Property_Manu - Final - The New India Assurance Co. Ltd.

The New India Assurance Co.Ltd.(b)the adoption of a new accounting policy for events or transactions which did notoccur previously or that were immaterial.32. Any change in an accounting policy which has a material effect should be disclosed. Theimpact of, and the adjustments resulting from, such change, if material, should be shown inthe financial statements of the period in which such change is made, to reflect the effect ofsuch change. Where the effect of such change is not ascertainable, wholly or in part, thefact should be indicated. If a change is made in the accounting policies which has no materialeffect on the financial statements for the current period but which is reasonably expected tohave a material effect in later periods, the fact of such change should be appropriatelydisclosed in the period in which the change is adopted.33. A change in accounting policy consequent upon the adoption of an Accounting Standardshould be accounted for in accordance with the specific transitional provisions, if any,contained in that Accounting Standard. However, disclosures required by paragraph 32 ofthis Statement should be made unless the transitional provisions of any other AccountingStandard require alternative disclosures in this regard.HHHHH78 MANUAL ON PROPERTY