Haryana Financial Corporation 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. The Corporation has changed its system of accounting from Cash basis to Mercantile system of accounting w.e.f. April 01, 2007 with the exception of interest accrued on Non Performance assets which has been accounted for on receipt basis. Accordingly all the accrued liabilities and assets have been recognised as on December 31, 2007 and consequential impact on income and expenditure accounts have been taken and it has resulted in increase of income of the Corporation by Rs 11.74 crores for the nine months period ended on December 31, 2007.
2. The figures for the year ended March 31, 2007 have been taken from the last results published earlier which were prepared on the cash system of accounting.
1. The Corporation has changed its system of accounting from Cash basis to Mercantile system of accounting w.e.f. April 01, 2007 with the exception of interest accrued on Non Performance assets which has been accounted for on receipt basis. Accordingly all the accrued liabilities and assets have been recognised as on December 31, 2007 and consequential impact on income and expenditure accounts have been taken and it has resulted in increase of income of the Corporation by Rs 11.74 crores for the nine months period ended on December 31, 2007.
2. The figures for the year ended March 31, 2007 have been taken from the last results published earlier which were prepared on the cash system of accounting.
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