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Depreciation
Further, depreciation under Indian GAAP was computed by assigning a life to each item of property, plant and
equipment. However, under IFRS, the Group has identified the cost/deemed cost of each significant part item of
property, plant and equipment and assigned an estimate of useful life to each such significant part. Accordingly,
the depreciation has been recomputed.
5. Non-controlling interest
Under Indian GAAP, financial statements are prepared as per the requirements of Schedule VI of The Companies
Act, 1956. Under Schedule VI, non-controlling interest is not included in the total stockholders’ equity and is disclosed
separately on the face of the statement of financial position.
On transition to IFRS, the Group has included the non-controlling interest in the statement of equity under the total
stockholders’ equity. Further, the non-controlling interest under IFRS has been calculated using the minority’s share
of the net assets of the subsidiary.
6. Proposed dividend
In preparation of the financial statements in accordance with Indian GAAP, the Company provided for proposed
dividend and tax thereon to comply with the schedule VI requirements of the Companies Act, 1956. On transition
to IFRS, proposed dividend is recognised based on the recognition principles of IAS 37- ‘Provisions, Contingent
Liabilities and Contingent Assets’. Considering that the dividend has been proposed after the date of statement of
financial position and becomes payable only after approval by the shareholders, there is no present obligation to pay
this dividend as at the date of statement of financial position. Accordingly, the liability for proposed dividend and tax
thereon has been reversed.
7. Deferred tax
Deferred tax assets and liabilities under Indian GAAP were recorded only on timing differences. However, on transition
to IFRS, deferred tax assets and liabilities are recorded on temporary differences. Further, on transition to IFRS, the
carrying values of assets and liabilities have undergone a change as a result of the adjustments indicated above, and
accordingly, the deferred tax position has been recomputed after considering the new carrying amounts.
8. Presentation differences
In the preparation of these IFRS financial statements, the Group has made several presentation differences between
Indian GAAP and IFRS. These differences have no impact on reported profit or total equity. Accordingly, some assets
and liabilities have been reclassified into another line item under IFRS at the date of transition. Further, in these
financial statements, some line items are described differently (renamed) under IFRS compared to Indian GAAP,
although the assets and liabilities included in these line items are unaffected.
NOTE FF - POST-REPORTING EVENTS
No adjusting or significant non-adjusting events have occurred between the reporting date and the date of authorisation.
NOTE GG - AUTHORISATION OF FINANCIAL STATEMENTS
The consolidated financially statements for the year ended 31 March 2011 were approved by the Board of Directors on
10 May 2011.
Annual Report 2010-2011 109