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You can view the entire text of Notes to accounts of the company for the latest year

BSE: 531677ISIN: INE588E01026INDUSTRY: IT Consulting & Software

BSE   ` 481.85   Open: 481.85   Today's Range 481.85
481.85
-9.80 ( -2.03 %) Prev Close: 491.65 52 Week Range 63.38
617.00
Year End :2024-03 

k. Provisions, contingent liabilities and contingent assets

The Company creates a provision when there is a present obligation as a result of an obligating event that
probably requires an outflow of resources and a reliable estimate can be made of the amount of the outflow.
Provisions are not discounted to their present value and are determined based on the best estimate required
to settle the obligation at the reporting date. These estimates are reviewed at each reporting date and
adjusted to reflect the current best estimate.

Contingent liabilities are disclosed unless the possibility of outflow of resources is remote.

Contingent assets are neither recognized nor disclosed in the financial statements.

l. New Accounting standards adopted by the Company:

1. Appendix C to Ind AS 12 - Uncertainty over income tax treatments

Appendix C to Ind AS 12 clarifies the accounting for uncertainties in income taxes. The interpretation is to be
applied to the determination of taxable profit (tax loss], tax bases, unused tax losses, unused tax credits and
tax rates, when there is uncertainty over income tax treatments under Ind AS 12. The adoption of Appendix C
to Ind AS 12 does not have any material impact on the standalone financial statements of the Company.

2. Amendment to Ind AS 12 - Income Taxes

The Ministry of Corporate Affairs issued amendments to Ind AS 12 - Income Taxes. The amendments clarify
that an entity shall recognize the income tax consequences of dividends on financial instruments classified as
equity, where the entity originally recognized those past transactions or events that generated distributable
profits and are recognized by the entity. The adoption of amendment to Ind AS 12 does not have any material
impact on the standalone financial statements of the Company.

3. Amendment to Ind AS 19 - Plan Amendment, Curtailment or Settlement

The Ministry of Corporate Affairs issued amendments to Ind AS 19, ‘Employee Benefits', in connection with
accounting for plan amendments, curtailments and settlements requiring an entity to determine the current
service costs and the net interest for the period after the re-measurement using the assumptions used for the
re-measurement; and determine the net interest for the remaining period based on the remeasured net
defined benefit liability or asset. The adoption of amendment to Ind AS 19 does not have any material impact
on the standalone financial statements of the Company.

4. Transition to Ind AS 116

Ministry of Corporate Affairs ("MCA"] through Companies (Indian Accounting Standards] Amendment Rules,
2019 and Companies (Indian Accounting Standards] Second Amendment Rules, has notified Ind AS 116
Leases which replaces the existing lease standard, Ind AS 17 Leases and other interpretations. Ind AS 116 sets

out the principles for the recognition, measurement, presentation and disclosure of leases for both lessees
and lessors. It introduces a single, on-balance sheet lease accounting model for lessees.

The Company has evaluated for adopting Ind AS 116 from effective annual reporting period beginning April 1,
2019 and found that the adoption of amendment to Ind AS 116 did not have any material impact on the
standalone financial statements of the Company.

Ministry of Corporate Affairs ("MCA") notifies new standards or amendments to the existing standards under
Companies (Indian Accounting Standards) Rules as issued from time to time. On March 23, 2022, MCA
amended the Companies (Indian Accounting Standards) Amendment Rules, 2022, as below.

Ind-AS 16-Property Plant and equipment-The amendment clarifies that excess of net sale proceeds of
items produced over the cost of testing, if any, shall not be recognized in the profit or loss but deducted from
the directly attributable costs considered as part of cost of an item of property, plant, and equipment. The
effective date for adoption of this amendment is annual periods beginning on or after April 1, 2022. The
Company has evaluated the amendment and there is no impact on its consolidated financial statements.

Ind-AS 37- Provisions, Contingent Liabilities and Contingent Assets-The amendment specifies that the
'cost of fulfilling' a contract comprises the ‘costs that relate directly to the contract'. Costs that relate directly
to a contract can either be incremental costs of fulfilling that contract (examples would be direct labour,
materials) or an allocation of other costs that relate directly to fulfilling contracts (an example would be the
allocation of the depreciation charge for an item of property, plant and equipment used in fulfilling the
contract). The effective date for adoption of this amendment is annual periods beginning on or after April 01,
2022 although early adoption is permitted. The Company has evaluated the amendment and the impact is not
expected to be material.