, and formulation, designs, related thereto recognised as an expense when incurred? Yes/No

(c) Is intangible asset arising from development phase fulfilling all of the following:

(i) Technical feasibility of completing intangible asset? Yes/No

(ii) Intention to complete intangible asset? Yes/No

(iii) Ability to use or sell the intangible asset? Yes/No

(iv) Generate future economic benefits? Yes/No

(v) Availability of adequate, technical financial and other resources to complete the development and to use or sell the intangible asset? Yes/No

(vi) Ability to measure cost attributable to development stage of intangible asset? Yes/No

7) Are following internally generated items or expenditure incurred not recognised as intangible assets

(a) Brands? Yes/No

(b) Mastheads? Yes/No

(c) Publishing titles? Yes/No

(d) Customer list? Yes/No

(e) Goodwill? Yes/No

(f) Start-up costs (unless covered under AS-10)? Yes/No

(g) Staff training cost? Yes/No

(h) Advertising and promotional activities? Yes/No

(i) Relocating or re-organising part or all of the enterprise? Yes/No

(j) Product launching expenses? Yes/No

(k) Preliminary expenses? Yes/No

Note: The standard is not applicable to termination benefits like, VRS

8) Is the intangible asset amortised

(a) Over the best estimate of its useful life? Yes/No

(b) If not as per (a), over 10 years? Yes/No

(c) If not as per (a) or (b), then as per persuasive evidence that the useful life is longer than ten years? Yes/No

9) Is the enterprise amortising the intangible asset/s using one or more of the following methods for different intangible assets

(a) Straight line method? Yes/No

(b) Diminishing balance method? Yes/No

(c) Unit of production method? Yes/No

10) (a) Is the amortisation period and the amortisation method reviewed at least at each financial year end for items of those intangible assets where the useful life exceeds the rebuttable presumption of 10 years? Yes/No

(b) Is amortisation period/method changed if review denotes

(i) Expected useful life of asset significantly different from previous estimates? or Yes/No

(ii) Significant change in the expected pattern of economic benefits from the asset? Yes/No

11) (a) Has the enterprise not recognised as part of the cost of an intangible asset at a later date, in respect of expenditure that was initially recognised as expense in previous annual financial statements or interim financial reports? Yes/No

(b) Has the enterprise NOT revalued intangible assets (note revaluation of fixed assets is permitted but not of intangible assets)? Yes/No

12) Has the enterprise estimated the recoverable amount (as per AS-28 Impairment of Asset) at least at each financial year in respect of the following:

(a) intangible asset that is not yet available for use? Yes/No

(b) intangible asset that is amortised over a period exceeding ten years? Yes/No

13) Are the following disclosures made in the financial statements

13.1) For each class of intangible assets, distinguishing between internally generated intangible assets and other intangible assets

(a) The useful life or the amortisation rates used? Yes/No

(b) The amortisation method used? Yes/No

(c) The gross carrying amount and the accumulated amortisation at the beginning and end of the period? Yes/No

d) A reconciliation of the carrying amount at the beginning and end of the period showing:

(i) Additions, indicating separately those from internal development and through amalgamation? Yes/No

(ii) Retirements and disposals? Yes/No

(iii) Impairment losses recognised in the statement of profit and loss during the period? Yes/No

(iv) Impairment losses reversed in the statement of profit and loss during the period? Yes/No

(v) Amortisation recognised during the period? Yes/No

(vi) Other change in the carrying amount during the period? Yes/No

13.2) (a) The reasons why it is presumed that the useful life of intangible asset will exceed ten years, if an intangible asset is amortised over more than ten years? Yes/No

(b) A description, the carrying amount and remaining amortisation period of any individual intangible asset that is material to the financial statements of the enterprise as a whole? Yes/No

(c) The existence and carrying amounts of intangible assets whole title is restricted and the carrying amount of intangible asset pledged as security for liabilities? and Yes/No

(d) The amount of commitments for the acquisition of intangible assets? Yes/No

13.3) Aggregate amount of research of development expenditure recognised as an expense during the period? Yes/No

13.4) Description of any fully amortised intangible asset still in use. (optional disclosure)? Yes/No

AS - 27 - Financial Reporting of Interests in Joint Ventures

1) (a) Is the enterprise required to prepare consolidated financial statement? Yes/No

(b) If yes to (a) above, does the enterprise have investments in a joint venture entity? Yes/No

(c) If yes to (b) above, is joint venture entity also considered in the consolidated financial statements? Yes/No

2) (a) Is the joint venture in nature of jointly controlled operations? Yes/No

(b) If yes to (a) above, has the venturer in its separate financial statement as well as in its consolidated financial statements recognised the following

(i) the assets that it controls and the liabilities that it incurs? and Yes/No

(ii) the expenses that it incurs and its share of the income that it earns from the joint venture? Yes/No

3) (a) Is the joint venture in nature of jointly controlled assets? Yes/No

(b) If yes to (a) above, has the venturer in its separate financial statements as well as in its consolidated financial statements recognised the following:

(i) Its share of the jointly controlled assets, classified according to the nature of the assets? Yes/No

(ii) Any liabilities which it has incurred? Yes/No

(iii) Its share of any liabilities incurred jointly with the other venturers in relation to the joint venture? Yes/No

(iv) Any income from the sale or use of its share of the output of the joint venture, together with its share of any expenses incurred by the joint venture? Yes/No and

(v) Any expenses separately incurred for the purpose of the joint venture? Yes/No

4) (a) Is the joint venture in nature of jointly controlled entity? Yes/No

(b) If yes to (a) above, has the venturer in its separate financial statement accounted investment in accordance with AS-13, Accounting for Investments? Yes/No

(c) Has the venturer in its consolidated financial statements reported as a separate line item its interest in the assets, liabilities, income and expenses of the jointly controlled entity by using the proportionate consolidation method? Yes/No

5) Has the venturer in its consolidated financial statements separately disclosed goodwill or capital reserve, considering net asset position of the jointly controlled entity at the date on which interest is acquired? Yes/No

6) (a) Is the investment in joint venture not resulting in joint control? Yes/No

(b) If yes, to (a), has the investor in its consolidated financial statements reported its interest in accordance with

(i) AS-13? or Yes/No

(ii) AS-21? or Yes/No

(iii) AS-23? Yes/No

(c) If yes to (a), has the investor in its separate financial statements accounted for interest in the joint venture as per AS-13? Yes/No

7) Has the venturer disclosed in its separate financial statement the aggregate amounts related to its interest in the jointly controlled entitles

(i) Assets controlled? Yes/No

(ii) Liabilities incurred? Yes/No

(iii) Income that it earns from? Yes/No

(iv) Expenses incurred? Yes/No

8) Has the venturer disclosed in its separate financial statement as well as consolidated financial statements separately the aggregate amount of the following:

(a) (i) Any contingent liabilities it has incurred in relation to its interest in the joint venture? and Yes/No

(ii) Its share in each of the contingent liabilities which have been incurred jointly with other venturers? Yes/No

(b) Its share of the contingent liabilities of the joint ventures themselves for which it is contingently liable? and Yes/No

(c) Those contingent liabilities that arise because the venturer is contingently liable for the liabilities of the other venturers of a joint venture? Yes/No

(d) (i) Any capital commitments of the venturer in relation to its interest in joint venture? and Yes/No

(ii) Its share in the capital commitments that have been incurred jointly with other venturers? Yes/No

(e) Its share of capital commitment of the joint venture themselves? Yes/No

9) Has the venturer in its separate financial statement as well as the consolidated financial statements disclosed:

(a) List of all joint venturers and description of interest in significant joint venturers? Yes/No

(b) In case of jointly controlled entitles,

(i) The proportion of ownership interest? Yes/No

(ii) Name and country of incorporation or residence? Yes/No

AS - 28 - Impairment of Assets

1) Has the enterprise assessed at the balance sheet date whether there is any of the following indication that indicate impairment of an asset

(a) Significant decline in market value of an asset? Yes/No

(b) Significant changes with adverse effect in the technological, market, economic or legal environment in which the enterprise operates? Yes/No

(c) Increase in market interest rates or market rate of return on investment that is likely to affect the discount rate used in calculating an asset’s value in use and decrease the asset’s recoverable amount materially? Yes/No

(d) Carrying amount of the net assets of the enterprise is more than its market capitalisation? Yes/No

(e) Evidence available of obsolescence or physical damage of an asset? Yes/No

(f) Significant change with adverse effect in the extent to which or manner in which an asset is expected to be used such as plan to discontinue or restructure operations, or dispose of an asset before the previously expected date? Yes/No

(g) Evidence that the economic performance of an asset is or will be worse than expected? Yes/No

2) (a) Is the following determined of an asset

(i) Net selling price? or Yes/No

(ii) Value in use of an asset determined? Yes/No

(b) Is the carrying amount of an asset lower than

(i) The net selling price? Yes/No

(ii) The value in use? Yes/No

(c) If yes to (b) above, is the amount by which the carrying amount of an asset exceeds recoverable amount [higher of b (i) & (ii)] considered as an impairment loss? Yes/No

3) Is the net selling price of an asset determined based on

(a) A binding sale agreement? Yes/No

(b) Market price? Yes/No

(c) Best information available to reflect the amount that an enterprise could obtain, at the balance sheet date? Yes/No

4) Is the value in use of an asset measured based on

(a) Cash flow projections based on recent financial budgets/forecasts up to a maximum period of five years? Yes/No

(b) Cash flows projections using a steady or declining growth rate for subsequent years, unless an increasing rate can be justified? Yes/No

(c) Cash flow projections which uses a pre-tax discount rate that takes into adjustment specific risks associated with projected cash flow and takes into account either of the following rates

(i) The enterprise’s weighted average cost of capital determined using techniques such as capital asset pricing model? Yes/No

(ii) Enterprise’s incremental borrowing rate? and Yes/No

(iii) Other market borrowing rates? Yes/No

5) Have the following not been considered in estimating future cash flows

(a) A future restructuring to which enterprise is not yet committed? Yes/No

(b) A future capital expenditure that will improve or enhance the asset in excess of its originally assessed standard of performance? Yes/No

(c) Cash inflows and outflows from financing activities? Yes/No

(d) Income tax receipts or payments? Yes/No

6) (a) Is the impairment loss for an individual asset or for a cash generating unit? Yes/No

(b) If the impairment loss is for an individual asset, has the following been recognised and measured

(i) The carrying amount of an asset reduced to its recoverable amount? Yes/No

(ii) Impairment loss recognised as an expense in the statement of profit and loss immediately? Yes/No

(iii) Impairment loss on a revalued asset is recognised directly against any revaluation surplus for the asset to the extent that the impairment loss does not exceed the amount held in revaluation surplus? Yes/No

(iv) Is depreciation for the asset adjusted in future periods to allocate the assets revised carrying amount less its residual value (if any) on a systematic basis over its remaining useful life? Yes/No

7) (a) If the

(i) Asset’s value in use cannot be estimated to be close to its net selling price? and Yes/No

(ii) The asset does not generate cash inflows from continuing use that are largely independent of those from other assets? Yes/No

(b) If no to above, has the enterprise identified the recoverable amount of the lowest aggregation of assets (cash generating unit) that generate largely independent cash flows from continuing use? Yes/No

8) (a) Is goodwill recognised in the financial statement? Yes/No

(b) Can goodwill be allocated on a reasonable and consistent basis to the cash-generating unit for impairment [bottom-up approach]? Yes/No

(c) If no to (b) above, has the smallest cash-generating unit that includes the cash-generating unit for impairment and to which goodwill can be allocated on reasonable basis been identified (top down approach)? Yes/No

(d) Is impairment loss first allocated to reduce the carrying amount of goodwill allocated to the cash-generating unit and then to other assets of the unit? Yes/No

9) (a) Has the enterprise assessed at each balance sheet date whether there is any indication that impairment loss recognised for an asset in prior accounting period may no longer exist or may have decreased? Yes/No

(b) If yes to (a) above, has the enterprise estimated the recoverable amount of that asset? Yes/No

(c) If the recoverable amount is more than the reduced carrying amount is the carrying amount increased to its recoverable amount? Yes/No

(d) Is the increased carrying amount (due to reversal of impairment) for an individual asset not exceeding the carrying amount that would have been determined (net of depreciation) had no impairment loss been recognised for the asset in prior accounting periods? Yes/No

(e) Is the reversal of impairment of loss for an asset recognised as income immediately in the statement of Profit or Loss except in cases of revalued asset in which case is any reversal of an impairment loss on a revalued asset treated as a revaluation increase? Yes/No

(f) Is depreciation charge after reversal of an impairment loss, adjusted in future periods to allocate the assets revised carrying amount less its residual value (if any) on a systematic basis over its remaining useful life? Yes/No

(g) Is the reversal of an impairment loss for a cash generating unit? Yes/No

(h) If yes to (g) above, is the increase allocated in the following order

(i) First assets other than goodwill? Yes/No

(ii) Then to goodwill, if impairment loss was caused by a specific external event of an exceptional nature that is not expected to recur and subsequent external events have occurred that reverse the effect of that event? Yes/No

(i) Is the carrying amount for a cash-generating unit increased lower of

(i) Its recoverable amount? and Yes/No

(ii) The carrying amount that would have been determined (net of depreciation) had no impairment loss been recognised for the asset in prior accounting periods? Yes/No

10) (a) Have the following disclosures in financial statements for each class of assets made? Yes/No

(i) Amount of impairment losses recognised in the statement of profit and loss during the period and line item(s) of the statement of profit and loss in which those impairment losses are included? Yes/No

(ii) Amount of reversal of impairment losses recognised in statement of profit and loss during the period and the line item(s) of the statement of profit and loss in which those impairment losses are reversed? Yes/No

(iii) The amount of impairment losses recognised directly against revaluation surplus during the period? And Yes/No

(iv) The amount of reversal of impairment losses recognised directly in revaluation surplus during the period? Yes/No

(b) Has the enterprise that applies AS-17, Segment Reporting disclosed the following for each reportable segment based on primary format

(i) Amount of impairment losses recognised in the statement of profit and loss and directly against revaluation surplus during the period? And Yes/No

(ii) Amount of reversal of impairment losses recognised in the statement of profit and loss and directly in revaluation surplus during the period? Yes/No

(c) If impairment loss for an individual asset or a cash-generating unit recognised or reversed during the period is material to the financial statement, as a whole, has the enterprise disclosed:

(i) The events and circumstances that led to the recognition or reversal of the impairment loss? Yes/No

(ii) The amount of the impairment loss recognised or reversed? Yes/No

(iii) For individual asset

— The nature of the asset? and Yes/No

— The reportable segment to which the asset belongs, based on the enterprise’s primary segment? Yes/No

(iv) for a cash-generating unit

— A description of the cash-generating unit (product line, a plant, a business operation, a geographical area, a reportable segment as defined in AS-17)? Yes/No

— The amount of the impairment loss recognised or reversed by class of assets and by reportable segment based on the enterprise’s primary format (AS-17)? Yes/No

— If the aggregation of assets for identifying the cash-generating unit has changed since the previous estimate, the enterprise should describe the current and former way of aggregating assets and the reasons for changing the way the cash-generating unit is identified? Yes/No

(v) Whether the recoverable amount of the asset (cash-generating unit) is its net selling price or its value in use? Yes/No

(vi) If recoverable amount is net selling price, the basis used to determine net selling price? Yes/No

(vii) If recoverable amount is value in use, the discount rate used in the current estimate and previous estimate (in any) of value in use? Yes/No

(d) If impairment losses recognised (reversed) during the period are material in aggregate to the financial statement as a whole, has the enterprise disclosed a brief description of the following?

(i) The main classes of assets affected by impairment losses (reversal) for which no information is disclosed under para 10(c)? Yes/No

(ii) The main events and circumstances that led to the recognition (reversal) of these impairment losses for which no information is disclosed under paragraph 10(c)? Yes/No

(e) Has the enterprise disclosed key assumptions used to determine the recoverable amount of assets (cash-generating units) during the period (optional disclosure)? Yes/No

AS - 29 - Provisions, Contingent Liabilities and Contingent Assets

1) Have the provisions, contingent liability or contingent assets in respect of the following been addressed as per their respective Accounting Standards?

(a) Construction Contracts? (AS-7) Yes/No

(b) Taxes on Income? (AS-22) Yes/No

(c) Leases? (AS-19) Yes/No

(d) Retirement benefits? (AS-15) Yes/No

2) Are all the following conditions been met, when a provision is made;

(a) The enterprise has a present obligation as a result of past event? Yes/No

(b) It is probable that an outflow of resources embodying economic benefit will be required to settle the obligation? and Yes/No

(c) A reliable estimate can be made of the amount of the obligation? Yes/No

3) Have you ensured that

(a) Where it is more likely than not that a present obligation exist at a balance sheet date, the enterprise recognises a provision? Yes/No

(b) Where it is more likely that no present obligation exists at the balance sheet date, the enterprise discloses a contingent liability, unless the possibility of an outflow of resources embodying economic benefits is remote? Yes/No

4) Have you ensured that the enterprise has not;

(a) Recognised any contingent asset? Yes/No

(b) Recognised gains from the expected disposal of assets? Yes/No

(c) Made provisions for future operating losses? Yes/No

5) Have you ensured that provisions have been made in respect of the following liabilities;

(a) Warranties ? Yes/No

(b) Legislation virtual certain to be enacted? Yes/No

(c) Requirements of a licensing agreement; e.g., an offshore oil field to remove the oil rig at the end of production and restore the seabed, where the oil rig has been constructed and where it is estimated that ninety per cent of the eventual cost relate to the removal of oil rig? Yes/No

(d) Where a retail store has a policy of refunding purchases by dissatisfied customers? Yes/No

(e) Guarantees which give rise to a legal obligation? Yes/No

(f) Court cases where the enterprise will be found liable? Yes/No

6) Have you ensured that provisions have not been made in respect of following future liabilities?

(a) Staff training as a result of say change in income tax system? Yes/No

(b) Guarantee given which does not give rise to an obligation? Yes/No

(c) A court case, where enterprise will not be found liable? Yes/No

(d) Refurbishing (future) cost; e.g., cost of relining a furnace every five years where there is no legislation? Yes/No

(e) Refurbishing (future); e.g., overhaul an aircraft once in every three years where there is a legislative requirement? Yes/No

7) Have you at each balance sheet date reviewed the provision and adjusted to reflect the current best estimate? Yes/No

8) Are the following disclosures been made as required by the Accounting Standard;

(i) For each class of provision (not applicable to level III enterprise)

(a) The carrying amount at the beginning and end of the period? Yes/No

(b) Additional provision made in the period? Yes/No

(c) Amount used during the period? and Yes/No

(d) Unused amounts reversed during the period? Yes/No

(ii) For each class of provision (not applicable to level II enterprise)

(a) A brief description of the nature of obligation and the expected timing of any resulting outflows of economic benefits? Yes/No

(b) An indication of the uncertainties about those outflows? Yes/No

(c) The amount of any expected reimbursement, stating the amount of any assets that has been recognised for that expected reimbursement? Yes/No

(iii) For each class of contingent liability along with a brief description

(a) An estimate of its financial effect? Yes/No

(b) An indication of the uncertainties relating to any outflow? Yes/No

(c) The possibility of any reimbursement? Yes/No