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Tata Consultancy Services changes to IFRS 9

Friday, 4 Apr 2014 09:25am EDT 

Tata Consultancy Services Ltd:Says it elected to apply International Financial Reporting Standard (IFRS 9), Financial Instruments, from April 1, 2013, in accordance with the transition provision set out in this standard.IFRS 9 will be applicable to the (i) classification and measurement of financial assets and financial liabilities and (ii) hedge accounting.Prior to the adoption of Phase 1 and Phase 3 of IFRS 9, the Company followed IAS 39, Financial Instruments.This change will reduce the volatility in the company's reported quarterly profit or loss, resulting from the change in the time value of hedging instruments.In accordance with IFRS 9, the change in the time value will be accumulated under Other Comprehensive Income (OCI) in the balance-sheet until the forecasted cash flow occurs, whereupon the accumulated balance will be transferred to the profit & loss account. 

Company Quote

-22.4 -0.95%
26 Nov 2015