ICDS Disclosures - KL Aggarwal

ICDS Disclosures as per clause (f) in Form 3CD

ICDS No.	ICDS Name	Disclosure Requirement as per ICDS	Draft Disclosures in Form 3CD Clause 13(f)
I	Accounting Policies	-All significant accounting policies adopted by a person – Specific disclosure is required only if fundamental assumption of going concern, consistency and accrual not followed.	Refer to Note No…… for significant accounting policies in attached financial statements.
II	Valuation of Inventories	The accounting policies adopted in measuring inventories including the cost formulae used. Where Standard Costing has been used as a measurement of cost, details of such inventories and a confirmation of the fact that standard cost approximates the actual cost.	Inventories are valued at Cost or NRV whichever is lower : Determination of Method:- -Weighted Average or -First In First Out Techniques of Valuation:- -Specific Identification method or -Standard Costing Method or – Retail Price Method Inventory has been valued as per exclusive method however as per the Guidance Note on Tax Audit (issued by ICAI), even we can value the inventory on Inclusive Method basis, the same will be tax neutral
		The total carrying amount of inventories and its classification appropriate to a person.	Total amount of inventory with bifurcation · Raw Material · WIP · Finished Goods · Spares (Clause of financial statement may also be referred)
III	Construction Contracts	The amount of contract revenue recognised as revenue in the period; and the methods used to determine the stage of completion of contracts in progress. For contracts in progress at the reporting date, namely:— o Amount of costs incurred and recognised profits (less recognised losses) upto the reporting date; o Amount of advances received; and o Amount of retentions.	Total Amount recognized as contract revenue in the current financial year is Rs XX,xxx · Proportion of contract cost with respect to estimated contract cost method/surveys of work performed method/physical proportion method has been used to determine the stage of completion of contracts in progress, for calculation of percentage of completion
IV	Revenue Recognition	In a transaction involving sale of good, total amount not recognised as revenue during PY due to lack of reasonably certainty of its ultimate collection along with nature of uncertainty; Amount of revenue from service transaction recognised as revenue during the PY; Method used to determine the stage of completion of service transactions in progress; and For service transactions in progress at end of PY: o Amount of costs incurred and recognised profits (less recognised losses) upto end of PY; o Amount of advances received; and; O Amount of retentions.	Rs XX,xx amount was not recognized due to lack of reasonable certainty (Reasons to be Given) -Amount of service revenue is to be shown There is no service transaction in progress at the end of the previous year. OR Revenue from service contracts with duration of not more than ninety days has been recognised when the rendering of services under that contract is completed or substantially completed. OR Proportion of contract cost with respect to estimated contract cost method/surveys of work performed method/physical proportion method has been used to determine the stage of completion of contracts in progress, for calculation of percentage of completion OR when services are provided by an indeterminate number of acts over a specific period of time, revenue has been recognised on a straight line basis over the specific period.
V	Tangible Fixed Assets	– Description of asset or block of assets -Rate of depreciation Actual cost or written down value, as the case may be -Additions or deductions during the year with dates; in the case of any addition of an asset, date put to use; including adjustments on account of— Rules, 2004; · Central Value Added Tax credit claimed and allowed under the CENVAT Credit Rules, 2004; · change in rate of exchange of currency; · subsidy or grant or reimbursement, by whatever name called -Depreciation allowable -Written down value at the end of year	-As per clause 18 of Tax audit report -Depreciation effect due to change in rates as per books and IT Act is to be taken as per S. 32 in computation of income hence not disclosed in ICDS (In case of companies only)
VII	Governments Grants	-Nature and extent of Government grants recognised during the previous year by way of deduction from the actual cost of the asset or assets or from the written down value of block of assets during the previous year; -Nature and extent of Government grants recognised during the previous year as income; -Nature and extent of Government grants not recognised during the previous year by way of deduction from the actual cost of the asset or assets or from the written down value of block of assets and reasons thereof; and -Nature and extent of Government grants not recognised during the previous year as income and reasons thereof.	Nature and extent of Government grants recognised during PY: -As income; -By way of deduction from actual cost of asset(s) or from WDV of block of assets and reasons thereof; -Not recognised during the PY as income and reasons thereof.
IX	Borrowing Costs	Accounting policy adopted for borrowing costs -Amount of borrowing costs capitalised during the previous year.	Refer to the Significant Accounting Policies mentioned at Note No. _ to the Financial Statements (Significant Accounting Policy for Borrowing Costs) • For borrowing costs capitalised during the previous year refer Note No. __ to Financial Statements (Note for borrowing costs capitalised during the previous year at year end)
X	Provisions, Contingent Liabilities & Contingent Assets	In respect of each class of provisions: -Brief description of the nature of the obligation; -Carrying amount at the beginning and end of the PY; -Additional provisions made during the PY, including increases to existing provisions; Amounts used, that is incurred and charged against the provision, during the PY; -Unused amounts reversed during the PY; and -Amt. of any expected reimbursement, stating amt of asset that is recognised for that expected reimb. -In respect of Contingent Assets: -Brief description of the nature of the asset and related income; -Carrying amount of asset at the beginning and end of the PY; -Additional amount of asset and related income recognised during the year, including increases to assets and related income already recognised; and -Amount of asset and related income reversed during the PY.	In respect of each class of provisions: • Brief description of the nature of the obligation; • Carrying amount at the beginning and end of the PY; • Additional provisions made during the PY, including increases to existing provisions; • Amounts used, that is incurred and charged against the provision, during the PY; • Unused amounts reversed during the PY; and • Amt. of any expected reimbursement, stating amt. of asset that is recognised for that expected reimbursements In respect of Contingent Assets: • Brief description of the nature of the asset and related income; • Carrying amount of asset at the beginning and end of the PY; • Additional amount of asset and related income recognised during the year, including increases to assets and related income already recognised; and • Amount of asset and related income reversed during the PY.