The Joint Electricity Regulatory Commission for the State of Goa and Union Territories (Form of Annual Statement of Accounts and Records) Rules, 2016

Published vide Notification No. G.S.R. 316 (E), dated 17th March, 2016

act2900

Ministry of Power

G.S.R. 316 (E). - Whereas the Joint Electricity Regulatory Commission for Union Territories was constituted by the Central Government by notification published in the Gazette of India, Extraordinary, Part II, section 3, subsection (ii), vide number S.O.643(E) dated the 2nd May, 2005; And whereas, after the State Government of Goa agreed to join the said Joint Commission and authorised the Central Government in this behalf under section 83 of the Electricity Act, 2003 (36 of 2003), the Central Government by notification published in the Gazette of India, Extraordinary, Part II, section 3, sub-section (ii), vide number S.O.1271(E), dated the 30th May, 2008 has facilitated the State of Goa to join the said Joint Commission; Now, therefore, the Central Government, in exercise of powers conferred by section 104 and clause (h) of sub-section (2) of section 180 of the Electricity Act, 2003 (36 of 2003), and in consultation with the Comptroller and Auditor-General of India, hereby makes the following rules, namely:- 1. Short title and commencement. - (1) These rules may be called the Joint Electricity Regulatory Commission for the State of Goa and Union Territories (Form of Annual Statement of Accounts and Records) Rules, 2016. (2) They shall come into force on the date of their publication in the Official Gazette. 2. Definitions. - (1) In these rules, unless the context otherwise requires, - (a) "Accounts Officer" means an Officer responsible for maintenance of accounts and preparation of annual accounts as nominated by the Chairperson of the Joint Commission;

(b) "Act" means the Electricity Act, 2003 (36 of 2003);

(c) "Audit Officer" means the Comptroller and Auditor-General of India or any Officer appointed by him in connection with the audit of accounts of the Joint Commission;

(d) "Chairperson" means the Chairperson of the Joint Commission;

(e) "financial year" means a period not exceeding twelve calendar months commencing on the 1st day of April of a year and ending on the 31st day of March of the successive year;

(f) "Form" means a Form annexed to these rules;

(g) "Joint Commission" means the Joint Electricity Regulatory Commission for the State of Goa and Union Territories constituted under section 83 of the Act;

(h) "Member" means a Member of the Joint Commission;

(i) "Participating State" means the State of Goa;

(j) "Participating Union Territory" means any Union Territory, except Delhi;

(k) "Schedule" means the Schedule annexed to these rules;

(l) "Secretary" means the Secretary of the Joint Commission.

(2) Words and expressions used herein and not defined but defined in the Act, shall have the meanings respectively assigned to them in that Act. 3. Accounts of Commission. - (1) The Joint Commission shall prepare the annual statement of accounts for every financial year and the Secretary of the Joint Commission may authorise an Officer of the Joint Commission to prepare the account on his behalf. (2) The Secretary of the Joint Commission shall supervise the maintenance of the accounts of the Joint Commission, the compilation of financial statement and return, and shall ensure that all accounts, books, connected vouchers and other documents and papers of the Joint Commission required by the Audit Officer for the purpose of auditing the accounts of the Joint Commission are placed at the disposal of that Officer. (3) The Secretary of the Joint Commission shall submit the annual statement of accounts duly approved by the Joint Commission and certified by the Audit Officer, to the Central Government and the participating State Government by such date as may be specified by the Central Government. (4) The Joint Commission shall prepare the following accounts, namely:- (a) receipt and payment account;

(b) income and expenditure account;

(5) The Secretary of the Joint Commission shall be the authorised signatory to sign and authenticate the receipt and payment accounts, the income and expenditure accounts and the balance sheet. (6) The Secretary of the Joint Commission shall also submit the annual statement of accounts to the Audit Officer on or before the 30th day of June following the year to which the accounts relate and the Audit Officer shall audit the accounts of the Joint Commission and submit his report thereon. (7) Save as otherwise provided, the Joint Commission shall submit the statement of accounts in the Forms annexed to these rules for the period from the date of its constitution till the 31st March, 2015 to the Audit Officer within three months from the date of publication of these rules in the Official Gazette. (8) The Joint Commission shall, on receipt of the report of the audit, correct any defect or irregularity mentioned therein and give a report to the Central Government and the Audit Officer about the action taken by it thereon. 4. Form and time of preparation of annual statement of accounts of Commission. - (1) The Joint Commission shall prepare the annual statement of accounts for every financial year which shall comprise of the following, namely:- (i) balance sheet;

(ii) income and expenditure account;

(iii) schedules to the above financial statements;

(iv) instructions and accounting principles;

(v) notes and instructions for the Schedules; and

(vi) statement of receipts and payments.

(2) The annual statement of accounts shall be prepared as per the Forms specified in Schedule-I and Schedule-IV, in accordance with the Instructions and Accounting Principles and the Notes and Instructions specified in the Schedule-II and Schedule-III respectively, as devised by the Committee of Experts on Uniform Format of Accounts for Central autonomous bodies appointed on the recommendation of the Parliamentary Committee on Papers Laid on the Table. (3) The annual statement of accounts shall be finalised by the Joint Commission within three months following the financial year to which the accounts relate. 5. Approval of annual statement of accounts. - (1) Within three months after the end of the financial year, the Accounts Officer shall prepare the annual statement of accounts and the Secretary shall submit the same to the Joint Commission for its approval and after the approval of the Joint Commission, the annual statement of accounts shall be forwarded to the Comptroller and Auditor-General or any other person appointed by him for audit. (2) The accounts of the Joint Commission shall be authenticated by the Chairperson, one Member dealing with the Finance and the Secretary of the Joint Commission. 6. Preservation of records of accounts, etc. - (1) The Joint Commission shall preserve the records of balance sheet, income and expenditure accounts and receipts and payments account prepared under these rules for a minimum period of ten years. (3) The books of accounts and other relevant records shall be kept in the office of the Joint Commission and it shall be the responsibility of the Accounts Officer to ensure that the books of accounts and other relevant records are properly maintained and securely preserved in safe custody and produced to Audit as and when required. 7. Authorised signatory. - The balance sheet, income and expenditure accounts and receipts and payments account shall be signed by the Director (Administration) or any other Officer authorised by the Joint Commission.

Schedule - I

Form A

[See rule 4(2)]

Name of Entity : Joint Electricity Regulatory Commission for the State of Goa and Union Territories

Balance Sheet As At_______________________________

(Amount-Rs.)

	Schedule	Current Year	Previous Year
Corpus/ Captial Fund And Liabilities Corpus/Capital Fund Reserves and Surplus Earmarked/ Endowment Funds Secured Loans and Borrowings Unsecured Loans and Borrowings Deferred Credit Liabilities Current Liabilities and Provisions	1 2 3 4 5 6 7
Total
Assests Fixed assets Investments – from earmarked/endowment funds Investment -others Current Assets, Loans and Advances, etc. Miscellaneous expenditure (to the extent not written off or adjusted)	8 9 10 11
Total
Significant accounting policies Contingent liabilities and Notes on Accounts	24 25

Form B

[See rule 4(2)]

Name of Entity : Joint Electricity Regulatory Commission for the State of Goa and Union Territories

Income and Expenditure Account for The Period/year Ended ------------

(Amount-Rs.)

	Schedule	Current Year	Previous Year
Income Income from Sale / Services Grants/ Subsidies Fees/ Subscriptions Income from Investments (income on invest. from earmarked/endow. funds transferred to funds) Income from royalty, publication etc. Interest earned Other income Increase/ (decrease) in stock of finished goods and works-in-progress	12 13 14 15 16 17 18 19
Total(A)
Expenditure Establishment Expenses Other Administrative Expenses etc. Expenditure on Grants, Subsidies etc. Interest Depreciation (net total at the year-end corresponding to Schedule 8)	20 21 22 23
Total(B)
Balance being excess of Income over Expenditure (A-B) Transfer to Special Reserve (Specify each) Transfer to / from General Reserve
Balance being surplus/ (deficit) carried to corpus/capital fund
Significant accounting policies Contingent liabilities and Notes on Accounts	24 25

Form C

[See rule 4(2)]

Name of Entity : Joint Electricity Regulatory Commission for the State of Goa and Union territories

Schedules Forming Part of Balance Sheet As At____________________

(Amount-Rs.)

Current Year

Previous Year

Schedule 1- Corpus/Captial Fund:

Balance as at the beginning of the year

Add: Contributions towards Corpus/Capital Fund

Add/(Deduct): Balance of net income/ expenditure) transferred from the

Income and Expenditure Account

Balance as The Year –end

Form D

[See rule 4(2)]

Name of Entity : Joint Electricity Regulatory Commission for the State of Goa and Union territories

Schedules Forming Part of Balance Sheet as At____________________

(Amount-Rs.)

Current Year

Previous Year

Schedule 2-Reserves and Surplus:

1. Capital Reserve:

As per last Account

Addition during the year

Less: Deductions during the year

2. Revaluation Reserve:

As per last Account

Addition during the year

Less: Deductions during the year

3. Special Reserves:

As per last Account

Addition during the year

Less: Deductions during the year

4. General Reserve:

As per last Account

Addition during the year

Less: Deductions during the year

Total

Form E

[See rule 4(2)]

Name of Entity : Joint Electricity Regulatory Commission for the State of Goa and Union territories

Schedules Forming Part of Balance Sheet as At____________________

(Amount - R.)

	Fund –wise Break UP Totals				Totals
	Fund WW	Fund XX	Fund YY	Fund ZZ	Current Year	Previous Year
Schedule 3-Earmarked/endowment Funds (a) Opening balance of the funds (b) Additions to the funds: i. Donations/grants ii. Income from investments made on account of funds iii. Other additions (specify nature)
Total (a+b)
(c) Utilization/Expenditure towards objectives of funds i. Capital Expenditure - fixed assets - others Total ii. Revenue Expenditure - salaries, wages and allowances etc. - rent - other administrative expenses Total
Total (c)
Net Balance as at The Year –end (a+ b-c)
Notes: (1) Disclosures shall be made under relevant heads based on conditions attaching to the grant. (2) Plan Funds received from the Central/State Governments are to be shown as separate funds and not to be mixed up with any other funds.

Form F

[See rule 4(2)]

Name of Entity : Joint Electricity Regulatory Commission for the State of Goa and Union territories

Schedules Forming Part of Balance Sheet as at____________________

(Amount - Rs.)

	Current Year	Previous Year
Schedule 4 – Secured Loans and Borrowings: 1. Central Government 2. State Government (specify) 3. Financial Institutions (a) Term Loans (b) Interest accrued and due 4. Banks: (a) Term Loans - Interest accrued and due (b) Other Loans (specify) - Interest accrued and due 5. Other Institutions and Agencies 6. Debentures and Bonds 7. Others (specify)
Total
Note : Amounts due within one year

Form G

[See rule 4(2)]

Name of Entity : Joint Electricity Regulatory Commission for the State of Goa and Union territories

Schedules Forming Part of Balance Sheet as at____________________

(Amount - Rs.)

	Current Year	Previous Year
Schedules 5-Unsecured Loans and Borrowings 1. Central Government 2. State Government (specify) 3. Financial institutions 4. Banks: (a) term loans (b) other loans (specify) 5. Other institutions and agencies 6. Debentures and bonds 7. Fixed deposits 8. Other (specify)
Total
Note : Amounts due within one year

Form H

[See rule 4(2)]

Name of Entity : Joint Electricity Regulatory Commission for the State of Goa and Union territories

Schedules Forming Part of Balance Sheet as At____________________

(Amount - Rs.)

	Current Year	Previous Year
Schedule 6- Deferred Credit Liabilities: (a) Acceptances secured by hypothecation of capital equipment and other assets (b) Others
Total
Note : Amounts due within one year

Form I

[See rule 4(2)]

Name of Entity : Joint Electricity Regulatory Commission for the State of Goa and Union territories

Schedules Forming Part of Balance Sheet as At____________________

(Amount - Rs.)

	Current Year	Previous Year
Schedules 7-Current Liabilities And Provisions A. Current Liabilities 1. Acceptances 2. Sundry creditors: (a) For Goods (b) Others 3. Advances received 4. Interest accrued but not due on: (a) Secured loans/borrowings (b) Unsecured loans/borrowings 5. Statutory Liabilities: (a) Overdue (b) Others 6. Other current liabilities
Total (A)
B. Provisions 1. For taxation 2. Gratuity 3. Superannuation/pension 4. Accumulated leave encashment 5. Trade warranties/claims 6. Others (specify)
Total (B)
Total (A+B)

Form J

[See rule 4(2)]

Name of Entity : Joint Electricity Regulatory Commission for the State of Goa and Union Territories

Schedules Forming Part of Balance Sheet as At____________________

(Amount - Rs.)

Schedule 8 – Fixed Assests
Description	Gross Block				Depreciation				Net Block
Description	Cost/Valuation as at the beginning of the year	Additions during the year	Deductions during the year	Cost/ Valuation at the year end	As at the beginning of the year	On Additions During the year	On deductions during the year	Total up to the year end	As at the current year end	As at the previous year end
1. Land (a) Freehold (b) Leasehold 2. Buildings: (a) On Freehold Land (b) On leasehold land (c) Ownership flats/premises (d)superstruc tures on land not belonging to the entity 3. Plant, machinery and equipment 4. Vehicles 5. Furniture and fixtures a. Office equipment b. Computer peripherals c. Electric installations d. Library books e. Tube wells and water supply 6. Other fixed assets
Total of current year
Previous year
B. Capital Wori-In-Progress
Total
(Note to be given as to cost of assets on hire purchase basis included above)

Form K

[See rule 4(2)]

Name of Entity : Joint Electricity Regulatory Commission for the State of Goa and Union Territories

Schedules Forming Part of Balance Sheet as At____________________

(Amount - Rs.)

Current Year

Previous Year

Schedule 9- Investments From Earmarked/endowment Funds

1. In Government securities

2. Other approved securities

3. Shares

4. Debentures and bonds

5. Subsidiaries and joint Ventures

6. Others (to be specified)

Total

Form L

[See rule 4(2)]

Name of Entity : Joint Electricity Regulatory Commission for the State of Goa and Union Territories

Schedules Forming Part of Balance Sheet as At____________________

(Amount - Rs.)

Current Year

Previous Year

Schedule 10- Investments - Others

1. In Government securities

2. Other approved securities

3. Shares

4. Debentures and bonds

5. Subsidiaries and joint Ventures

6. Others (to be specified)

Total

Form M

[See rule 4(2)]

Name of Entity : Joint Electricity Regulatory Commission for the State of Goa and Union Territories

Schedules Forming Part of Balance Sheet as At____________________

(Amount - Rs.)

	Current Year	Previous Year
Schedule 11- Current Assets, Loans, and Advances Etc. A. Current Assets: 1. Inventories: (a) Stores and Spares (b) Loose Tools (c) Stock–in-trade Finished Goods Work-in-Progress Raw Materials 2. Sundry Debtors: (a) Debts Outstanding for a period exceeding six months (b) Others 3. Cash balances in hand(including cheques/drafts and imprest) 4.Bank Balances: (a) With Scheduled Banks: -On Current Accounts -On Deposit Account (includes margin money) -On Saving Accounts (b) With non-Scheduled Banks: -On Current Accounts -On Deposit Accounts -On Saving Accounts 5. Post Office – Saving Accounts
Total (A)
B. Loans, Advances and Other Assets 1. Loans: (a) Staff (b) Other entities engaged in activities/ objectives similar to that of the Entity (c) Other (specify) 2. Advances and other amounts recoverable in cash or in kind or for value to be received: (a) On Capital Account (b) Prepayments (c) Others 3. Income Accrued: (a) On Investments from Earmarked/Endowment Funds (b) On Investments – Others (c) On Loans and Advances (d) Others (includes income due unrealized- Rs…) 4. Claims Receivable
Total (B)
Total (A+B)

Form N

[See rule 4(2)]

Name of Entity : Joint Electricity Regulatory Commission for the State of Goa and Union Territories

Schedules Forming Part of Income and Expenditure for The Period/year Ended ----- -----------------

(Amount - Rs.)

Current Year

Previous Year

Schedule 12- Income From Sales/services

(1) Income from Sales

(a) Sale of finished goods

(b) Sale of raw material

(2) Income from Services

(a) Labour and processing charges

(b) Professional/consultancy services

(d) Maintenance services (equipment/property)

(e) Others (specify)

Total

Form O

[See rule 4(2)]

Name of Entity : Joint Electricity Regulatory Commission for the State of Goa and Union Territories

Schedules Forming Part of Income and Expenditure for The Period/year Ended ----- -----------------

(Amount - Rs.)

Current year

Previous year

Schedule 13- Grants/subsidies

(Irrevocable grants & subsidies received)

(1) Central Government

(2) State Government(s)

(3) Government agencies

(4) Institutions/ welfare bodies

(5) International organizations

(6) Others (specify)

Total

Form P

[See rule 4(2)]

Name of Entity : Joint Electricity Regulatory Commission for the State of Goa and Union Territories

Schedules Forming Part of Income and Expenditure for The Period/year Ended ----- -----------------

(Amount - Rs)

	Current year	Previous year
Schedule 14- Fees/subcriptions (1) Entrance fees (2) Annual fees/subscriptions (3) Seminar/program fees (4) Consultancy Fees (5) Others (specify)
Total
Note – Accounting policies towards each item are to be disclosed

Form Q

[See rule 4(2)]

Name of Entity : Joint Electricity Regulatory Commission for the State of Goa and Union Territories

Schedules Forming Part of Income and Expenditure for The Period/year Ended ----- -----------------

(Amount - Rs)

	Current Year	Previous Year
Schedule 15- Income From Investments (Income on Invest. from earmarked/endowment funds transferred to funds) (1) Interest (a) On Government securities (b) Other bonds/debentures (2) Dividends: (a) On shares (b) On mutual fund securities (3) Rents (4) Others (specify)
Total
Transferred To Earmarked/endowment Funds

Form R

[See rule 4(2)]

Name of Entity : Joint Electricity Regulatory Commission for the State of Goa and Union Territories

Schedules Forming Part of Income and Expenditure for The Period/year Ended ----- -----------------

(Amount - Rs)

Current Year

Previous Year

Schedule 16- Income From Royalty, Publicatio Etc.

(1) Income from royalty

(2) Income from publications

(3) Others (specify)

Total

Form S

[See rule 4(2)]

Name of Entity : Joint Electricity Regulatory Commission for the State of Goa and Union Territories

Schedules Forming Part of Income and Expenditure for The Period/year Ended ----- -----------------

(Amount - Rs.)

	Current Year	Previous Year
Schedule 17- Interest Earned (1) On Term Deposits: (a) With scheduled banks (b) With non-scheduled banks (c) With institutions (d) Others (2) On Savings Accounts: (a) With scheduled banks (b) With non-scheduled banks (c) Post Office savings accounts (d) Others (3) On Loans: (a) Employees/ staff (b) Others (4) Interest on Debtors and Other Receivables
Total
Note – Tax deducted at source to be indicated

Form T

[See rule 4(2)]

Name of Entity : Joint Electricity Regulatory Commission for the State of Goa and Union Territories

Schedules Forming Part Of Income and Expenditure for The Period/year Ended ----- -----------------

(Amount - Rs.)

Current Year

Previous Year

Schedule 18- Other Income

(1) Profit on Sale/disposal of Assets:

(a) Owned assets:

(b) Assets acquired out of grants, or received free of cost

(2) Export incentives realized

(3) Fees for miscellaneous service

(4) Miscellaneous income

Total

Form U

[See rule 4(2)]

Name of Entity : Joint Electricity Regulatory Commission for the State of Goa and Union Territories

Schedules Forming Part of Income and Expenditure for The Period/year Ended ----------------------

(Amount - Rs.)

Current Year

Previous Year

Schedule 19- Increase/(Decrease) In Stock Of Finished Goods &Work In Progress

(a) Closing stock

- Finished goods

- Work-in--progress

(b) Less: Opening stock

- Finished goods

- Work-in-progress

Net Increase /(Decrease) [a-b]

Form V

[See rule 4(2)]

Name of Entity : Joint Electricity Regulatory Commission for the State of Goa and Union Territories

Schedules Forming Part of Income and Expenditure for The Period/year Ended ----- -----------------

(Amount - Rs.)

Current Year

Previous Year

Schedule 20- Establishment Expenses

(a) Salaries and wages

(b) Allowances and bonus

(d) Contribution to other fund (specify)

(e) Staff welfare expenses

(f) Expenses on employees’ retirement and terminal benefits

(g) Others (specify)

Total

Form W

[See rule 4(2)]

Name of Entity : Joint Electricity Regulatory Commission for the State of Goa and Union Territories

Schedules Forming Part of Income and Expenditure for The Period/year Ended ----- -----------------

(Amount - Rs.)

Schedule 21- Other Administrative Expenses Etc.

(a) Purchases

(b) Labour and processing expenses

(d) Electricity and power

(e) Water charges

(f) Insurance

(g) Repairs and maintenance

(h) Excise duty

(i) Rent, rates and taxes

(j) Vehicles running and maintenance

(k) Postage, telephone and communication charges

(l) Printing and stationary

(m) Traveling and conveyance expenses

(n) Expenses on seminar/ workshops

(o) Subscription expenses

(p) Expenses on fees

(q) Auditors remuneration

(r) Hospitality expenses

(s) Professional charges

(t) Provision for bad and doubtful debts/advances

(u) Irrecoverable balances written off

(v) Packing charges

(w) Freight and forwarding expenses

(x) Distribution expenses

(y) Advertisement and publicity

(z) Others (specify)

Total

Form X

[See rule 4(2)]

Name of Entity : Joint Electricity Regulatory Commission for the State of Goa and Union Territories

Schedules Forming Part of Income and Expenditure for The Period/year E Nded ----------------------

(Amount - Rs.)

Schedule 22- Expenditure On Grants, Subsidies Etc.

(a) Grants given to institutions/ organizations

(b) Subsides given to institutions/organizations

Current Year

Previous Year

Total

Note - Name of the entities, their activities along with the amount of grants/subsides are to be disclosed

Form Y

[See rule 4(2)]

Name of Entity : Joint Electricity Regulatory Commission for the State of Goa and Union Territories

Schedules Forming Part of Income and Expenditure for The Period/year Ended ----- -----------------

(Amount - Rs.)

Current Year

Previous Year

Schedule 23- Interest

(a) On fixed loans

(b) On other loans (including bank charges)

Total

Form Z

[See rule 4(2)]

Name of Entity : Joint Electricity Regulatory Commission for the State of Goa and Union Territories

Schedules Forming Part of The Accounts for The Period/year Ended_________________

Schedule 24-Significant Accounting Policies (Illustrative)

1. Accounting ConventionThe financial statements are prepared on the basis of historical cost convention, unless otherwise stated and on the accrual method of accounting.

2. Inventory Valuation2.1 Stores and Spares (including machinery spares) are valued at cost.2.2 Raw materials, semi-finished goods and finished goods are valued at lower of cost and net realizable value. The costs are based on weighted average cost. Cost of finished goods and semi- finished goods is determined by considering material, labour and related overheads.

3. Investiments3.1 Investments classified, as "long term investments" are carried at cost. Provision for decline, other than temporary, is made in carrying cost of such investments.3.2 Investments classified as "Current" are carried at lower of cost and fair value. Provision for shortfall on the value of such investments is made for each investment considered individually and not on a global basis.3.3 Cost includes acquisition expenses like brokerage, transfer stamps.

4. Excise Duty. - Liability for excise duty in respect of goods produces by the entity, other than for exports, is accounted upon competition of manufacture and provision is made for excisable manufactured goods at the year-end.

5. Fixed Assests5.1 Fixed Assets are stated at cost of acquisition inclusive of inward freight, duties and taxes and incidental and direct expenses related to acquisition. In respect of projects involving construction, related pre-operational expenses (including interest on loans for specific project prior to its completion), form part of the value of the assets capitalized5.2 Fixed Assets received by way of non-monetary grants, (other than towards the Corpus Fund), are capitalized at values stated, by corresponding credit to Capital Reserve.

6. Depreciation6.1 Depreciation is provided on straight-line method as per rates specified in the Income tax Act, 1961 except depreciation on cost adjustments arising on account of conversion of foreign currency liability for acquisition of fixed assets, which is amortized over the residual life of the respective assets6.2 In respect of additions to /deductions from fixed assets during the year, depreciation is considered on pro-rata basis.6.3 Assets costing Rs. 5,000 or less each are fully provided.

7. Miscellaneous Expenditure. - Deferred revenue expenditure is written off over a period of 5 years from the year it is incurred.

8. Accounting for Sales. - Sales include excise duty and are net of sales returns, rebate and trade discount.

9. Government Grant/subsidies9.1 Government grants of the nature of contribution towards capital cost of setting up projects are treated as Capital Reserve.9.2 Grants in respect of specific fixed assets acquired are shown as a deduction from the cost of the related assess.9.3 Government grants/subsidy are accounted on realization basis.

10. Foreign Currency Transactions10.1 Transactions denominated in foreign currency are accounted at the exchange rate prevailing at the date of the transaction.10.2 Current assets, foreign currency loans and current liabilities are converted at the exchange rate prevailing at the year-end and the resultant gain/loss is adjusted to cost of fixed assets, if the foreign currency liability relates to fixed assets, and in other cases is considered to revenue.

11. Lease. - Lease rentals are expensed with reference to lease terms.

12. Retirement Benefits12.1 Liability towards gratuity payable on death/retirement of employees is accrued based on actuarial valuation.12.2 Provisions for accumulated leave encashment benefit to the employees is accrued and computed on the assumption that employees are entitled to receive the benefit as at each year end

Form AA

[See rule 4(2)]

Name of Entity : Joint Electricity Regulatory Commission for the State of Goa and Union Territories

Schedules Forming Part of The Accounts for The Period/year Ended_________________

Schedule 25- Contingent Liabilities and notes on Accounts (Illustrative)1. Contigent Liabilities1.1 Claims against the Entity not acknowledged as debts - Rs. ___________ (Previous year Rs.)__________).1.2 In respect of:

- Bank guarantees given by/on behalf of the Entity - Rs. _________(Previous year Rs. _________).- Letters of Credit opened by Bank on behalf of the Entity -Rs ___________(Previous year Rs. ___________).- Bills discounted with banks Rs. ________ (Previous year Rs.__________).

1.3 Disputed demands in respect of:

Income tax Rs.___________ (Previous year Rs. ___________).Sales tax Rs.___________ (Previous year Rs. ___________).Municipal Taxes Rs.___________ (Previous year Rs. ___________).

1.4 In respect of claims from parties for non-execution of orders, but contested by the Entity - Rs. ________ (Previous year Rs.__________).

2. Capital Commitments. - Estimated value of contracts remaining to be executed on capital account and not provided for (net of advances) Rs. ________ (Previous year Rs.__________).

3. Lease Obligations. - Future obligations for rental under finance lease arrangements for plant and machinery amount to Rs. ________ (Previous year Rs.__________).

4. Current Assets, Loans and Advances. - In the opinion of the Management, the current assets, loans and advances have a value on realization in the ordinary course of business, equal authorities least to the aggregate amount shown in the Balance Sheet.

5. Taxation. - In view of there being no taxable income under Income-tax Act 1961, no provision for Income tax has been considered necessary.

6. Foreign Currency Transactions6.1 Value of Imports Calculated on C.I.F Basis:

- Purchase of finished goods- Raw, materials &components (including in transit)- Capital goods- Stores, spares and consumables

6.2 Expenditure in Foreign currency:

(a) Travel

(b) Remittances and interest payment to financial institutions/ banks in foreign currency

- Commission on sales

- Legal and professional expenses

- Miscellaneous expenses

6.3 Earnings:Value of Exports on FOB basis6.4 Remuneration to auditors:As Auditors

- Taxation matters- For management services- For certification- Others

7. Corresponding figures for the previous year have been regrouped/rearranged, wherever necessary.8. Schedules 1 to 25 are annexed to and form an integral part of the Balance Sheet as at ____________ and the Income and Expenditure Account for the year ended on that date.

Schedule-II

Instructions and Accounting Principles

[See rule 4(2)]

Name of Entity : Joint Electricity Regulatory Commission for the State of Goa and Union Territories

(1) The financial statements of non-profit and other similar organizations (viz., Balance Sheet and Income and Expenditure Account) shall be prepared on accrual basis; shall be in the form suggested, or as near thereto as possible.If the information required to be given under any of the items or sub-items in this Form cannot be conveniently included in the Balance Sheet or the Income and Expenditure Account itself, as the case may be, it can be furnished in a separate Schedule or Schedules to be annexed to and forming part of the Balance Sheet or The Income and Expenditure Account. This is recommended where items are numerous.(2) A statement of all significant accounting policies adopted in the preparation of the Balance Sheet and the Income and Expenditure Account shall be included in the financial statements, and the significant Accounting Policies should be disclosed at one place. Accounting Policies refer to the specific accounting principles and the method of applying those principles adopted by the Entity in the preparation of the financial Statements. Where any of the accounting policies is not in conformity with accounting standards, and the effect of departures from accounting standards is material, the particulars of the departure shall be disclosed, together with the reasons there for and the financial effect thereof, except where such effect is not ascertainable.(3) Accounting policies shall be applied consistently from one financial year to the next. Any change in the accounting policies which has a material effect in the Current period or which is reasonably expected to have a material effect in latter periods shall be disclosed. In case of a change in accounting policies, which has a material effect in the current period, the amount by which any item in the financial statements is affected by such change shall also be disclosed to the extent ascertainable. Where such amount is not ascertainable, wholly or in part, the fact shall be disclosed.(4) The accounting treatment and presentation in the Balance Sheet and the Income and Expenditure Account, of transactions and events shall be governed by their substance and not merely by the legal form.(5) In determining the accounting treatment and manner of disclosure of an item in the Balance Sheet and/ or the Income and Expenditure Account, due consideration shall be given to the concept of materiality.(6) Provision shall be made for all known liabilities and losses even though the amount cannot be determined with substantial accuracy (and the amount of provision represents only a best estimate in the light of available information).'Provision' means any amount written off or retained by way of providing for (deprecation, renewals or diminution in value of assets, or retained by way of providing for any known liability, the amount of which cannot be determined with substantial accuracy.Provision shall be made for contingent loss if:

(a) It is probable that future events will confirm that, after taking into account any related probable recovery, an asset has been impaired or liability has been incurred at the balance sheet date, and

(b) A reasonable estimate of the amount of the resulting loss can be made.

If either of the above conditions is not met, the existence of the contingent loss shall be disclosed by way of a note to the Income and Expenditure account, unless the possibility of the loss is remote.(7) Where any amount written off or retained by way of providing for depreciation, renewals or diminution in the value of assets or retained by way of providing for any known liability is in excess of the amount, which is considered reasonably necessary for the purpose, the excess shall be treated as a reserve and not as a provision.(8) Revenue shall not be recognized unless:

(a) The related performance has been achieved;

(b) No significant uncertainty exists regarding the amount of the consideration; and

(9) Separate disclosure shall be made in the Income and Expenditure Account in respect of:

(a) "Prior Period" items, which comprise material items of income or expenses which arise in the current period as a result of errors or omissions in the preparation of the financial statements of one or more prior periods.

(b) "Extra-ordinary" items, which are material items of income or expenses, that arises from events or transactions that are clearly distinct from the ordinary activities of the entity and, therefore, are not expected to recur frequently or regularly.

(c) Any item under the head Miscellaneous Income" which exceeds 1 percent of the total turnover/gross income of entity or Rs. 50,000/-, whichever is higher. This shall be shown against an appropriate account head in the Income and Expenditure Account.

(d) Any item under the head "Miscellaneous Expenses " which exceeds' 1 percent of the total turnover/gross income of entity or Rs. 50,000/- whichever is higher. This shall be shown as a separate and distinct item against an appropriable head in the Income and Expenditure account.

(10) The Schedules referred to in the form, the accounting policies and explanatory notes shall form an integral part of the financial statements.(11) Notes to the Balance Sheet and Income and Expenditure Account shall contain the explanatory material pertaining to the items in the Balance Sheet and the Income and Expenditure Account.(12) The figures in the Balance Sheet and the Income and Expenditure Account, if rounded off, shall be rounded off as below:

Amount of turnover (in Rs.)	Rounding off to (Rs.)
Less than One lakh	Hundred
One lakh or more but less than one crore	Thousand
One crore or more but less than one hundred crore	Lakh
One hundred or more but less than one thousand crore	Crore

(13) Reference may also be made to the enclosed Notes and Instructions for compilation in relating to in the formats Suggested.

Schedule-III

Notes and Instructions

[See rule 4(2)]

Name of Entity : Joint Electricity Regulatory Commission for the State of Goa and Union Territories

Corpus/capital Fund And LiabilitiesSchedule 1- Corpus/capital Fund

(a) Corpus/Capital Fund is akin to Capital, Share Capital or Owner's Funds. It comprises amounts received by way of contributions specifically to the Corpus, as increased/decreased by the net operating results shown in the Income and Expenditure Account (other than surplus, if any, transferred to any Reserves or Earmarked Funds).(b) The Opening Balance, Additions to, Deductions from and the Closing Balance of the Corpus/ Capital Fund shall be shown under this head.(c) Additions to the Corpus Fund shall be net of transfers, if any, to any Reserve or Earmarked Fund required under statute or as per applicable Regulations.

Schedule 2- Reserves And Surplus

1. Capital Reserves: * Opening balance * Additions during the year * Deductions during the year	The expression ‘capital reserves’ shall not include any amount regarded as free for distribution through the Income and Expenditure Account. Surplus on revaluation should be treated as Capital Reserves and shown separately. Surplus on translation of financial statements of foreign branches, if any, is no revaluation reserve.
2. Revaluation Reserve: * Opening balance * Additions during the year * Deductions during the year	To reflect effects of changing prices, fixed assets otherwise stated at historical cost substituted by a revaluation, normally done by competent valuers. Such substitution resulting in an upward revaluation is required to be shown as a "Revaluation Reserve". This reserve is an unrealized gain and should not be credited as income in the income and Expenditure Account.
3. Special Reserves (S): * Opening balance * Additions during the year * Deductions during the year	These would comprise Special reverse requires to be create pursuant to any statutory or regulatory requirement applicable to the entity; and if so, should be clarified in the Notes on Accounts in Schedule 27.
4. General Reserve: * Opening balance * Additions during the year * Deductions during the year	The expression ‘General Reserve’ shall mean any reserve other than capital reserve and revaluation reserve. This item will include all reserves, other than those separately classified.

Notes General

(a) Movements in various categories of reserves should be shown as indicated in the schedule.

(b) The expression 'reserve' shall not include any amount written off or retained by way of providing for deprecation, renewals or diminution in value of assets or Retained by way of providing for any known liability.

Schedule 3-Earmarked/endowment Funds. -

Amounts received as grants or assistance, or retained by the entity to be utilized for specific or earmarked purposes and remaining to be expended/utilized for the specific purpose for which these are intended, are required to be disclosed under this head. Such funds may be received in cash or kind from Government, Govt. agencies, institutions and other agencies etc. and are subject to compliance by the entity, of certain stipulated terms and conditions. For this reason, the balances available and their utilization should be disclosed in the manner suggested in the Schedule. The plan Funds received from the Central and /or State Governments are to be shown as distinct category of Fund.Other plan funds earmarked/endowed for any chair, house, building, Trust etc. are to be shown as distinct category of Fund.The following shall not be reckoned as part of Earmarked Funds:

(a) Grants/funds, which have the characteristics of promoters' contribution, which are of the nature of additions/accretion to the Corpus Fund:

(b) Funds/grants received by the Entity as compensation for expenditure/losses incurred in the earlier years, as these would be reckoned only in the Income and Expenditure Account for the year.

(c) Non-monetary grants by way of capital assets or other resources, corresponding credit of which is of the nature of capital reserve, unless such grants are specified as irrevocable contribution to the Corpus.

Notes-General

(a) It is appropriate to ensure that the accretions to and utilization of earmarked funds is in accordance with the terms and conditions attaching to the same.

(b) Earmarked Funds, considering their nature, are represented by specifically earmarked investments or other assets.

(c) Plan Funds received from the Central/State Governments are to be shown as separate Funds and not to be mixed up with any other Funds.

(d) Records relating to fixed assets acquired/constructed should be maintained for each earmarked fund. However, for the purpose of the annual financial statements disclosure may be made of the aggregate accumulated cost up to each year and of such fixed assets in respect of each fund, unless the assets are taken over and are incorporated in Schedule 8.

Schedule 4 -secured Loans And Borrowings

1. Central Government	Indicate the nature of security and terms of repayment. Indicate the name of State Govt. and nature of security and terms of repayment.
2. State Government
3. Financial Institutions	Includes borrowings/refinance obtained from Industrial Development Bank of India, Export-Import Bank of India, National Bank for Agriculture and Rural Development (including liability against participation certificates, if any.) Normally these may be in the form of Term Loans.
4. Banks	Includes borrowings/refinance obtained from commercial banks (including co-operative banks).Term Loans need to be segregated from other facilities.
(a) Terms Loans
(b) Other Loans
5. Other institutions & agencies	Includes institutions/agencies other those mentioned above.
6. Debentures and Bonds	The terms of redemption of debentures and bonds should be stated with the earliest date of their redemption.

Notes - General

(a) Information shall be given in each case as regards the nature of security given.

(b) Secured loans and borrowings shall be such as are against hypothecation/pledge/charge on the assets of the entity.

(c) The Aggregate amount of loans under each head, as are guaranteed by the Central/State Govt. may also be mentioned along with the fact that these are so guaranteed.

(d) Loans and borrowings include refinance from Institutions and agencies liability against participation certificates.

(e) Amounts received by way of discount of debtors or receivables or rediscount of bills, shall not be included under this head, but shall be shown as borrowings.

(f) Interest accrued and due shall be included under sub-head. Interest accrued but not due shall not be included under this head, but shall be shown as part of Current Liabilities'.

(g) Unrecognized Inter-branch outstanding entries at credit should not be shown as borrowings.

(h) Amounts due within a period of less than 12 months as at the Balance Sheet date need to be disclosed.

Schedule 5 -unsecured Loans And Borrowings

1. Central Government	Indicate the terms of repayment.
2. State Governments (s)	Indicate name of the State Government and the terms of repayment.
3. Financial Institutions	Includes borrowings obtained from Industrial Bank of India. Export-Import Bank of India, National Bank for Agriculture and Rural Development. Normally these may be in the form of Term Loans. Pending creation of a charge on assets, bridge loans may be given as ‘unsecured’ loans.
4. Banks	Includes borrowings obtained from Commercial Banks (including Cooperative Banks). Indicate the nature of facilities. Overdrawn balances as per books do not constitute loans and generally arise due to cheques issued in excess of book balances such balances can be shown as loans only where the Entity enjoys or is granted overdraft facility.
5. Other institutions and agencies	Includes Loans from Institutions/Agencies other than those mentioned above.
6. Debentures and Bonds	The terms of redemption of Debenture and Bonds should be stated with the earliest date of their redemption.
7. Fixed Deposits	These comprise deposits received from Public or otherwise for fixed periods and against no security.

Notes- General

(a) Unsecured loans and borrowings comprise amounts in respect of which no assets of the entity is charged as security or encumbered.

(b) Interest accrued and due shall be included under each sub-head. Interest accrued but not due shall not be included under this head, but shall be shown as part of Current Liabilities.

Schedule 6 - deffered Credit Liabilities

(1) Acceptances and other similar long-term obligations contracted in respect of acquisition of assets, the liability for payment of which falls in periods longer than 12 months as at date of the Balance Sheet should be included here.

(2) If the assets are charged as security or encumbered corresponding to the liability, this fact should be stated.

(3) If the acceptances are also guaranteed for repayment by the Government, any Govt. Agency, Bank, Institution or other body/entity, this fact should also be stated.

(4) Amounts due within one year of the date of the Balance Sheet need to be separately disclosed.

Schedule 7 - current Liabilities and ProvisionsA. Current Liabilities

1. Acceptances	Included under this sub-head would be the drawer’s assent on bills of exchange to the order of the drawer.
2. Sundry Creditors (a) For Goods (b) Others	The amounts to be shown against this sub-head shall comprise amounts owed by the entity in favour of others on account of goods purchased or services rendered or in respect of contractual obligations. These need to be segregated for goods and shown separately.
3. Advances Received	The liability against this sub-head shall comprise amounts received in respect of which goods or services have yet to be supplied/rendered or for which value has yet to be given, and includes advance subscriptions.
4. Interest accrued but not due (a) Secured Loans/Borrowings (b) Unsecured Loans/Borrowings	Includes interest accrued up to the year- end but not due on secured/unsecured loans and borrowings.
5. Statutory Liabilities (a) Overdue (b) Others	These comprise liabilities in terms of the Central/State laws governing the Entity; and include unpaid liability for tax deducted at source under the Income Tax Act, 1961,statutory bonus, provident fund, pension, gratuity, ESI, interest to SSI Units on their overdue, sales tax, excise, customs duty, and other statutory levies.
	Overdue liabilities are undisputed amounts which are due and remain unpaid beyond the normal due date/stipulated period i.e those are in default.

Notes-General. -

A Current Liability is one, which falls due for payment within a relatively short period, normally not more than 12 months.

B. Provisions

1. For Taxation	Provisions needs to be made and retained based on the status of tax matters as at the year –end.
2. Gratuity	Provisions for liability towards gratuity payable on death/retirement of employees needs to be accrued on actuarial basis, and provided up to the year-end.
3. Superannuation/Pension	Provision for liability payable towards superannuation of employees needs to be actuarial basis, and provided upto the year-end.
4. Accumulated Leave	Provisions for liability towards accumulated leave encashment of employees needs to be accrued on actuarial basis, and provided upto the year-end
5. Trade Warranties/Claims	Where the entity is manufacturing/processing goods for sale, it may be liable to trade warranty risks, which needs to be provided for on a reasonable/rational basis
6. Others:	These need to be specified, and shall not include provision for doubtful debts/advances, which shall be reduced from the relevant asset heads.

Notes-General. -

Provisions is an amount written off or retained by way of providing for depreciation or diminution in the value assets, or retained by way of providing for a known liability, the amount of which cannot be determined with substantial accuracy.

AssetsSchedule 8 - Fixed Assets:

1 Land (a) Freehold (b) Leasehold	Where immovable properties are purchased/acquired by paying a composite cost, a reasonable/reliable estimate should be made of the land cost and shown separately. Leasehold land should be amortized over the period of lease unless the lease is in perpetuity.
2 Buildings (a) On freehold land (b) On leasehold land (c) Ownership Flats/ Premises (d) Superstructures on Land not belonging to the Entity	As far as practicable, distinction may be made between factory and office buildings for purposes of provision for depreciation at different rates. Building/premises shall be those which are intended to be wholly/partly used for the purposes of the activities of the Entity and would not include "Investment Properties". Superstructures on leasehold lands should be depreciated to be co-terminus with the amortisation of land, unless the superstructures have a shorter life. Building shall include roads, bridges, and culverts.
3. Plant, Machinery & Equipment	Included under this Sub-head would be items like: - Earth moving Machinery - Boilers - Furnaces - Generators - Dyes/Mould - Machinery used for specific industry/services like Building contractors, in hospitals/clinics, processing units, hydraulic works (including pipelines), Tool rooms - Other items used for manufacture/processing etc. Separate Account heads should be maintained in the ledgers and kept reconciled with the Fixed Assets registers. Disclosure of Information under the above subheads is encouraged.
4. Vehicles	Included under this sub-head would be items like: - Tractors/Trailers - Trucks, Jeeps and Vans - Motor Cars - Motor Cycles, Scooters, Three Wheelers and Mopeds - Rickshaws Separate Account heads should be maintained in the ledgers and kept reconciled with the Fixed Assets registers. Disclosure of Information under the above sub-heads is encouraged
5. Furniture, Fixtures	Included under the above sub-head would be items like: (a) Cabinets/Almirahs/Filing Racks (b) Air-conditioners / Air conditioning Plant (c) Air Coolers (d) Water Coolers (e) Tables/Chairs/Sofas/Carpets (f) Wooden partitions/temporary structures (g) Voltage Stabilizers, UPS Systems (h) Other Items Separate Account heads should be maintained in the ledgers and kept reconciled with the Fixed Assets registers. Disclosure of Information under the above subheads is encouraged, for material amounts.
6. Office Equipment	Included under the above sub-head would be items like: (a) Typewriters (b) Photocopiers/duplicators (c) Fax Machines Separate Account heads should be maintained in the ledgers and kept reconciled with the Fixed Assets registers. Disclosure of Information under the above subheads is encouraged, for material amounts.
7.Computer/ Peripherals	Computers, Printers and their peripherals like the Floppies, CDs, and Software etc. would the items under this head. Separate Account heads should be maintained in the ledgers and kept reconciled with the Fixed Assets registers. Disclosure of Information under the above subheads is encouraged, for material amounts.
8. Electric Installation	Include under the above sub-head would be items like: (a) Electrical Machinery (b) Electric Lights/Fans (c) Switch gear instruments (d) Transformers (e) Electric Wiring and fittings Separate Account heads should be maintained in respect of above items and kept reconciled with the Fixed Assets registers. Disclosure information under the above sub-heads is encouraged, for material amounts.
9. Library Books	In some cases the number of Library Books could be very large or there may be an established Library. In such cases these books may be disclosed as a separate category of assets. Library books will include books/ journals/ information stored in CD ROMs.
10 Tubewells & Water Supply Systems	Tube wells and Water Supply System may be shown as a distinct category.
11 Capital Work- Inprogress	Fixed assets in the course of construction should be shown against this head till they are ready for their intended use. Plant. Machinery and equipment acquired and pending installation should also be included here.

Notes - General

1 Fixed Assets are those assets, which are held with the intention of being used for the purpose of producing or providing services and not held for sale in the normal course of trade.2 Under each sub- head should be shown:

(a) The cost or the valuation as at the beginning of the year.

(b) Additions during the year (both acquisitions and by way of grants).

(d) The total cost/valuation as at the year-end.

(e) Depreciation upto the previous year-end,that on addition during the year and the total accumulated depreciation upto the year ends.

(f) The net block of the assets as at the year-end.

3. The accounting policy relating to accounting for fixed assets acquired (including by way of grants or at concessional rates), or constructed should be disclosed along with the method adopted for depreciation/amortization.4. Where sums have been written up for any assets due to their revaluation, the basis thereof should be disclosed; and every balance sheet after the first balance sheet subsequent to the revaluation should shown the revised figures for a period of five years with the date and amount of revision.5. Where grants relating to specific fixed assets are received and these are equal to the whole or virtually the whole of the cost of the asset, the fixed assets should be shown in the Balance Sheet at nominal value.Alternatively, grants related to depreciable fixed assets may be treated as deferred income and recognized in the income and Expenditure Account On a systematic and rational basis over the useful life of such assets i.e. such grants should be allocated to income over the periods and in the proportions in which depreciation is charged. Grants related to nondepreciable assets should be credited to "Capital Reserve" ' unless there are pre-conditions requiring fulfillment.6. DepreciationDepreciation shall be provided so as to charge the depreciable amount of a depreciable asset over its useful life.Depreciation is a measure of the wearing out, consumption or other loss of value of a depreciable asset arising from use, effluxion of time or obsolescence through technology and market charges. It includes amortization of assets the useful life of which is determined and depletion of wasting assets.For this purpose:

(a) Depreciable asset means an asset which -

i. is expected to be used during more than one accounting period, and

ii. Has a limited useful life; and

iii. Is held by the entity for use in the production or supply of goods and services, for rental to others, or for administrative purpose and not for the purpose of sale in the ordinary course of its business/operating activities.

(b) Depreciable amount of a depreciable asset means its original cost, or other amount substituted for original cost in the financial statements less the residual value;

i. The period over which a depreciable asset is expected to be used by the Entity, or

ii. The number of production or similar units expected to be obtained from the use of the asset by the Entity.

Schedule 9 - Investments - From Earmarked/endowment Funds:

1. Government Securities	Includes Central and State Government securities and Government Treasury Bills.
	These securities should be shown at cost/book value. However, the difference between such value and market value should be given in the notes to the Balance Sheet.
2. Other approved Securities	Securities other than Government Securities, treated as approved securities (such as Trustee securities), should be included here.
3. Shares	Investments in shares of companies and Corporations not included in item 2 should be included here.
4. Debentures and Bonds	Investments in debentures and bonds of companies and corporations not included in item 2 should be included here.
5. Subsidiaries and /or joint ventures	Investments in subsidiaries/associate entities should be included here. An entity shall be treated as a subsidiary or joint venture, if the entity exercises control over the composition of management/governing body, with or without any financial investment there in.
	An entity will be considered as subsidiary for the purpose of this classification if more than 25% of the corpus of that entity is held by the entity as at the beginning of the year.
6. Others(to be specified)	Includes residual investments, if any, like commercial paper, investments (to be specified) in Mutual Funds and other instruments not being in the nature of shares/debentures/bonds. Investments in Properties, if any, would also be included here.

Notes- General

1. The Gross value in aggregate, the depreciation in aggregate and net value of Investments are to be separately disclosed. Approved securities [covered by 1 and 2 above] are required to be bifurcated into "permanent" and "current" categories for valuation and determination of shortfall in value.

2. (a) Investments can either be "Long term " or "Permanent " or "Current".

(b) "Current Investment" means an investment, which is by its very nature, readily realizable and is intended to be held for not more then one year from the date on which it is made. Such investments should be shown at lower of cost or their fair value, which shall be determined on individual investment basis and the shortfall shall be provided, while appreciation shall be ignored.

(c) Long term investments are those investments, which are other than current investments, and these are intended to be held for the purposes of Capital appreciation and yield. Such investments are held at cost and shall be reduced when there is a decline, other than temporary, in their value-reduction being made for each investment.

3. Investments held against earmarked/endowment funds need to be separately disclosed.

4. Investments in properties, if held, shall be shown at cost less depreciation in the same manner as in the case of fixed assets.

5. The entity shall disclose the Accounting Policy in relation to investments, their cost, depreciation and carrying value- both for long term & current investments.

6. Any premium paid on acquisition of permanent investments shall be amortized on a time proportion basis upto the date of their maturity. Discount on Acquisition shall not be amortized.

7. Matured investments, not realized may be separately disclosed.

Schedule 10 - Investments - Others:

1. Government Securities	Includes Central and State Government securities and Government Treasury Bills.
	These securities should be shown at cost/book value. However, the difference between such value and market value should be given in the notes to the Balance Sheet.
2. Other approved Securities	Securities other than Government Securities, treated as approved securities (such as Trustee securities), should be included here.
3. Shares	Investments in shares of companies and corporations not included in item 2 should be included here.
4. Debentures and Bonds	Investments in debentures and bonds of Companies and Corporations not included in item 2 should be included here.
5. Subsidiaries and / joint ventures	Investments in subsidiaries/associate entities should be included here. An entity shall be treated as a subsidiary or joint venture, if the entity exercises control over the composition of management/governing body, with or without any financial investment there in.
	An entity will be considered as subsidiary for the purpose of this classification if more than 25% of the corpus of that is held by the entity as at the beginning of the year.
6. Others	Includes residual investments, if any, like commercial paper, investments (to be specified) in Mutual Funds and other instruments not being in the nature of shares/debentures/bonds. Investments in properties, if any, would also be included here.

Notes- General1. The gross value in aggregate, the depreciation in aggregate and net value of investments are to be separately disclosed. Approved securities [covered by 1 and 2 above] are required to be bifurcated into "permanent" and "current" categories for valuation and determination of shortfall in value.2. a) Investments can either be "Long term " or "Permanent" or "Current".

(b) "Current Investments" means an investment, which is by, is very nature, readily realizable and is intended to be held for not more than one-year form the date on which it is made. Such investments should be shown at lower of cost or their fair value, which shall be determined on individual investment basis and the shortfall shall be on provided, while appreciation shall be ignored.

(c) Long term investments are those, which are other than current investment, and these are intended to be held for the purposes of capital appreciation and yield. Such investments are held at cost and shall be reduced when there is a decline, other than temporary, in their value-reduction being made for each Investment.

3. Investments held against earmarked/endowment funds are disclosed in Schedule 9.4. Investments in properties, if held, shall be shown at cost less depreciation in the same manner as in the case of fixed assets.5. The entity shall disclose the Accounting Policy in relation to investments, their cost, depreciation and carrying value- both for long term & current investments.6. Any premium paid on acquisition of permanent investments shall be amortized on a time proportion basis upto the date of their maturity. Discount on Acquisition shall not be amortized.7. Matured investments, not realized may be separately disclosed.

Schedule 11 - Current Assets, Loans, Advances, Etc.

A. Current Assets:
1. Inventories: (a) Stores and Spares (b) Loose Tools (c) Stock-in-trade - Finished Goods - Work-in-progress - Raw Materials	Inventories comprise tangible property held for sale in the ordinary course of business, or in the process of production for such sales, or for consumption in the production of goods or services for sale, including maintenance supplies and consumables other than machinery parts Basis of valuation of inventories should be disclosed Finished goods would include goods purchased/ produced and lying in hand at all locations of the entity. Raw materials would also include parts or components used or consumed in the progress of production of goods for sale.
2. Sundry Debtors: (a) Debts Outstanding for a period exceeding six months (b) Others	Debtors comprise persons from whom amounts are due for goods sold or service rendered or in respect of contractual obligations. Debts considered good for recovery and those considered doubtful shall be shown separately. Provisions for doubtful debts, if made, should be shown as a reduction from the amount of debts considered doubtful.
3. Cash balances in hand: (Including cheques/drafts and imprest)
4. Bank Balances: (a) With Scheduled Banks - On Current Accounts - On Deposit Accounts (Includes margin money) - On Saving Accounts (b) With Non- Schedule Banks - On Current Accounts - On Deposit Accounts - On Saving Accounts	Amounts held, as bank balances against earmarked/endowment funds should be separately disclosed. Where any deposit accounts are pledged or charged as security or are encumbered, the fact should be disclosed. Overdue/Matured Deposits should be separately disclosed.
5. Post Office – Saving Accounts:
B. Loans, Advances and Other Assets:
1. Loans: (a) Staff (b) Other Entities engaged in activities/Objectives similar to that of the Entity (c) Others (specify)	Loans and advances as are considered good & recoverable should be disclosed. Doubtful amounts, if any, should be stated under each sub- head, and provision, if made, should be shown as a reduction there from. Interest accrued on interest bearing staff loans should be accounted notwithstanding that actual recoveries of interest might commence after repayment of principal. Irrevocable grants/subsidies/donation to such entities shall not be included here. If interest –bearing, the amount of interest earned up to the year-end should be adjusted.
2. Advances and other amounts recoverable in cash or in kind or for value to be received: (a) On Capital Account (b) Prepayments (c) Others 3. Income Accrued: (a) On Investments from Earmarked/Endowment Funds (b) On Investments – Others (c) On Loans and Advances (d) Others (includes income due unrealized -Rs) 4. Claims Receivable:	Advances to suppliers/contractors for capital works should be shown against this sub-head. This includes prepaid expenses. This would comprise receivables other than the debtors. Both ‘Income accrued and due’ and ‘Income accrued but not due’ upto the yearend should be included under this head. Income on Investment from Earmarked/ Endowment Funds and that on Other Investment should be shown separately. If uncertainty attaches to realization or ultimate collection, income should not be recognized, and if recognized, should be provided for. Dividends should be recognized based on the date(s) of their declaration. Separate disclosure should be made in respect of Income accrued, due but not realized. Only claims, which are considered good and realizable, should be included.

Schedule 12 - Income From Sales/services

Income From Sales:

1. Income from sales

(a) Sale of Finished Goods (b) Sale of Raw Material (c) Sale of Scraps

Sales comprise the aggregate amount for which sales are affected. These would be shown net of trade discounts, rebate and returns.

Sales are complete when significant risks and rewards of ownership get transferred from the seller to the buyer, irrespective of the time of payment or delivery of the goods. Disclosure of export sales should be made separately.

2. Income from Services

(a) Labour and Processing Charges (b) Professional/Consultancy Services

(d) Maintenance Services (Equipment/property

(e) Others (Specify)

Income must be shown at gross figures and tax deducted at source should be indicated separately.

Labour and Processing charges realizable for processing/ fabrication of goods/materials of other entities should be disclosed against this sub-head.

Consultancy charges and fee for rendition of Professional services by the entity should be included under this sub head.

Where the Entity acts as a broker or agent for arranging supply of goods/ services of others, i.e. without acting on a principal to principal basis, the commission and brokerage income earned would be shown against this sub-head

Where the Entity undertakes maintenance contracts for equipment or property etc., the income earned up to the ear-end from this source should be included under this sub-head.

Schedule 13 - Grants/subsidies:

(Irrevocable Grants & Subsidies Received)

(1) Central Government

(2) State Government(s)

(3) Government Agencies

(4) Institutions/ Welfare Bodies

(5) International Organizations

(6) Others (specify)

Grants Subsidies or other similar assistance received for the general purpose and objectives of the Entity, on an irrevocable basis, or to cover expenditure incurred in prior periods shall be included in this Schedule.

These grants etc. are without any conditions attached as to their utilization and are of the nature of non- refundable amounts, which are to be appropriated to income.

The gross receipts shall be shown against each sub-head, and grants/subsidies which are given in turn to other institution/organizations on irrevocable basis, as expenditure should be considered in Schedule 22.

Schedule 14 - Fees/subscriptions:

(1) Entrance fees

(2) Annual fees/subscriptions

(3) Seminar/program fees

(4) Consultancy fees:

(5) Others (specify)

Accounting policies on each item will have to be disclosed.

In case the fees like entrance fee, subscriptions etc. are in the nature of capital receipts, such amount should go to the Corpus/Capital Fund. Otherwise such fees will be incorporated in this schedule.

In case the major activities of the entity are to organize seminar/workshop and/ or provide consultancy services, such income should form part of the Schedule 12. The gross receipts should be shown here. Expenditure incurred on seminar/ workshops, consultancy etc. should be shown as ‘other administrative expenses’ in the schedule 21.

Schedule 15 - Income From Investments:

(1) Interest	1. Income form investments shall be disclosed at gross figures and tax deducted at source is to be stated separately.
(a) On Government Securities
(b) Other Bonds/Debentures	2. Interest on Govt. securities shall comprise
2) Dividends:	(a) Interest earned at coupon rate upto the last applicable date of interest, i.e. interest accrued & due; and
(a) On shares	(b) Interest accrued thereafter upto the year-end at the coupon rate.
(b) On mutual fund securities	3. Income on bonds and debentures would include discount accrued upto the year-end on bonds issued at a discount, to be redeemed at par or on premium, based on the terms of their issue.
(3) Rents
(4) Others (Specify)	4. Dividends shall be accrued, based on the dates of declaration thereof i.e. when the entity has a right to receive the same.
	5. Rent shall be shown as income on investments on properties, if any.
	6. Interest claimed on overdue/matured investments shall not be recognized unless pre-conditions for such recognition are satisfied.
	7. Distinction should be made in respect of income on investments:
	(a) Owned by the entity; and
	(b) Those held against earmarked/endowment funds
	8. At the year- end total of the income on investment from earmarked/ endowment funds should be transferred to the funds through schedule 13.

Schedule 16 - Income From Royalty, Publication Etc:

(1) Income from Royalty	Accounting policies on each item will have to be disclosed.
(2) Income from Publications	In case the major activities of the entity are to publish books, journals, documents etc., such income should form part of the Schedule 12.
(3) Others (Specify)	The gross receipts should be shown here. Expenditure incurred on publication etc. should be shown as ‘other administrative expenses’ in the schedule 21.

Schedule 17 - Interest Earned:

1. On Term Deposits:	1. Interest income earned should be shown at gross figures and tax deducted at source is to be stated separately.
(a) With Scheduled Banks
(b) With Non-Scheduled Banks
(c) With Institutions
(d) Others
2. On Savings Accounts:	2. Distinction should be made in respect of Iicome;
(a) With Scheduled Banks	(a) on assets owned by the entity; and
(b) With Non-Scheduled Banks	(b) those held against earmarked/endowment fund;
(c) Post Office Savings Accounts
(d) Others
3. On Loans:
(a) Employees/Staff
(b) Others
4. Interest on Debtors & Other Receivables

Schedule 18 - Other Income:

1. Profit on Sale/disposal of Assets	Sales proceeds/realization, net of the book value of the assets shall, if a surplus, be included under sub-head.
(a) Owned assets
(b) Assets acquired out of Grants or received free of cost.
2. Export Incentives realized	Export incentives claimed and not realized upto the year –end shall be included in Income.
3. Fees for Miscellaneous Services	Items of material amounts included in Miscellaneous Income should be separately disclosed.
4. Miscellaneous Income

Schedule 19- Increase/(Decrease) In Stock of Finished Goods & Work-In-Progress:

(a) Closing stock	Accounting policies regarding valuation of stock should be declared.
- Finished Goods
- Work- in- Progress
(b) Less: Opening Stock
- Finished Goods
- Work-in-Process

Schedule 20- Establishment Expenses:

(a) Salaries and Wages	The gross expenditure against each head including in respect of staff on deputation should be disclosed.
(b) Allowances and Bonus
(c) Contribution to Provident Fund	Statutory obligations of the entity towards provident fund, Employees’ state insurance, retirement benefits etc. should be disclosed clearly and item-wise.
(d) Contribution to Other Fund (specify)	In case of recoveries like fines, penalties etc. the same should not be deducted for the expense heads but included under ‘Other Income’ in the Schedule 18.
(e) Staff Welfare Expenses
(f) Expenses on Employees’ retirement and terminal benefits
(g) Others (specify)

Notes - General

Prior period items:Prior period and extraordinary items shall be separately disclosed so that the effect thereof on the net expenditure for the year is known.

Schedule 21- Other Administrative Expenses, Etc.

(a) Purchases*	The gross expenditure against each head should be disclosed.
(b) Labour and processing expenses	In case of recoveries e.g. rent recoveries, freight charges recovered, fines, penalties, damages from suppliers etc., the amount of such recoveries should not be deducted from the expenses heads but included under Schedule 16-"Other Income".
(c) Cartage and Carriage Inwards
(d) Electricity and Power
(e) Water charges	Prior period and extraordinary Items shall be separately disclosed so that the effect thereof on the net expenditure for the year is known.
(f) Insurance
(g) Repairs and maintenance	The list of heads is not exhaustive but illustrative. As far as possible only these heads of accounts should be used unless there is compelling reasons to add or delete any of these heads.
(h) Excise Duty
(i) Rent, Rates and Taxes	* Purchase should be segregated between raw materials and stores for manufacture and for finished goods traded in. In case of manufacturing entities, 'Consumption of Raw Materials' and 'Stores' may be given instead of Purchases'.
(j) Vehicles running and maintenance
(k) Postage, telephone and communication charges
(l) Printing and stationary
(m) Traveling and conveyance Expenses:
(n) Expenses on seminar/workshops
(o) Subscription expenses
(p) Expenses on fees
(q) Auditors remuneration
(r) Hospitability expenses
(s) Professional charges
(t) Provision for bad and doubtful debts/advances
(u) Irrecoverable balances Wwitten off
(v) Packing charges
(w) Freight and forwarding Eepenses
(x) Distribution expenses
(y) Advertisement and publicity
(z) Others (specify)

Schedule 22- Expenditure On Grants, Subsidies, Etc.

(a) Grants given to Institutions/Organizations	Grants, subsidies or other similar assistance given to the Institutions/Organizations for general purposes and objectives of the Entity, on an irrevocable basis, shall be included in this Schedule.
(b) Subsidies given to Institutions /Organizations:	Name of the Institutions/Organizations, their activities along with the amounts in each case should be disclosed.
	These grants etc. are with or without any conditions attached as to their utilization and are of the nature of non-refundable amounts which are to be appropriated as expenditure.
	The gross receipts shown against each sub-head in the Schedule 13,could be the source of these Grants/subsidies that are given, in turn to other institutions/ organizations on irrevocable basis.
	The gross expenditure against each head should be disclosed.

Schedule 23- Interest:

(a) On fixed loans	1. Interest would include commitment charges.
(b) On other loans (including bank charges)	2. Fixed loans are loans, which are for fixed period, like term loans.
(c) Others (specify)	3. Expenditure by way of interest as per Schedule 23 is the minimum disclosure requirement. The entity should be encouraged to disclose interest expended based on the sources of loans and borrowings as per the heads in Schedules 4 and 5.

Schedule 25- Contingent Liabilities and Notes on Accounts:

A. Contingent Liabilities
1. Claims against the entity not acknowledged as debts	----
2. Liability for partly paid investments	Liability on partly paid shares, debentures etc. is required to be stated.
3. Liability on account of outstanding forward exchange contracts	Amount of outstanding forward exchange contracts at the exchange rates applicable as at the year-end should be stated.
4. Guarantees and letters of credit outstanding:	Liability towards guarantees given by the entity or on its behalf and letter of credits outstanding as at the year-end are required to be disclosed.
5. Bills discounted	Bills discounted outstanding as at the year-end to be disclosed.
6. Other items for which the entity is contingently liable	Included here would be disputed statutory and other demands/claims, Bills rediscounted, commitments under-writing contracts and other items for which the entity is contingently liable.
B. Notes On Accounts
1. Commitments on capital Account not provided for	This would arise in terms of contracts/arrangements in terms of which amounts would have to provided for be paid for acquisition/construction of assets. The amount, net of advances is required to be disclosed.
2. Others Notes

Schedule-IV

Form of Statement of Receipts and Payments

[See rule 4(2)]

Name of Entity : Joint Electricity Regulatory Commission for the State of Goa and Union Territories

Receipts and Payments for The Period /year Ended_________________________

(Amount -Rs)

Receipts	Current Year	Previous Year	Payments	Current Year	Previous Year
1.Opening Balances			1. Expenses
(a) Cash in hand			(a) Establishment Expenses (corresponding to Schedule 20)
(b) Bank Balances
(i) In current accounts
(ii) In deposit accounts			(b) Administrative Expenses (corresponding to Schedule 21)
(iii) Savings accounts
II. Grants Received			II. Payments made against funds for various projects
(a) From Government of India			(Name of the fund or project should be shown along with the particulars of payments made for each project)
(b) From State Government
(c) From other sources (details) (Grants for capital &revenue exp. To be shown separately).
III. Income on Investments from			III. Investments and deposits made
(a) Earmarked/Endow. Funds			(a) Out of Earmarked/Endowment funds
(b) Own Funds (Other Investment)			(b) Out of Own Funds (Investments-Others)
IV. Interest Received			IV. Expenditure on Fixed Assets & Capital Work-in- Progress
(a) On Bank deposits			(a) Purchase of Fixed Assets
(b) Loans, Advances etc.			(b) Expenditure on Capital Work-in-progress
V. Other Incom (Specify)
VI. Amount Borrowed
VII. Any other receipts (give details)			V. Refund of Surplus money/Loans
			(a) To the Government of India
			(b) To the state Government
			(c) To other providers of Funds
			VI. Finance Charges (Interest)
			VII. Other Payments (Specify)
			VIII. Closing Balances
			(a)Cash in hand.
			(b)Bank Balances.
			(i) In current accounts
			(ii) In deposit account
			(iii) Savings accounts.
Total			Total