Amal Ltd 2020-21

Amal Ltd | Annual Report 2020-21 Note 1 Significant accounting policies (continued) • Definition of a business – amendments to Ind AS 103 • COVID-19 related concessions – amendments to Ind AS 116 • Interest Rate Benchmark Reform – amendments to Ind AS 109 and Ind AS 107 The amendments listed above did not have any impact on the amounts recognised in prior periods and are not expected to significantly affect the current or future periods. v) Recent accounting pronouncements: The Ministry of Corporate Affairs notifies new standards or amendments to the existing standards. There is no such notification which will be applicable from April 01, 2021. c) Foreign currency transactions i) Functional and presentation currency: Items included in the Standalone Financial Statements of the Company are measured using the currency of the primary economic environment in which the Company operates (‘functional currency’). The Standalone Financial Statements of the Company are presented in Indian currency ( ` ), which is also the functional currency of the Company. ii) Transactions and balances: Foreign currency transactions are translated into the functional currency using the exchange rates at the dates of the transactions. Foreign exchange gain | (loss) resulting from the settlement of such transactions and from the translation of monetary assets and liabilities denominated in foreign currencies at year end exchange rates are generally recognised in the Standalone Statement of Profit and Loss except that they are deferred in other equity if they relate to qualifying cash flow hedges. Foreign exchange differences regarded as an adjustment to borrowing costs are presented in the Standalone Statement of Profit and Loss, within finance costs. All other foreign exchange gain | (loss) are presented in the Standalone Statement of Profit and Loss on a net basis within other income | (expense). Non-monetary items that are measured at fair value and denominated in a foreign currency are translated using the exchange rates at the date when the fair value was determined. Translation differences on assets and liabilities carried at fair value are reported as part of the fair value gain | (loss). Non-monetary items that are measured in terms of historical cost in foreign currency are not revalued. d) Revenue recognition i) Revenue from contracts with customers: Revenue is recognised when control of goods is transferred to a customer in accordance with the terms of the contract. The control of the goods is transferred upon delivery to the customers either at factory gate of the Company or specific location of the customer or when the goods are