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Annexure-V- Cover Page for Academic Tasks

Course Code: ACC312 Course Title: Advance Accounting

Course Instructor: Dr. Sachin

Academic Task No.: 01 Academic Task Title: Gujrat Mineral D.C.

Date of Allotment: 05-02-2022 Date of submission: 17-02-2022

Student’s Roll no: Q4e65 Reg. 120204

Evaluation Parameters: (Parameters on which student is to be evaluated- To be mentioned by students as
specified at the time of assigning the task by the instructor)

Declaration:

I declare that this Assignment is my individual work. I have not copied it from any other student ‟s work or
from any other source except where due acknowledgement is made explicitly in the text, nor has any part been
written for me by any other person.
Evaluator’scomments (For Instructor’s use only)

General Observations Suggestions for Improvement Best part of assignment

Evaluator‟s Signature and Date:

Marks Obtained: Max. Marks: …………………………

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Company Profile
Batting a Glorious Fifty is not a small achievement for any one, whether it is the Batsman or a Corporate.
GMDC was incorporated on 15th May, 1963 to develop major Mineral Resources in the State and it started
with a Silica Sand Quarrying Plant near Surajdeval (Dist. Surendranagar) for crushing and screening of Silica
Sand required for Glass Industry. From this humble beginning, GMDC today boasts of a vast array of Mineral
Portfolio in its mineral rich basket.

The Fledgling State acutely needed to have a rapid Industrial Development, which required Fuel and Energy
resources. This motive inspired the state to incorporate a Public Sector Company that would target exclusive
development of Mineral Resources endowed on the state. Thus, began a historical journey which has today
reached a milestone of Glorious fifty eight years.

Mission of Company
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Company Products
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Competitors
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Board of Director

Identification of Accounting Standards

The Consolidated Financial Statements of the Company have been prepared in acc
accordance
ordance with relevant
Accounting Standards (AS) viz. AS 21, AS 23 and AS 27 issued by the Institute of Chartered Accountants of
India form part of this Annual Report.
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AS 21 financial statements.

This Standard does not deal with:

(a) methods of accounting for amalgamations and their effects on consolidation, including goodwill arising on
amalgamation (see AS 14, Accounting for Amalgamations)

(b) accounting for investments in associates (at present governed by AS 13, Accounting for Investments2 )
and (c) accounting for investments in joint ventures (at present governed by AS 13, Accounting for
Investments3 )

Accounting Standard (AS) 23, ‘Accounting for Investments in Associates in Consolidated Financial
Statements’, specifies the requirements relating to accounting for investments in associates in Consolidated
Financial Statements. 3 Accounting Standard (AS) 27, ‘Financial Reporting of Interests in Joint Ventures’,
specifies the requirements relating to accounting for investments in joint ventures.

Accounting Standard – AS 24

The objective of this Standard is to establish principles for reporting information about discontinuing
operations, thereby enhancing the ability of users of financial statements to make projections of an
enterprise’s cash flows, earnings-generating capacity, and financial position by segregating information about
discontinuing operations from information about continuing operations.

Scope

This Standard applies to all discontinuing operations of an enterprise. 2. The requirements related to
cash flow statement contained in this Standard are applicable where an enterprise prepares and
presents a cash flow statement.

Accounting Standard – AS 29

Provisions, Contingent Liabilities and Contingent Assets

Objective
The objective of this Standard is to ensure that appropriate recognition criteria and measurement bases
are applied to provisions and contingent liabilities and that sufficient information is disclosed in the
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notes to the financial statements to enable users to understand their nature, timing and amount. The
objective of this Standard is also to lay down appropriate accounting for contingent assets.

Accounting Standard (AS) 22

Accounting for Taxes on Income (This Accounting Standard includes paragraphs set in bold italic type and
plain type, which have equal authority. Paragraphs in bold italic type indicate the main principles. This
Accounting Standard should be read in the context of its objective and the General Instructions contained in
part A of the Annexure to the Notification.)

Objective

The objective of this Standard is to prescribe accounting treatment for taxes on income. Taxes on income are
one of the significant items in the statement of profit and loss of an enterprise. In accordance with the
matching concept, taxes on income are accrued in the same period as the revenue and expenses to which they
relate. Matching of such taxes against revenue for a period poses special problems arising from the fact that in
a number of cases, taxable income may be significantly different from the accounting income. This
divergence between taxable income and accounting income arises due to two main reasons. Firstly, there are
differences between items of revenue and expenses as appearing in the statement of profit and loss and the
items which are considered as revenue, expenses or deductions for tax purposes. Secondly, there are
differences between the amount in respect of a particular item of revenue or expense as recognized in the
statement of profit and loss.
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Accounting Standard (AS) 17

Accounting standard 17 deals with segment reporting that was established to help better understand
performance risk and returns of an enterprise. It deals with the provisions pertaining to the reporting of
segment information in order to meet the needs of the users of the financial statements.

Applicability of AS 17
Following are the categories of entreprises to which accounting standard 17 applies for a given accounting
period:

 entreprises with equity or debt securities listed in India and outside India
 entreprises in the process of listing their equity or debt securities as acknowledged by board of
directors
 banks including cooperative banks
 financial institutions
 enterprises into insurance business
 Enterprises having turnover exceeding Rs. 50 crores immediately preceding the accounting period.
Here turnover does not include other income
 enterprises having borrowings including public deposits exceeding Rs. 10 cores during a given
accounting period

Employee Stock Option Plan

The Company has not provided any Stock Option Scheme to the employees.
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Interpret the information of Accounting Standard

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