DEFINATIONS OF VARIOUS TERMINOLOGY USED IN FINANCIAL STATEMENT

1. "Accounting policies"

Accounting policies refer to the specific principles, bases, conventions, rules and practices that an entity applies when preparing and presenting financial statements. (Based on - IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors)

2. "Accounting profit"

Accounting profit refers to profit or loss for a period before deducting tax expense. (Based on - IAS 12 Income Taxes)

3. "Actuarial gains and losses"

Actuarial gains or losses are changes in the present value of the defined benefit obligation due to differences between previous assumptions and actual results, and changes in assumptions. (Based on - IAS 19 Employee Benefits)

4. "Amortization"

Amortization is the systematic allocation of the depreciable amount of an intangible asset over its useful life. (Based on - IAS 38 Intangible Assets)

5. "Antidilution"

Antidilution is an increase in earnings per share or a reduction in loss per share resulting from the assumption that convertible instruments are converted, that options or warrants are exercised, or that ordinary shares are issued upon the satisfaction of specified conditions. (Based on - IAS 33 Earnings Per Share)

6. "Asset ceiling"

Asset ceiling is the highest value of economic benefits that can be obtained through refunds from the plan or reductions in future contributions. The present value of a defined benefit obligation is the current value of expected future payments required to settle the obligation resulting from employee service in the current and prior periods, calculated without deducting any plan assets. (Based on – IAS 19 Employee Benefits)

7. "Asset is identifiable"

Asset is identifiable if it either:

1. is separable, i.e., is capable of being separated or divided from the entity and solo, transferred, licensed, rented or exchanged, either individually or together with a related contract, identifiable asset or liability, regardless of whether the entity intends to do so; or
2. arises from contractual or other legal rights, regardless of whether those rights are transferable or separable from the entity or from other rights and obligations.

(Based on - IAS 38 Intangible Assets)

8. "Asset"

Asset is a resource:

1. controlled by an entity as a result of past events; and
2. from which future economic benefits are expected to flow to the entity.

(Based on - IAS 38 Intangible Assets)

9. "Assets held by a long-term employee benefit fund"

Assets held by a long-term employee benefit fund are assets that are legally separate from the reporting entity and are used solely to pay or fund employee benefits. These assets are not available to the reporting entity's own creditors and can only be returned to the reporting entity in specific circumstances, such as when the remaining assets of the fund are sufficient to meet all related employee benefit obligations or when the assets are returned to reimburse for employee benefits already paid. (Based on – IAS 19 Employee Benefits)

10. "Associate"

Associate is an entity over which the investor has significant influence. (Based on - IAS 28 Investments in Associates and Joint Ventures)

11. “Bearer plant”

Bearer plant refers to a living plant that:

• (a) is used in the production or supply of agricultural produce;
• (b) is expected to bear produce for more than one period;
• (c) has a remote likelihood of being sold as agricultural produce, except for incidental scrap sales.

(Based on - IAS 16 Property Plant and Equipment)

12. “Borrowing costs”

Borrowing costs refers to the interest and other expenses incurred by an entity in relation to borrowing funds.

(Based on - IAS 23 Borrowing Costs)

13. “Carrying amount”

Carrying amount is the amount at which an asset is recognized on the balance sheet, after deducting any accumulated depreciation and accumulated impairment losses.

(Based on - IAS 16 Property Plant and Equipment, IAS 35 Impairments of Assets, IAS 38 Intangible Assets)

14. “Cash equivalents”

Cash equivalents are short-term, highly liquid investments that can easily be converted to known amounts of cash and are subject to minimal risk of changes in value.

(Based on - IAS 7 Statement of Cash Flows)

15. “Cash flows”

Cash flows refer to the inflows and outflows of cash and cash equivalents.

(Based on - IAS 7 Statement of Cash Flows)

16. “Cash”

Cash includes physical cash on hand and demand deposits.

(Based on - IAS 7 Statement of Cash Flows)

17. “Cash-generating unit”

Cash generating unit is the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.

(Based on - IAS 35 Impairments of Assets)

18. “Change in accounting estimate”

Change in accounting estimate is an adjustment to the carrying amount of an asset or a liability, or the amount of the periodic consumption of an asset, that results from reassessing the current status and the expected future benefits and obligations associated with assets and liabilities. Changes in accounting estimates are caused by new information or developments and are not corrections of errors.

(Based on - IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors)

19. “Closing rate”

Closing rate refers to the spot exchange rate at the end of the reporting period.

(Based on - IAS 21 The Effects of Changes in Foreign Exchange Rates)

20. “Consolidated financial statements”

Consolidated financial statements are the financial statements of a group in which the assets, liabilities, equity, income, expenses and cash flows of the parent and its subsidiaries are presented as those of a single economic entity.

(Based on - IAS 24 Separate Financial Statements)

21. “Constructive obligation”

Constructive obligation is an obligation that derives from an entity’s actions where:

• (a) by an established pattern of past practice, published policies, or a sufficiently specific current statement, the entity has indicated to other parties that it will accept certain responsibilities; and
• (b) as a result, the entity has created a valid expectation on the part of those other parties that it will discharge those responsibilities.

(Based on - IAS 37 Provisions, Contingent Liabilities and Contingent Assets)

22. “Contingent asset”

Contingent assets are a possible asset that arises from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the entity.

(Based on - IAS 37 Provisions, Contingent Liabilities and Contingent Assets)

23. “Contingent liability”

Contingent liability is:

• (a) a possible obligation that arises from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the entity; or
• (b) a present obligation that arises from past events but is not recognized because:
1. (i) it is not probable that an outflow of resources embodying economic benefits will be required to settle the obligation, or
2. (ii) the amount of the obligation cannot be measured with sufficient reliability.

(Based on - IAS 37 Provisions, Contingent Liabilities and Contingent Assets)

24. “Contingent share agreement”

Contingent share agreement is an agreement to issue shares that is dependent on the satisfaction of specified conditions.

(Based on - IAS 33 Earnings Per Share)

25. “Contingently issuable ordinary shares”

Contingently issuable ordinary shares are ordinary shares issuable for little or no cash or other consideration upon the satisfaction of specified conditions in a contingent share agreement.

(Based on - IAS 33 Earnings Per Share)

26. “Corporate assets”

Corporate assets are assets other than goodwill that contribute to the future cash flows of both the cash-generating unit under review and other cash-generating units.

(Based on - IAS 35 Impairments of Assets)

27. “Cost”

“Cost” is the amount of cash or cash equivalents paid or the fair value of other consideration given to acquire an asset at the time of its acquisition or construction, or, when applicable, the amount attributed to that asset when initially recognized in accordance with the specific requirements of other Indian Accounting Standards, e.g., Ind AS 102, Share-based Payment.

(Based on - IAS 38 Intangible Assets, IAS 40 Investment Property)

28. “Costs or disposal”

Costs or disposal are incremental costs directly attributable to the disposal of an asset or cash-generating unit, excluding finance costs and income tax expense.

(Based on - IAS 35 Impairments of Assets)

29. “Current tax”

Current tax is the amount of income taxes payable (recoverable) in respect of the taxable profit (tax loss) for a period.

(Based on - IAS 12 Income Taxes)

30. “Deferred tax assets”

Deferred tax assets are the amounts of income taxes recoverable in future periods in respect of:

• (a) deductible temporary differences;
• (b) the carryforward of unused tax losses;
• (c) the carryforward of unused tax credits.

(Based on - IAS 12 Income Taxes)

31. “Deferred tax liabilities”

Deferred tax liabilities are the amounts of income taxes payable in future periods in respect of taxable temporary differences.

(Based on - IAS 12 Income Taxes)

32. “Defined benefit plans”

Defined benefit plans are post-employment benefit plans other than defined contribution plans.

(Based on – IAS 19 Employee Benefits)

33. “Defined contribution plans”

Defined contribution plans are post-employment benefit plans under which an entity pays fixed contributions into a separate entity (a fund) and will have no legal or constructive obligation to pay further contributions if the fund does not hold sufficient assets to pay all employee benefits relating to employee service in the current and prior periods.

(Based on - IAS 19 Employee Benefits)

34. “Depreciable amount”

Depreciable amount is the cost or an asset, or other amount substituted for cost in the financial statements, less its residual value.

(Based on - IAS 35 Impairments of Assets, IAS 16 Property Plant and Equipment, IAS 38 Intangible Assets)

35. “Depreciation (Amortization)”

Depreciation (amortization) is the systematic allocation of the depreciable amount of an asset over its useful life.

(Based on - IAS 35 Impairments of Assets)

36. “Depreciation”

Depreciation is the systematic allocation of the depreciable amount of an asset over its useful life.

(Based on - IAS 16 Property Plant and Equipment)

37. “Development”

Development is the application of research findings or other knowledge to a plan or design for the production of new or substantially improved materials, devices, products, processes, systems, or services before the start of commercial production or use.

(Based on - IAS 38 Intangible Assets)

38. “Dilution”

Dilution is a reduction in earnings per share or an increase in loss per share resulting from the assumption that convertible instruments are converted, that options or warrants are exercised, or that ordinary shares are issued upon the satisfaction of specified conditions.

(Based on - IAS 33 Earnings Per Share)

39. “Employee benefits”

Employee benefits are all forms of consideration given by an entity in exchange for service rendered by employees or for the termination of employment.

(Based on – IAS 19 Employee Benefits)

40. “Entity-specific value”

Entity-specific value is the present value of the cash flows an entity expects to arise from the continuing use of an asset and from its disposal at the end of its useful life or expects to incur when settling a liability.

(Based on - IAS 16 Property Plant and Equipment, IAS 38 Intangible Assets)

41. “Equity instrument”

Equity instrument is a contract that evidences a residual interest in the assets of an entity after deducting all of its liabilities.

(Based on - IAS 32 Financial Instruments Presentation)

42. “Equity method”

Equity method is a method of accounting whereby the investment is initially recognized at cost and adjusted thereafter for the post-acquisition change in the investor's share of the investee's net assets. The investor's profit or loss includes its share of the investee's profit or loss, and the investor's other comprehensive income includes its share of the investee's other comprehensive income.

(Based on - IAS 28 Investments in Associates and Joint Ventures)

43. "Events after the reporting period"

Events after the reporting period refers to any events, whether favorable or unfavorable, that occur between the end of the reporting period and the date when the financial statements are approved for issue by the board of directors of a company or by the corresponding approving authority for any other entity. These events can be divided into two types:

• "Adjusting events after the reporting period" which provide evidence of conditions that existed at the end of the reporting period;
• "Non-adjusting events after the reporting period" which are indicative of conditions that arose after the reporting period.

Exceptionally, when there is a breach of a material provision of a long-term loan arrangement on or before the end of the reporting period, such that the liability becomes payable on demand on the reporting date, and if the lender agrees before the approval of the financial statements for issue, to not demand payment as a consequence of the breach, it shall be considered as an adjusting event. (Based on IAS 10 Events After Reporting Period)

44. "Exchange difference"

Exchange difference refers to the difference resulting from translating a given number of units of one currency into another currency at different exchange rates. (Based on - IAS 21 The Effects of Changes in Foreign Exchange Rates)

45. "Exchange rate"

Exchange rate refers to the ratio of exchange for two currencies. (Based on - IAS 21 The Effects of Changes in Foreign Exchange Rates)

46. "Fair value"

Fair value is the price that would be received for the sale of an asset or paid for the transfer of a liability in an orderly transaction between market participants at the date of measurement. (Based on - IAS 2 Inventories, IAS 16 Property Plant and Equipment, IAS 20 Accounting for Government Grants and Disclosure of Government Assistance, IAS 21 The Effects of Changes in Foreign Exchange Rates)

47. "Financial asset"

Financial asset is any asset that is:

• cash;
• an equity instrument of another entity;
• a contractual right:
  1. to receive cash or another financial asset from another entity; or
  2. to exchange financial assets or financial liabilities with another entity under conditions that are potentially favorable to the entity; or
• a contract that will or may be settled in the entity’s own equity instruments and is:
  1. a non-derivative for which the entity is or may be obliged to receive a variable number or the entity’s own equity instruments; or
  2. a derivative that will or may be settled other than by the exchange of a fixed amount of cash or another financial asset for a fixed number of the entity’s own equity instruments. For this purpose, the entity’s own equity instruments do not include puttable financial instruments classified as equity instruments in with paragraphs 16A and 16B instruments that impose on the entity an obligation to deliver to another party a pro rata share of the net assets of the entity only on liquidation and are classified as equity instruments in accordance with paragraphs 160 and 160, or instruments that are contracts for the future receipt or delivery of the entity's own equity instruments.

(Based on - IAS 32 Financial Instruments Presentation)

48. "Financial instrument"

Financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. (Based on - IAS 32 Financial Instruments Presentation)

49. "Financial liability"

Financial liability is any liability that is:

• a contractual obligation:
  1. to deliver cash or another financial asset to another entity; or
  2. to exchange financial assets or financial liabilities with another entity under conditions that are potentially unfavorable to the entity;
• a contract that will or may be settled in the entity's own equity instruments and is:
  1. a non-derivative for which the entity is or may be obliged to deliver a variable number or the entity’s own equity instruments; or
  2. a derivative that will or may be settled other than by the exchange of a fixed amount of cash or another financial asset for a fixed number of the entity’s own equity instruments. For this purpose, rights, options or warrants to acquire a fixed number of the entity’s own equity instruments for a fixed amount of any currency are equity instruments if the entity offers the rights, options or warrants pro rata to all of its existing owners of the same class of its own non-derivative equity instruments. Apart from the aforesaid, the equity conversion option embedded in a convertible bond denominated in foreign currency to acquire a fixed number of the entity’s own equity instruments is an equity instrument if the exercise price is fixed in any currency. Also, for these purposes the entity's own equity instruments do not include puttable financial instruments that are classified as equity instruments in accordance with paragraphs 16A and 16B, instruments that impose on the entity an obligation to deliver to another party a pro rata share of the net assets of the entity only on liquidation and are classified as equity instruments in accordance with paragraphs 16C and 16D, or instruments that are contracts for the future receipt or delivery of the entity's own equity instruments.

(Based on - IAS 32 Financial Instruments Presentation)

50. "Financing activities"

Financing activities are actions that result in changes to the size and composition of the entity's contributed equity and borrowings. (Based on - IAS 7 Statement of Cash Flows)

51. "Foreign currency"

Foreign currency refers to a currency other than the functional currency of the entity. (Based on - IAS 21 The Effects of Changes in Foreign Exchange Rates)

52. "Foreign operation"

Foreign operation refers to an entity that is a subsidiary, associate, joint arrangement, or branch of a reporting entity, the activities of which are based or conducted in a country or currency other than those of the reporting entity. (Based on - IAS 21 The Effects of Changes in Foreign Exchange Rates)

53. "Forgivable loans"

Forgivable loans are loans where the lender agrees to waive repayment under certain conditions. (Based on - IAS 20 Accounting for Government Grants and Disclosure of Government Assistance)

54. "Functional currency"

Functional currency refers to the currency of the primary economic environment in which the entity operates. (Based on - IAS 21 The Effects of Changes in Foreign Exchange Rates)

55. "General purpose financial statements"

General purpose financial statements, also known as "financial statements," are intended to meet the needs of users who do not require an entity to create reports that are tailored to their specific information needs. (Based on - IAS 1 Presentation of Financial Statements)

56. "Government assistance"

Government assistance refers to action taken by a government to provide an economic benefit to specific entities or groups of entities that meet certain criteria. This does not include benefits provided indirectly through changes to general trading conditions, such as infrastructure in development areas or limitations on competitors. (Based on - IAS 20 Accounting for Government Grants and Disclosure of Government Assistance)

57. "Government grants"

Government grants are resources given by the government to an entity in exchange for compliance with specific conditions related to the entity's operations. These exclude forms of government assistance that cannot reasonably be given a value or transactions with the government that cannot be distinguished from the entity's normal business activities. (Based on - IAS 20 Accounting for Government Grants and Disclosure of Government Assistance)

58. "Government"

Government refers to government bodies, agencies, and similar organizations at the local, national, or international level. (Based on - IAS 20 Accounting for Government Grants and Disclosure of Government Assistance)

59. "Government-related entity"

Government-related entity is an entity that is controlled, jointly controlled, or significantly influenced by a government. (Based on - IAS 24 Related Party Disclosures)

60. "Grants related to assets"

Grants related to assets are government grants with the primary condition that the recipient uses them to purchase, construct, or acquire long-term assets. Additional conditions may also be imposed, such as restrictions on the type, location, or timing of the assets. (Based on - IAS 20 Accounting for Government Grants and Disclosure of Government Assistance)

61. "Grants related to income"

Grants related to income are government grants not related to assets. (Based on - IAS 20 Accounting for Government Grants and Disclosure of Government Assistance)

62. "Group"

Group refers to a parent and all its subsidiaries. (Based on - IAS 21 The Effects of Changes in Foreign Exchange Rates)

63. "Impairment loss"

Impairment loss is the amount by which the carrying amount of an asset or a cash-generating unit exceeds its recoverable amount. (Based on - IAS 35 Impairments of Assets, IAS 16 Property Plant and Equipment)

64. "Intangible asset"

Intangible asset is an identifiable non-monetary asset without physical substance. (Based on - IAS 38 Intangible Assets)

65. "Interim financial report"

Interim financial report means a financial report containing either a complete set of financial statements (as described in Ind AS 1, Presentation of Financial Statements) or a set of condensed financial statements (as described in this Standard) for an interim period. (Based on - IAS 34 Interim Financial Reporting)

66. "Interim period"

Interim period is a financial reporting period shorter than a full financial year. (Based on - IAS 34 Interim Financial Reporting)

67. "Inventories"

"Inventories" are assets that are: (a) held for sale in the normal course of business; (b) in the process of production for such sale; or (c) in the form of materials or supplies that will be consumed in the production process or in the provision of services. (Based on - IAS 2 Inventories)

68. "Investing activities"

Investing activities include the acquisition and disposal of long-term assets and other investments that are not considered cash equivalents. (Based on - IAS 7 Statement of Cash Flows)

69. "Investment property"

Investment property is property (land or a building or part of a building or both) held (by the owner or by the lessee as a right-of-use asset to earn rentals or for capital appreciation or both, rather than for (a) use in the production or supply of goods or services or for administrative purposes; or (b) sale in the ordinary course of business. (Based on - IAS 40 Investment Property)

70. "Joint arrangement"

Joint arrangement is an arrangement of which two or more parties have joint control. (Based on - IAS 28 Investments in Associates and Joint Ventures)

71. "Joint control"

Joint control is the contractually agreed sharing of control of an arrangement which exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control. (Based on - IAS 28 Investments in Associates and Joint Ventures)

72. "Joint venture"

Joint venture is a joint arrangement whereby the parties that have joint control or the arrangement have rights to the net assets of the arrangement. (Based on - IAS 28 Investments in Associates and Joint Ventures)

73. "Key management personnel"

Key management personnel are those persons having authority and responsibility for planning, directing, and controlling the activities of the entity, directly or indirectly, including any director whether executive or otherwise of that entity. (Based on - IAS 24 Related Party Disclosures)

74. "Legal obligation"

Legal obligation is an obligation that derives from: (a) a contract (through its explicit or implicit terms); (b) legislation; or (c) other operation or law. (Based on - IAS 37 Provisions, Contingent Liabilities and Contingent Assets)

75. "Liability"

Liability is a present obligation of the entity arising from past events, the settlement of which is expected to result in an outflow from the entity of resources embodying economic benefits. (Based on - IAS 37 Provisions, Contingent Liabilities and Contingent Assets)

76. "Material"

Information is considered material if omitting, misstating, or obscuring it would reasonably be expected to influence the decisions made by the primary users of general-purpose financial statements, based on those statements. (Based on - IAS 1 Presentation of Financial Statements)

77. "Monetary assets"

Monetary assets are money held and assets to be received in fixed or determinable amounts of money. (Based on - IAS 38 Intangible Assets)

78. "Monetary items"

Monetary items refer to units of currency held and assets and liabilities to be received or paid in a fixed or determinable number of units of currency. (Based on - IAS 21 The Effects of Changes in Foreign Exchange Rates)

79. "Multi-employer plans"

Multi-employer plans are defined contribution plans (other than state plans) or defined benefit plans (other than state plans) that: (a) pool the assets contributed by various entities that are not under common control, and (b) use those assets to provide benefits to employees of more than one entity, on the basis that contribution and benefit levels are determined without regard to the identity of the entity that employs the employees. (Based on – IAS 19 Employee Benefits)

80. "Net defined benefit liability (asset)"

Net defined benefit liability (asset) is the difference between the present value of the defined benefit obligation and the fair value of plan assets. This difference may be adjusted for any effect of limiting a net defined benefit asset to the asset ceiling. (Based on – IAS 19 Employee Benefits)

81. "Net interest on the net defined benefit liability (asset)"

Net interest on the net defined benefit liability (asset) is the change in the liability or asset over time. (Based on – IAS 19 Employee Benefits)

82. "Net investment in a foreign operation"

Net investment in a foreign operation refers to the amount of the reporting entity's interest in the net assets of that operation. (Based on - IAS 21 The Effects of Changes in Foreign Exchange Rates)

83. "Net realizable value"

Net realizable value is the estimated selling price in the normal course of business, minus the estimated costs of completion and the estimated costs necessary to make the sale. (Based on - IAS 2 Inventories)

84. "Notes"

Notes provide additional information beyond what is presented in the balance sheet, statement of profit and loss, statement of changes in equity, and statement of cash flows. They include narrative descriptions or breakdowns of items presented in those statements, as well as information about items that do not qualify for recognition in those statements. (Based on - IAS 1 Presentation of Financial Statements)

85. "Obligating event"

Obligating event is an event that creates a legal or constructive obligation that results in an entity having no realistic alternative to settling that obligation. (Based on - IAS 37 Provisions, Contingent Liabilities and Contingent Assets)

86. "Onerous contract"

Onerous contract is a contract in which the unavoidable costs of meeting the obligations under the contract exceed the economic benefits expected to be received under it. (Based on - IAS 37 Provisions, Contingent Liabilities and Contingent Assets)

87. "Operating activities"

Operating activities are the entity's main revenue-generating activities and other activities that are not investing or financing activities. (Based on - IAS 7 Statement of Cash Flows)

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88. "Options, warrants and their equivalents"

Options, warrants and their equivalents are financial instruments that give the holder the right to purchase ordinary shares. (Based on - IAS 33 Earnings Per Share)

89. "Ordinary share"

Ordinary share is an equity instrument that is subordinate to all other classes of equity instruments. (Based on - IAS 33 Earnings Per Share)

90. "Other comprehensive income"

Other comprehensive income refers to items of income and expense, including reclassification adjustments, that are not recognized in profit or loss as required or permitted by other Ind ASs. (Based on - IAS 1 Presentation of Financial Statements)

91. "Other long-term employee benefits"

Other long-term employee benefits are all employee benefits other than short-term employee benefits, post-employment benefits, and termination benefits. (Based on - IAS 19 Employee Benefits)

92. "Owner-occupied property"

Owner-occupied property is property held by the owner or by the lessee as a right-of-use asset for use in the production or supply of goods or services or for administrative purposes. (Based on - IAS 40 Investment Property)

93. "Owners"

Owners refer to holders of instruments classified as equity. (Based on - IAS 1 Presentation of Financial Statements)

94. "Plan assets"

Plan assets include:
(a) assets held by a long-term employee benefit fund, and
(b) qualifying insurance policies. (Based on - IAS 19 Employee Benefits)

95. "Post-employment benefit plans"

Post-employment benefit plans are formal or informal arrangements under which an entity provides post-employment benefits for one or more employees. (Based on - IAS 19 Employee Benefits)

96. "Post-employment benefits"

Post-employment benefits are employee benefits (other than termination benefits and short-term employee benefits) that are payable after the completion of employment. (Based on - IAS 19 Employee Benefits)

97. "Potential ordinary share"

Potential ordinary share is a financial instrument or other contract that may entitle its holder to ordinary shares. (Based on - IAS 33 Earnings Per Share)

98. "Presentation currency"

Presentation currency refers to the currency in which the financial statements are presented. (Based on - IAS 21 The Effects of Changes in Foreign Exchange Rates)

99. "Prior period errors"

Prior period errors are omissions and misstatements in an entity's financial statements for one or more prior periods that occur due to failure to use or misuse reliable information that was available and could reasonably have been taken into account when the financial statements for those periods were approved for issue. Such errors include mathematical mistakes, errors in applying accounting policies, oversights, misinterpretations of facts, and fraud. (Based on - IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors)

100. "Profit or loss"

Profit or loss is the total of income minus expenses, with the exception of the components of other comprehensive income. (Based on - IAS 1 Presentation of Financial Statements)

101. "Property, plant and equipment"

Property, plant, and equipment are tangible items that:
(a) are held for use in the production or supply of goods or services, for rental to others, or for administrative purposes, and
(b) are expected to be used during more than one period. (Based on - IAS 16 Property Plant and Equipment)

102. "Prospective application of a change in accounting policy"

Prospective application means applying a new accounting policy to transactions, other events, and conditions that occur after the date of the policy change and recognizing the effect of a change in accounting estimate in the current and future periods affected by the change. (Based on - IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors)

103. "Provision"

Provision is a liability of uncertain timing or amount. (Based on - IAS 37 Provisions, Contingent Liabilities, and Contingent Assets)

104. "Put options on ordinary shares"

Put options on ordinary shares are contracts that give the holder the right to sell ordinary shares at a specified price for a given period. (Based on - IAS 33 Earnings Per Share)

105. "Puttable instrument"

Puttable instrument is a financial instrument that gives the holder the right to put the instrument back to the issuer for cash or another financial asset or is automatically put back to the issuer on the occurrence of an uncertain future event or the death or retirement of the instrument holder. (Based on - IAS 32 Financial Instruments Presentation)

106. "Qualifying asset"

Qualifying asset refers to an asset that takes a significant period of time to prepare for its intended use or sale. (Based on - IAS 23 Borrowing Costs)

107. "Qualifying insurance policy"

Qualifying insurance policy is an insurance policy issued by an insurer that is not related to the reporting entity and the proceeds of which can only be used to pay or fund employee benefits under a defined benefit plan and are not available to the reporting entity's own creditors. The proceeds can only be paid to the reporting entity in specific circumstances, such as when the proceeds represent surplus assets that are not needed to meet all related employee benefit obligations or when the proceeds are returned to reimburse for employee benefits already (Based on – IAS 19 Employee Benefits)

108. "Reclassification adjustments"

Reclassification adjustments are amounts that are reclassified to profit or loss in the current period and were recognized in other comprehensive income in the current or previous periods. (Based on - IAS 1 Presentation of Financial Statements)

109. "Recoverable amount"

Recoverable amount is the higher of an asset's fair value less costs of disposal and its value in use. (Based on - IAS 16 Property Plant and Equipment)

110. "Recoverable amount of an asset"

Recoverable amount of an asset or a cash-generating unit is the higher of its fair value less costs of disposal and its value in use. (Based on - IAS 35 Impairments of Assets)

111. "Related party transaction"

A related party transaction refers to a transfer of resources, services, or obligations between a reporting entity and a related party, regardless of whether a price is charged. (Based on - IAS 24 Related Party Disclosures)

112. "Related party"

A related party refers to a person or entity that has a relationship with the entity that is preparing its financial statements (referred to as the 'reporting entity').

• (a) A person or a close member of that person's family is related to a reporting entity if that person:
  1. (i) has control or joint control of the reporting entity;
  2. (ii) has significant influence over the reporting entity; or
  3. (iii) is a member of the key management personnel of the reporting entity or of a parent of the reporting entity.
• (b) An entity is related to a reporting entity if any of the following conditions applies:
  1. (i) The entity and the reporting entity are members of the same group, which means that each parent subsidiary and fellow subsidiary is related to the others.
  2. (ii) One entity is an associate or joint venture of the other entity or an associate or joint venture of a member of a group of which the other entity is a member.
  3. (iii) Both entities are joint ventures of the same third party.
  4. (iv) One entity is a joint venture of a third entity and the other entity is an associate of the third entity.
  5. (v) The entity is a post-employment benefit plan for the benefit of employees of either the reporting entity or an entity related to the reporting entity. If the reporting entity is itself such a plan, the sponsoring employers are also related to the reporting entity.
  6. (vi) The entity is controlled or jointly controlled by a person identified in (a).
  7. (vii) A person identified in (a)(i) has significant influence over the entity or is a member of the key management personnel of the entity (or of a parent of the entity).
  8. (viii) The entity, or any member of a group of which it is a part, provides key management personnel services to the reporting entity or to the parent of the reporting entity.

(Based on - IAS 24 Related Party Disclosures)

113. "Remeasurements of the net defined benefit liability (asset) comprise"

Remeasurements of the net defined benefit liability (asset) include actuarial gains or losses, the return on plan assets, and any changes to the effect of the asset ceiling. (Based on - IAS 19 Employee Benefits)

114. "Research"

Research is original and planned investigation undertaken with the prospect of gaining new scientific or technical knowledge and understanding. (Based on - IAS 38 Intangible Assets)

115. "Residual value"

Residual value of an intangible asset is the estimated amount that an entity would currently obtain from the disposal of the asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life. (Based on - IAS 38 Intangible Assets)

116. "Restructuring"

Restructuring is a program that is planned and controlled by management and materially changes either:

• (a) the scope of a business undertaken by an entity; or
• (b) the manner in which that business is conducted.

(Based on - IAS 37 Provisions, Contingent Liabilities, and Contingent Assets)

117. "Retrospective application"

Retrospective application is applying a new accounting policy to transactions, events, and conditions as if that policy had always been applied. (Based on - IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors)

118. "Retrospective restatement"

Retrospective restatement is correcting the recognition, measurement, and disclosure of amounts of elements of financial statements as if a prior period error had never occurred. (Based on - IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors)

119. "Return on plan assets"

Return on plan assets is the income and changes in value of the assets held to fund the benefits, minus any costs of managing the assets and any taxes. (Based on - IAS 19 Employee Benefits)

120. "Separate financial statements"

Separate financial statements are those presented by a parent (i.e., an investor with control or a subsidiary) or an investor with joint control of, or significant influence over, an investee, in which the investments are accounted for at cost or in accordance with Ind AS 109, Financial Instruments. (Based on - IAS 24 Separate Financial Statements)

121. "Service cost comprises"

Service cost refers to the costs incurred for providing employee benefits, including current service cost (increase in present value of defined benefit obligation for the current period), past service cost (change in present value for prior periods due to plan amendments), and gain or loss on settlement. (Based on - IAS 19 Employee Benefits)

122. "Settlement"

Settlement refers to a transaction that eliminates all legal or constructive obligations for benefits provided under the plan, except for payments to or on behalf of employees as outlined in the plan and included in the assumptions. (Based on - IAS 19 Employee Benefits)

123. "Short-term employee benefits"

Short-term employee benefits are employee benefits (other than termination benefits) that are expected to be settled wholly before twelve months after the end of the annual reporting period in which the employees render the related service. (Based on - IAS 19 Employee Benefits)

124. "Significant influence"

Significant influence is the power to participate in the financial and operating policy decisions of the investee but is not control or joint control of those policies. (Based on - IAS 28 Investments in Associates and Joint Ventures)

125. "Spot exchange rate"

Spot exchange rate refers to the exchange rate for immediate delivery. (Based on - IAS 21 The Effects of Changes in Foreign Exchange Rates)

126. "Tax base"

Tax base of an asset or liability is the amount attributed to that asset or liability for tax purposes. (Based on - IAS 12 Income Taxes)

127. "Tax expense (tax income)"

Tax expense (tax income) is the aggregate amount included in the determination of profit or loss for the period in respect of current tax and deferred tax. (Based on - IAS 12 Income Taxes)

128. "Taxable profit (tax loss)"

Taxable profit (tax loss) is the profit (loss) for a period, as determined by the rules established by the tax authorities, on which income taxes are payable (recoverable). (Based on - IAS 12 Income Taxes)

129. "Temporary differences"

Temporary differences are the differences between the carrying amount of an asset or liability in the balance sheet and its tax base. These differences can be either:

• (a) "Taxable temporary differences," which are temporary differences that will result in taxable amounts when the carrying amount of the asset or liability is recovered or settled in future periods; or
• (b) "Deductible temporary differences," which are temporary differences that will result in amounts that are deductible when the carrying amount of the asset or liability is recovered or settled in future periods.

(Based on - IAS 12 Income Taxes)

130. "Termination benefits"

Termination benefits are employee benefits provided in exchange for the termination of an employee's employment as a result of either:

• (a) an entity's decision to terminate an employee's employment before the normal retirement date; or
• (b) an employee's decision to accept an offer of benefits in exchange for the termination of employment.

(Based on - IAS 19 Employee Benefits)

131. "The residual value"

Residual value of an asset is the estimated amount that an entity would currently obtain from the disposal of the asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life. (Based on - IAS 16 Property Plant and Equipment)

132. "Total comprehensive income"

Total comprehensive income includes profit or loss for the period and other comprehensive income. Reclassification adjustments are amounts that are reclassified to profit or loss in the current period and were recognized in other comprehensive income in the current or previous periods. (Based on - IAS 1 Presentation of Financial Statements)

133. "Useful life"

Useful life is:

• (a) the period over which an asset is expected to be available for use by an entity; or
• (b) the number of production or similar units expected to be obtained from the asset by an entity.

(Based on - IAS 38 Intangible Assets, IAS 35 Impairments of Assets)

134. "Value in use"

Value in use is the present value of the future cash flows expected to be derived from an asset or cash-generating unit. (Based on - IAS 35 Impairments of Assets)