I. TACT ACADEMY FOR CLINICAL TRAINING (TACT) is a company incorporated under the Companies Act, 1956 as on alarming 13, 2007 having its registered office in the state of Tamilnadu. The company is engaged in the business of providing multi-disciplinary critical care training, clinical training, medical and health education to medical students, general physicians, doctors in the medical art and general public in India.
II. SIGNIFICANT ACCOUNTING POLICIES
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The Accounts are prepared in all material prize in accordance with the generally accepted accounting principles in India and in accordance with the applicable mandatory accounting standards issued by the Institute of Chartered Accountants of India (ICAI) and the relevant provisions of the Companies Act, 1956.
The company is a small and medium sized company (SMC) as defined in General Instructions in respect of accounting Standards notified under the Companies Act, 1956. Accordingly, the company has complied with the Accounting standards as applicable to SMC.
The fellowship adopts accrual basis in the preparation of accounts on a going concern assumption.
Revenue Recognition
The company derives revenues primarily from medical training and other allied services. In accordance with Accounting Standard 9 on Revenue Recognition issued by Institute of Chartered Accountants of India (ICAI), the revenues are recognized on achievement of such services and the collection of the fee is probable.
Royalty income is recognized on accrual basis in accordance with the monetary value of the agreement.
Expenses
The Company provides for all expenses on accrual basis with obligatory provisions for committed obligations.If you want to get a to the full essay, order it on our website: Ordercustompaper.com
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