Page 241 - Arvind 2024

Corporate Overview Statutory Reports Financial Statements
Notes to Consolidated Financial Statements for the year ended 31st March, 2024 (Amount in Rs. Lac, unless stated otherwise)
(i) Definition of Accounting Estimates - Amendments to Ind AS 8
The amendments clarify the distinction between changes in accounting estimates and changes in accounting policies and the correction of errors. It has also been clarified how entities use measurement techniques and inputs to develop accounting estimates.
The amendments had no impact on the group’s financial statements.
(ii) Disclosure of Accounting Policies – Amendments to Ind AS 1
The amendments aim to help entities provide accounting policy disclosures that are more useful by replacing the requirement for entities to disclose their ‘significant’ accounting policies with a requirement to disclose their ‘material’ accounting policies and adding guidance on how entities apply the concept of materiality in making decisions about accounting policy disclosures.
The amendments have had an impact on the group’s disclosures of accounting policies, but not on the measurement, recognition or presentation of any items in the group’s financial statements.
(iii)Deferred Tax related to Assets and Liabilities arising from a Single Transaction – Amendments to Ind AS 12
The amendments narrow the scope of the initial recognition exception under Ind AS 12, so that it no longer applies to transactions that give rise to equal taxable and deductible temporary differences such as leases.
The amendment have no impact in the balance sheet. There was also no impact on the opening retained earnings as at April 1 2022.
Standards notified but not yet effective:
There are no standards that are notified and not yet effective as on the date.
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