Cairn India Limited Q1 2010 Results
27
July
2010
The attached release was issued today by Cairn India Limited (“Cairn India”) to the Bombay Stock Exchange and the National Stock Exchange of India.
In accordance with its Indian reporting obligations, Cairn India has today issued its Q1 2010 financial results. This financial information is reported in Indian rupees and is prepared under Indian GAAP.
Cairn Energy PLC has a 62.37% holding in Cairn India.
Key differences between the financials prepared under Indian GAAP to those under IFRS are summarised in the table below:
|
IGAAP
|
IFRS
|
Accounting policy
|
|
|
Exploration write off (income statement)
|
Unsuccessful and other exploration costs (eg seismic) are expensed as incurred.
|
Unsuccessful costs are written off; other exploration costs are capitalised pending determination.
|
Depletion & Decommissioning
|
Based on working interest production and reserves.
|
Based on entitlement interest production and reserves.
|
Foreign exchange
(income statement recognition)
|
Exchange gains and losses recognised on translation of US$ transactions/balances into INR reporting currency.
|
No exchange gains or losses recognised on US$ transactions/balances where US$ is also the functional currency.
|
Revenue recognition
(income statement)
|
Revenues remitted to the Government of India pursuant to its directive to recover disputed Ravva profit petroleum are fully recognised and provided against through an exceptional charge to profit. |
Revenues remitted to the Government of India pursuant to its directive to recover disputed Ravva profit petroleum are not recognised. Those revenues are disclosed as a contingent asset. |
Share Based Payments
|
Charge based on intrinsic value.
|
Charge based on fair value.
|
Disclosure
|
|
|
Operator fees
|
Included in income from operations.
|
Included within other operating income.
|
Interest income
|
Included in other income.
|
Included in finance income.
|
Click here for the full announcement