UP Hotels Ltd has informed that in the limited review report of the Company for the quarter ended September 30, 2007, the Auditors of the Company have made the following observations:
1. The Company has not ascertained / accounted for deferred tax asset / liability as at the end of the quarter which is not in accordance with Accounting Standard (AS) 22 Accounting for Taxes on Income. It is stated by the management that the deferred tax will be accounted for at the close of the financial year.
2. Consequent to Accounting Standard (AS) 15 becoming mandatory, the transitional liability, if any, is in the process of being computed and would be adjusted against the opening reserves. This does not have any impact on the results for the quarter. The expenses for quarter have been provided for on best estimates basis.
3. Accordingly, the resultant impact of above on the profit for the quarter / half year ended September 30, 2007 and its impact on basic / diluted earnings per share has not been ascertained.
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1 comment:
Good post.
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