Infomedia India Ltd has informed that in the limited review report of the Company for the quarter ended December 31, 2007, the Auditors of the Company have made the following observations:
1. As stated in Note 10 to the Statement of Standalone Unaudited Results, the Company has not computed and adjusted the incremental liability in respect of leave encashment as at April 01, 2007 arising on account of implementation of Revised Accounting Standard (AS) 15 on Employee Benefits. This is not in accordance with the transitional provisions of Revised AS 15. Further the amount debited to the profit and loss account for the quarter ended December 31, 2007 includes impact for the preceding two quarters, amount of which has not been ascertained by the Company. The impact of this on the results of the quarter and the nine months ended December 31, 2007 cannot be ascertained.
2. As stated in Note 6 to the Statement of Standalone Unaudited Results, the Company is in the process of reconciling balances in respect of debtors and advances received from debtors. These unaudited financial results do not include the effect of adjustments, if any, which may be required on completion of such reconciliation.
1. As stated in Note 10 to the Statement of Standalone Unaudited Results, the Company has not computed and adjusted the incremental liability in respect of leave encashment as at April 01, 2007 arising on account of implementation of Revised Accounting Standard (AS) 15 on Employee Benefits. This is not in accordance with the transitional provisions of Revised AS 15. Further the amount debited to the profit and loss account for the quarter ended December 31, 2007 includes impact for the preceding two quarters, amount of which has not been ascertained by the Company. The impact of this on the results of the quarter and the nine months ended December 31, 2007 cannot be ascertained.
2. As stated in Note 6 to the Statement of Standalone Unaudited Results, the Company is in the process of reconciling balances in respect of debtors and advances received from debtors. These unaudited financial results do not include the effect of adjustments, if any, which may be required on completion of such reconciliation.
No comments:
Post a Comment