Annual Report, 2016-17

155

annual

report

16-17

kajaria

ceramics

corporate

overview

management

reports

Financial

statements

Reconciliation of profit or loss for the year ended 31 March 2016

(contd...)

7 Share-based payments

Under Previous GAAP, the Company recognised only the intrinsic value for the long-term incentive plan as an expense.

Ind AS requires the fair value of the share options to be determined using an appropriate pricing model recognised over

the vesting period. An additional expense of

0.66 crore has been recognised in profit & loss for the year ended 31 March

2016.

8 ECL for trade receivables

Under the previous GAAP, provision for bad debt was recognised for the doubtful debtors on a case to case basis.

However, under Ind AS, the Company assesses impairment based on expected credit losses (ECL) model for measurement

and recognition of impairment loss on the financial assets that are trade receivables accounting for both nonpayment and

delay of receivable. According to the past estimates, the Company has recognised 0.1% of good debtors as the additional

provision under ECL model. Impact on trade receivables due to extra provision is

0.06 crore.

9 Other comprehensive income

Under Previous GAAP, the company has not presented other comprehensive income (OCI) separately. Hence, it has

reconciled Previous GAAP profit & loss to profit or profit & loss as per Ind AS. Further, Previous GAAP profit & loss is

reconciled to total comprehensive income as per Ind AS.

10 Re-classification

The company has reclassified previous year figures to conform to Ind AS classification.

In terms of our report of even date annexed

For and on behalf of the Board

For O. P. Bagla & Co.

Ashok Kajaria

Chetan Kajaria

Rishi Kajaria

Chartered Accountants

Chairman & Managing Director

Jt. Managing Director

FRN No. 000018N

(DIN: 00273877)

(DIN: 00273928)

(DIN: 00228455)

Atul Bagla

Partner

Ram Chandra Rawat

Sanjeev Agarwal

Membership No.: 91885

COO (A&T) and Co. Secretary

CFO

Place: New Delhi

(FCS No. 5101)

Dated: 15th May, 2017

Notes on the standalone financial statements

for the year ended 31 March 2017