2. Material accounting policies
This note provides a list of the material accounting policies adopted in the preparation of these financial
statements. These policies have been consistently applied to all the years presented, unless otherwise stated.
2.1.Statement of compliance and basis of preparation
i. Compliance with Ind AS
The financial statements of the Company have been prepared in accordance with Indian Accounting
Standards (Ind AS) notified under the Companies (Indian Accounting Standards) Rules, 2015 (as amended
from time to time) and presentation requirements of Division II of Schedule III to the Companies Act, 2013
(as amended from time to time) (Ind AS compliant Schedule III), as applicable to the financial statements.
ii. Historical cost convention
The financial statements have been prepared on a historical cost basis, except for the following assets and
liabilities which have been measured at fair value or revalued amount:
• Certain financial assets and liabilities measured at fair value (refer accounting policy regarding financial
instruments);
The accounting policies and related notes further describe the specific measurements applied for each of
the assets and liabilities.
The financial statements are presented in Indian Rupees ('INR') and all values are rounded to the nearest
lakhs (i.e. INR 00,000), except otherwise indicated.
The Company has prepared the financial statements on the basis that it will continue to operate as a going
concern.
2.2.Summary of material accounting policies
a) Current versus non-current classification
The Company segregates assets and liabilities into current and non-current categories for presentation in the
balance sheet after considering its normal operating cycle and other criteria set out in Ind AS 1, "Presentation
of Financial Statements". For this purpose, current assets and liabilities include the current portion of non¬
current assets and liabilities respectively. Deferred tax assets and liabilities are classified as non-current
assets and liabilities.
The operating cycle is the time between the acquisition of assets for processing and their realisation in cash
and cash equivalents. The Company has identified twelve months as its operating cycle.
b) Segment reporting
Operating segments are reported in a manner consistent with the internal reporting provided to the Chief
Operating Decision Maker ("CODM") of the Company. The CODM, who is responsible for allocating resources
and assessing performance of the operating segments, has been identified as the Chairperson and Chief
Executive Officer of the Company. The Company has identified three reportable segments "Warehousing
services", "Transportation services" and "Trading and distribution " i.e. based on the information reviewed by
CODM. Refer note 29 for segment information presented.
Allocation of common costs
Common allocable costs are allocated to each segment on a case-to-case basis applying the ratio, appropriate
to each relevant case. Revenue and expenses, which relate to the enterprise as a whole and are not allocable to
segment on a reasonable basis, are included under the head "Unallocated".
Unallocated items
Unallocated items include general corporate income and expense items which are not allocated to any business
segment.
Segment accounting policies
The Company prepares its segment information in conformity with the accounting policies adopted for preparing
and presenting the financial statements of the Company as a whole.
c) Foreign currency translation
i. Functional and presentation currency
The financial statements are presented in Indian Rupee (INR), which is the Company's functional and
presentation currency.
ii. Transactions and balances
Transactions in foreign currencies are initially recorded by the Company at their respective functional
currency spot rates at the date the transaction first qualifies for recognition. However, for practical reasons,
the Company uses an average rate if the average approximates the actual rate at the date of the transaction.
Monetary assets and liabilities denominated in foreign currencies are translated at the functional currency
spot rates of exchange at the reporting date.
Exchange differences arising on settlement or translation of monetary items are recognised in profit or loss.
Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using
the exchange rates at the dates of the initial transactions. Non-monetary items measured at fair value in a
foreign currency are translated using the exchange rates at the date when the fair value is determined. The
gain or loss arising on translation of non-monetary items measured at fair value is treated in line with the
recognition of the gain or loss on the change in fair value of the item (i.e., translation differences on items
whose fair value gain or loss is recognised in Other Comprehensive Income (OCI) or profit or loss are also
recognised in OCI or profit or loss, respectively).
In determining the spot exchange rate to use on initial recognition of the related asset, expense or income
(or part of it) on the derecognition of a non-monetary asset or non-monetary liability relating to advance
consideration, the date of the transaction is the date on which the Company initially recognises the non¬
monetary asset or non-monetary liability arising from the advance consideration. If there are multiple
payments or receipts in advance, the Company determines the transaction date for each payment or receipt
of advance consideration.
d) Fair value measurement
The Company measures financial instruments, such as, derivatives, at fair value at each balance sheet date. Fair
value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction
between market participants at the measurement date. The fair value measurement is based on the presumption
that the transaction to sell the asset or transfer the liability takes place either:
• In the principal market for the asset or liability, or
• In the absence of a principal market, in the most advantageous market for the asset or liability
The principal or the most advantageous market must be accessible by the Company.
The fair value of an asset or a liability is measured using the assumptions that market participants would use
when pricing the asset or liability, assuming that market participants act in their economic best interest.
A fair value measurement of a non-financial asset takes into account a market participant's ability to generate
economic benefits by using the asset in its highest and best use or by selling it to another market participant that
would use the asset in its highest and best use.
The Company uses valuation techniques that are appropriate in the circumstances and for which sufficient data
are available to measure fair value, maximising the use of relevant observable inputs and minimising the use of
unobservable inputs.
All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorised
within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair
value measurement as a whole:
• Level 1 — Quoted (unadjusted) market prices in active markets for identical assets or liabilities
• Level 2 — Valuation techniques for which the lowest level input that is significant to the fair value measurement
is directly or indirectly observable
• Level 3 — Valuation techniques for which the lowest level input that is significant to the fair value measurement
is unobservable
For assets and liabilities that are recognised in the financial statements on a recurring basis, the Company
determines whether transfers have occurred between levels in the hierarchy by re-assessing categorisation
(based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each
reporting period.
The Company determines the policies and procedures for both recurring fair value measurement, such as
derivative instruments and unquoted financial assets measured at fair value, and for non-recurring measurement,
such as assets held for distribution in discontinued operations.
External valuers are involved for valuation of significant assets, such as properties and unquoted financial
assets, and significant liabilities, such as contingent consideration. Involvement of external valuers is decided
upon annually by the Company after discussion with the Company's Audit Committee. Selection criteria include
market knowledge, reputation, independence and whether professional standards are maintained. The Company
decides, after discussions with the Company's external valuers, which valuation techniques and inputs to use for
each case.
At each reporting date, the Company analyses the movements in the values of assets and liabilities which are
required to be remeasured or re-assessed as per the Company's accounting policies. For this analysis, the
Company verifies the major inputs applied in the latest valuation by agreeing the information in the valuation
computation to contracts and other relevant documents.
The Company also compares the change in the fair value of each asset and liability with relevant external sources
to determine whether the change is reasonable.
For the purpose of fair value disclosures, the Company has determined classes of assets and liabilities on the
basis of the nature, characteristics and risks of the asset or liability and the level of the fair value hierarchy as
explained above.
This note summarises accounting policy for fair value. Other fair value related disclosures are given in the
relevant notes.
• Disclosures for valuation methods, significant estimates and assumptions (note 30)
• Quantitative disclosures of fair value measurement hierarchy (note 30)
• Financial instruments (including those carried at amortised cost) (note 30)
e) Revenue from contract with customer
The Company derives revenues primarily from Warehousing services, Transportation services and Trading and
Distribution. Revenue from contracts with customers is recognised when control of the goods or services is
transferred to the customer at an amount that reflects the consideration to which the Company expects to be
entitled in exchange for those goods or services. The Company has generally concluded that it is the principal
in its revenue arrangements, because it typically controls the goods or services before transferring them to the
customer.
Revenue excludes amounts collected on behalf of third parties.
The disclosures of material accounting judgements, estimates and assumptions relating to revenue from
contracts with customers are provided in note 2.3.
Rendering of services:
Revenue from Warehousing and Transportation services is recognised as per the terms of agreement where
the tariffs are agreed with the customers based on delivery of services when the outcome of the transactions
involving rendering of services can be estimated reliably. The Company recognises revenue from Warehousing
services and Transportation services over time.
Trading of goods:
Revenue from Trading and distribution is recognised per the terms of agreement when the title of goods has
been transferred to the customer and the realization of the sales proceeds is certain.
Variable consideration
If the consideration in a contract includes a variable amount, the Company estimates the amount of consideration
to which it will be entitled in exchange for transferring the service to the customer. The variable consideration is
estimated at contract inception and constrained until it is highly probable that a significant revenue reversal in
the amount of cumulative revenue recognised will not occur when the associated uncertainty with the variable
consideration is subsequently resolved. The Company recognizes changes in the estimated amount of variable
consideration in the period in which the change occurs. Some contracts for the sale of service provide customers
with volume rebates and pricing incentives, which give rise to variable consideration.
The Company provides retrospective volume rebates and pricing incentives to certain customers once the
quantity of products stored in the warehouse during the period exceeds a threshold specified in the contract.
Rebates are offset against amounts payable by the customer. To estimate the variable consideration for the
expected future rebates, the Company applies the most likely amount method for contracts with a single-volume
threshold and the expected value method for contracts with more than one volume threshold. The selected
method that best predicts the amount of variable consideration is primarily driven by the number of volume
thresholds contained in the contract. The Company then applies the requirements on constraining estimates
in order to determine the amount of variable consideration that can be included in the transaction price and
recognised as revenue. A refund liability is recognised for the expected future rebates (i.e., the amount not
included in the transaction price).
Contract balances
i. Contract assets
A contract asset is initially recognised for revenue earned from services because the receipt of consideration
is conditional on successful completion of the service. Upon completion of the service and acceptance by the
customer, the amount recognised as contract assets is reclassified to trade receivables.
Contract assets are subject to impairment assessment. Refer to accounting policies on impairment of financial
assets in section Financial instruments - initial recognition and subsequent measurement.
ii. Trade receivables
A receivable is recognised if an amount of consideration that is unconditional (i.e., only the passage of time
is required before payment of the consideration is due). Refer to accounting policies of financial assets in
section Financial instruments - initial recognition and subsequent measurement.
iii. Contract liabilities
A contract liability is recognised if a payment is received, or a payment is due (whichever is earlier) from
a customer before the Company transfers services to the customer. Contract liabilities are recognised as
revenue when the Company performs under the contract (i.e., transfers control of the related goods or services
to the customer).
Other revenue streams
i. Interest income
For all debt instruments measured either at amortised cost or at fair value through other comprehensive
income, interest income is recorded using the effective interest rate (EIR). EIR is the rate that exactly discounts
the estimated future cash payments or receipts over the expected life of the financial instrument or a shorter
period, where appropriate, to the gross carrying amount of the financial asset or to the amortised cost of a
financial liability. When calculating the effective interest rate, the Company estimates the expected cash flows
by considering all the contractual terms of the financial instrument (for example, prepayment, extension, call
and similar options) but does not consider the expected credit losses. Interest income is included in other
income in the statement of profit and loss.
f) Taxes
Current income tax
Tax expense comprises current tax expense and deferred tax.
Current income tax assets and liabilities are measured at the amount expected to be recovered from or paid to
the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or
substantively enacted, at the reporting date in India.
Current income tax relating to items recognised outside profit or loss is recognised outside profit or loss (either
in other comprehensive income or in equity). Current tax items are recognised in correlation to the underlying
transaction either in OCI or directly in equity. Management periodically evaluates positions taken in the tax
returns with respect to situations in which applicable tax regulations are subject to interpretation and considers
whether it is probable that a taxation authority will accept an uncertain tax treatment. The Company shall reflect
the effect of uncertainty for each uncertain tax treatment by using either most likely method or expected value
method, depending on which method predicts better resolution of the treatment.
Deferred tax
Deferred tax is provided using the liability method on temporary differences between the tax bases of assets and
liabilities and their carrying amounts for financial reporting purposes at the reporting date.
Deferred tax liabilities are recognised for all taxable temporary differences except:
(i) When the deferred tax liability arises from the initial recognition of goodwill or an asset or liability in a
transaction that is not a business combination and, at the time of the transaction, affects neither the
accounting profit nor taxable profit or loss;
(ii) I n respect of taxable temporary differences associated with investments in subsidiaries, associates and
interests in joint ventures, when the timing of the reversal of the temporary differences can be controlled
and it is probable that the temporary differences will not reverse in the foreseeable future.
Deferred tax assets are recognised for all deductible temporary differences, the carry forward of unused tax
credits and any unused tax losses. Deferred tax assets are recognised to the extent that it is probable that
taxable profit will be available against which the deductible temporary differences, and the carry forward of
unused tax credits and unused tax losses can be utilised except:
(i) When the deferred tax asset relating to the deductible temporary difference arises from the initial recognition
of an asset or liability in a transaction that is not a business combination and, at the time of the transaction,
affects neither the accounting profit nor taxable profit or loss;
(ii) I n respect of deductible temporary differences associated with investments in subsidiaries, associates
and interests in joint ventures, deferred tax assets are recognised only to the extent that it is probable that
the temporary differences will reverse in the foreseeable future and taxable profit will be available against
which the temporary differences can be utilised.
The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it
is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to
be utilised. Unrecognised deferred tax assets are re-assessed at each reporting date and are recognised to the
extent that it has become probable that future taxable profits will allow the deferred tax asset to be recovered.
In assessing the recoverability of deferred tax assets, the Company relies on the same forecast assumptions
used elsewhere in the financial statements and in other management reports, which, among other things, reflect
the potential impact of climate-related development on the business, such as increased cost of production as a
result of measures to reduce carbon emission.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year when
the asset is realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or
substantively enacted at the reporting date.
The Company offsets deferred tax assets and deferred tax liabilities if and only if it has a legally enforceable
right to set off current tax assets and current tax liabilities and the deferred tax assets and deferred tax liabilities
relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable
entities which intend either to settle current tax liabilities and assets on a net basis, or to realise the assets and
settle the liabilities simultaneously, in each future period in which significant amounts of deferred tax liabilities
or assets are expected to be settled or recovered.
Goods and Services Tax (GST) / value added taxes paid on acquisition of assets or on incurring expenses
Expenses and assets are recognised net of the amount of GST/ value added taxes paid, except:
• When the tax incurred on a purchase of assets or services is not recoverable from the taxation authority, in
which case, the tax paid is recognised as part of the cost of acquisition of the asset or as part of the
expense item, as applicable;
• When receivables and payables are stated with the amount of tax included
The net amount of tax recoverable from, or payable to, the taxation authority is included as part of other current/
non-current assets/ liabilities in the balance sheet.
Minimum Alternate Tax
Minimum alternate tax (MAT) paid in a year is charged to the statement of profit and loss as current tax for
the year. The deferred tax asset is recognised for MAT credit available only to the extent that it is probable that
the concerned company will pay normal income tax during the specified period, i.e., the period for which MAT
credit is allowed to be carried forward. In the year in which the Company recognizes MAT credit as an asset,
it is created by way of credit to the statement of profit and loss and shown as part of deferred tax asset. The
Company reviews the "MAT credit entitlement" asset at each reporting date and writes down the asset to the
extent that it is no longer probable that it will pay normal tax during the specified period.
g) Property, Plant and equipment
Freehold land is carried at historical cost (net of accumulated impairment). All other items of property, plant
and equipment are stated at cost, net of accumulated depreciation and accumulated impairment losses, if
any. Such cost includes the cost of replacing part of the plant and equipment and borrowing costs for long¬
term construction projects if the recognition criteria are met. When significant parts of plant and machinery are
required to be replaced at intervals, the Company depreciates them separately based on their specific useful
lives. Likewise, when a major inspection is performed, its cost is recognised in the carrying amount of the plant
and machinery as a replacement if the recognition criteria are satisfied. All other repair and maintenance costs
are recognised in profit or loss as incurred. The present value of the expected cost for the decommissioning
of an asset after its use is included in the cost of the respective asset if the recognition criteria for a provision
are met. Refer to significant accounting judgements, estimates and assumptions (refer note 2.3) for further
information.
Capital work in progress is stated at cost, net of accumulated impairment loss, if any.
Cost comprises the purchase price and any cost attributable to bringing the asset to its working condition for its
intended use. Borrowing cost relating to acquisition of tangible assets which take substantial period of time to
get ready for its intended use are also included to the extent they relate to the period till such assets are ready to
be put to use. Capital work in progress is stated at cost, net of accumulated impairment loss, if any.
Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets as follows. When
significant parts of plant and equipment are required to be replaced at intervals, the Company depreciates them
separately based on their specific useful lives.
The Company, based on technical assessment made by technical expert and management estimate, depreciates
certain items of building, plant and equipment and furniture and fixtures over estimated useful lives which are
different from the useful life prescribed in Schedule II to the Companies Act, 2013. The management believes
that these estimated useful lives are realistic and reflect fair approximation of the period over which the assets
are likely to be used.
An item of property, plant and equipment and any significant part initially recognised is derecognised upon
disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss arising
on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying
amount of the asset) is included in the statement of profit and loss when the asset is derecognised.
The residual values, useful lives and methods of depreciation of property, plant and equipment are reviewed at
each financial year end and adjusted prospectively, if appropriate.
h) Intangible assets
Intangible assets acquired separately are measured on initial recognition at cost. Following initial recognition,
intangible assets are carried at cost less any accumulated amortisation and accumulated impairment losses.
Internally generated intangibles, excluding capitalised development costs, are not capitalised and the related
expenditure is reflected in profit or loss in the period in which the expenditure is incurred.
Intangible assets with finite lives are amortised over the useful economic life and assessed for impairment
whenever there is an indication that the intangible asset may be impaired. The amortisation period and the
amortisation method for an intangible asset with a finite useful life are reviewed at least at the end of each
reporting period. Changes in the expected useful life or the expected pattern of consumption of future economic
benefits embodied in the asset are considered to modify the amortisation period or method, as appropriate, and
are treated as changes in accounting estimates. The amortisation expense on intangible assets with finite lives
is recognised in the statement of profit and loss unless such expenditure forms part of carrying value of another
asset.
An intangible asset is derecognised upon disposal (i.e., at the date the recipient obtains control) or when no
future economic benefits are expected from its use or disposal. Any gain or loss arising upon derecognition of
the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset)
is included in the statement of profit and loss. when the asset is derecognised.
i) Borrowing costs
Borrowing costs that are directly attributable to the acquisition, construction or production of a qualifying assets
are capitalised during the period of time that is required to complete and prepare the assets for its intended
use or sale. Qualifying assets are assets that necessarily take a substantial period of time to get ready for their
intended use or sale. All other borrowing costs are expensed in the period in which they occur. Borrowing costs
consist of interest and other costs that an entity incurs in connection with the borrowing of funds. Borrowing
cost also includes exchange differences to the extent regarded as an adjustment to the borrowing costs.
Investment income earned on the temporary investment of specific borrowings pending their expenditure on
qualifying assets is deducted from the borrowing costs eligible for capitalisation.
j) Leases
The Company assesses at contract inception whether a contract is, or contains a lease. That is, if the contract
conveys the right to control the use of an identified asset for a period of time in exchange for consideration.
Company as a lessee
The Company applies a single recognition and measurement approach for all leases, except for short-term
leases and leases of low-value assets. The Company recognises lease liabilities to make lease payments and
right-of-use assets representing the right to use the underlying assets.
i. Right-of-use assets
The Company recognises right-of-use assets at the commencement date of the lease (i.e., the date the underlying
asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and
accumulated impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use
assets includes the amount of lease liabilities recognised, initial direct costs incurred, and lease payments made
at or before the commencement date less any lease incentives received. Right-of-use assets are depreciated on
a straight-line basis over the shorter of the lease term and the estimated useful lives of the assets as follows:
• Leasehold Land - 10 to 99 years
• Leasehold building - 3 to 30 years
If ownership of the leased asset transfers to the Company at the end of the lease term or the cost reflects the
exercise of a purchase option, depreciation is calculated using the estimated useful life of the asset.
The right-of-use assets are also subject to impairment. Refer to the accounting policies in section Impairment of
non-financial assets.
ii. Lease liabilities
At the commencement date of the lease, the Company recognises lease liabilities measured at the present
value of lease payments to be made over the lease term. The lease payments include fixed payments (including
in substance fixed payments) less any lease incentives receivable, variable lease payments that depend on
an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments
also include the exercise price of a purchase option reasonably certain to be exercised by the Company and
payments of penalties for terminating the lease, if the lease term reflects the Company exercising the option to
terminate. Variable lease payments that do not depend on an index or a rate are recognised as expenses (unless
they are incurred to produce inventories) in the period in which the event or condition that triggers the payment
occurs.
In calculating the present value of lease payments, the Company uses its incremental borrowing rate at the
lease commencement date because the interest rate implicit in the lease is not readily determinable. After the
commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced
for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a
modification, a change in the lease term, a change in the lease payments (e.g., changes to future payments
resulting from a change in an index or rate used to determine such lease payments) or a change in the assessment
of an option to purchase the underlying asset.
iii. Short-term leases and leases of low-value assets
The Company applies the short-term lease recognition exemption to its short-term leases of machinery and
equipment and buildings (i.e., those leases that have a lease term of 12 months or less from the commencement
date and do not contain a purchase option). The Company applies the low-value assets recognition exemption
on a lease-to-lease basis, if the qualifies as leases of certain assets that are considered to be low value assets.
In making this assessment, the Company also factors below key aspects:
• The assessment is conducted on an absolute basis and is independent of the size, nature, or ci
rcumstances of the lessee.
• The assessment is based on the value of the asset when new, regardless of the asset's age at the time of the
lease.
• The lessee can benefit from the use of the underlying asset either independently or in combination with other
readily available resources, and the asset is not highly dependent on or interrelated with other assets.
• If the asset is subleased or expected to be subleased, the head lease does not qualify as a lease of a low-value
asset.
Based on the above criteria, the Company has classified leases of buildings as leases of low value assets.
Lease payments on short-term leases and leases of low-value assets are recognised as expense on a straight¬
line basis over the lease term.
k) Impairment of non-financial assets
The Company assesses, at each reporting date, whether there is an indication that an asset may be impaired.
If any indication exists, or when annual impairment testing for an asset is required, the Company estimates
the asset's recoverable amount. An asset's recoverable amount is the higher of an asset's or cash-generating
unit's (CGU) fair value less costs of disposal and its value in use. The recoverable amount is determined for an
individual asset, unless the asset does not generate cash inflows that are largely independent of those from
other assets or groups of assets. When the carrying amount of an asset or CGU exceeds its recoverable amount,
the asset is considered impaired and is written down to its recoverable amount.
In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax
discount rate that reflects current market assessments of the time value of money and the risks specific to the
asset. In determining fair value less costs of disposal, recent market transactions are taken into account. If no
such transactions can be identified, an appropriate valuation model is used. These calculations are corroborated
by valuation multiples, quoted share prices for publicly traded companies or other available fair value indicators.
The Company bases its impairment calculation on detailed budgets and forecast calculations, which are
prepared separately for each of the Company's CGUs to which the individual assets are allocated. These budgets
and forecast calculations generally cover a period of five years. For longer periods, a long-term growth rate is
calculated and applied to project future cash flows after the fifth year. To estimate cash flow projections beyond
periods covered by the most recent budgets/forecasts, the Company extrapolates cash flow projections in the
budget using a steady or declining growth rate for subsequent years, unless an increasing rate can be justified.
In any case, this growth rate does not exceed the long-term average growth rate for the products, industries, or
country or countries in which the entity operates, or for the market in which the asset is used.
Impairment losses of continuing operations are recognised in the statement of profit and loss.
For assets, an assessment is made at each reporting date to determine whether there is an indication that
previously recognised impairment losses no longer exist or have decreased. If such indication exists, the
Company estimates the asset's or CGU's recoverable amount. A previously recognised impairment loss is
reversed only if there has been a change in the assumptions used to determine the asset's recoverable amount
since the last impairment loss was recognised. The reversal is limited so that the carrying amount of the asset
does not exceed its recoverable amount, nor exceed the carrying amount that would have been determined, net
of depreciation, had no impairment loss been recognised for the asset in prior years. Such reversal is recognised
in the statement of profit or loss.
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