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Assignment No, 1 RegdNo, 22207320049 Coarse Codes DEACCSo6 Registration Number: Instractions: a. Attempt all questions given belew in your own handwriting. Ausignment in typed format will not be considered for evaluation. b. The student has to cotaplete the assignment in the allocated pages enly. Any other page in case atilized. shall not be considered. Q1. Infer and explain any five accounting concepts andlor conventions being followed by ITC limited for preparing its financial statements from the following notes to the financial statements of ITC limited. The financial statements have been prepared in accordance with Indian Accounting Standards (Ind AS) notified under Section 133 of the Companies Act, 2013. The financial statements have also been prepared in accordance with the relevant presentation requirements of the Companies. Act, 2013. The Company adopted Ind AS from 1st April, 2016. The financial statements are prepared in accordance with the historical cost convention, except for certain isems that are measured at fair values, as explained in the accounting policios. No significant or material order passed during the year by any regulator, court or tribunal impacting the going concem status of your Company or its future operations, Property, plant and equipment are stated at the cost of acquisition or construction less accumulated depreciation and impaiment if any. The estimated useful lives of property, plant and equipment of the Company are as follows: All assets and Eabilities have been classined as current or non-current as per the Company's normal operating cycle, and other criteria set out in the Schedule III to the Companies Act. 2013 and Ind AS 1 Presentation of Financial Statements based on the nature of products and the time between the acquisition of assets for processing and their realization in cash and cash equivalents. Inventories are stated at lower of cost and net realizable value. The cost is calculated on weighted average method. Cost comprises expenditure incurred in the normal course of business in bringing such inventories to their present location and condition and includes, where applicable, appropriate overheads based on normal level of activity. Net realizable value is the estimated selling price less estimated costs for completion and sale. The functional and presentation currency of the Company is Indian Rupee. Transactions in foreign currency are accounted for at the exchange rate prevailing on the transaction date. Revenue is measured at the fair value of the consideration recelved or recelvable for goods supplied and sorvices rendered, net of returne and discounts to customers. Revenue from the sale of goods and services is recognized when the Company performs its obligations to its customers, irrespective of whether it is received in cash form or not. The amount of revenue can be measured reliably and recowery of the consideration is probable