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Notes forming part of consolidated onancial statements (Contd.)
Annual Report 2016-17
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48. First-time adoption of Ind-AS
These consolidated onancial statements for the year ended March 31, 2017 have been prepared in accordance
with Ind-AS. For periods up to and including the year ended March 31, 2016, the Group prepared its consolidated
onancial statements in accordance with statutory reporting requirements in India immediately before adopting Ind
AS (‘previous GAAP’).
Accordingly, the Group has prepared consolidated onancial statements which comply with Ind-AS applicable for
year ending on March 31, 2017, together with the comparative period data as at and for the year ended March
31, 2016. In preparing these onancial statements, the Group’s opening balance sheet was prepared as at April 1,
2015, the Group’s date of transition to Ind-AS. This note explains the principal adjustments made by the Group in
restating its Indian GAAP consolidated onancial statements, including the balance sheet as at April 1, 2015 and the
consolidated onancial statements as at and for the year ended March 31, 2016.
Exemptions applied
Ind AS 101 allows orst-time adopters certain optional exemptions from the retrospective application of certain
requirements under Ind AS.
The Group has applied the following optional exemptions:
A. Business combinations
The Group has applied Ind AS 103, “Business combinations” to all the business combinations that occurred
after the date of transition to Ind AS i.e. April 1, 2015. Accordingly, business combinations prior to April 1, 2015
have not been restated.
B. Share based payment transactions
The Group has not applied Ind AS 102, “Share based payment” to equity instruments that vested before the
date of transition to Ind AS i.e. April 1, 2015. Accordingly, equity instruments that have vested prior to April 1,
2015 have not been fair valued.
Explanation of transition to Ind AS
The below mentioned reconciliations provide a quantiocation of the effect of signiocant differences arising from
the transition from Indian GAAP to Ind AS in accordance with Ind AS 101 for the following:
- equity as at April 1, 2015
- equity as at March 31, 2016
- Proot for the year ended March 31, 2016