AS 15 Revised

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Prakash Agrawal (Querist)

15 June 2009 One Contractor is doing Boundary wall work for a SEZ Developer in SEZ area. The contractor is using some materials like cement,concrete etc. while executing the work. Now will this work is Contract for Service only or does it fall in Works Contract category.

Thanks

Manjay Jha

Manjay Jha (Querist)

15 June 2009 Whether company has to do acturial valuation in terms of AS 15, even though the same has been done by the LIC of India, with whom compnay has maintained post retirment fund like gratuity & Superannuation.

Matter is very urgent......Pls reply urgently..

Vipul J. Bhavsar

Vipul J. Bhavsar (Expert)

15 June 2009 I think a company who has appointed an Consultant (in this case LIC) to look up and maintain the issues related to Gratuity, superannuation etc. need not maintain such valuation separately. In this case the valuation and accordingly the expenditure that should be amortised or to be shown in P&L account is done by LIC. Also it must be certified from LIC so that reliance can be placed on that.
However, in order to keep a watch whether everything is proper and alright one may keep the record on its own.