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F46
SCHEDULE 18
SIGNIFICANT ACCOUNTING POLICIES AND NOTES TO ACCOUNTS
Overview
ICICI Bank Limited together with its subsidiaries, joint ventures and associates (collectively, the Group) is a diversified financial
services group providing a variety of banking and financial services including project finance, working capital finance, venture
capital finance, investment banking, treasury products and services, retail banking and broking.
ICICI Bank Limited ("ICICI Bank" or "the Bank"), incorporated in Vadodara, India is a publicly held bank engaged in providing
a wide range of banking and financial services including commercial banking and treasury operations. ICICI Bank is a
banking company governed by the Banking Regulation Act, 1949.
Principles of consolidation
The consolidated financial statements include the accounts of ICICI Bank Limited, its subsidiaries, associates and joint
ventures.
The Bank accounts for investments in subsidiaries as defined in Accounting Standard ("AS") 21 "Consolidated Financial Statements"
issued by the Institute of Chartered Accountants of India ("ICAI") on a line-by-line basis by adding together like items of assets,
liabilities, income and expenses. The Bank accounts for investments in associates as defined by AS 23 "Accounting for Investments
in Associates in Consolidated Financial Statements" as per the equity method of accounting and in joint ventures as per the
proportionate consolidation method as defined in AS 27 "Financial Reporting of Interests in Joint Ventures." The financial
statements of two companies which are in the nature of jointly controlled entities, have been consolidated as per AS 21
"Consolidated Financial Statements" consequent to the limited revision to AS 27 "Financial Reporting of Interests in Joint
Ventures". The details of all these entities are given in the following paragraph.
Basis of preparation
The accounting and reporting policies of the Group used in the preparation of these financial statements conform with
the Accounting Standards issued by ICAI, the guidelines issued by the Reserve Bank of India ("RBI"), Insurance Regulatory
and Development Authority ("IRDA") and National Housing Bank ("NHB") from time to time as applicable to relevant
companies and generally accepted accounting principles prevailing in India.
The Group follows the accrual method of accounting except where otherwise stated and historical cost convention. In case the
accounting policies followed by a subsidiary, joint venture or associate are different from those followed by ICICI Bank Limited,
the same are disclosed separately.
The preparation of financial statements requires the management to make estimates and assumptions considered in the
reported amounts of assets and liabilities (including contingent liabilities) as of the date of the financial statements and
the reported income and expenses during the reporting period. Management believes that the estimates used in the
preparation of the financial statements are prudent and reasonable. Future results could differ from these estimates.
The consolidated financial statements include the results of the following entities:
Sr. Name of the company Country/ Relation Ownership
No residence interest
1 ICICI Securities Limited India Subsidiary 99.92%
2 ICICI Brokerage Services Limited India Subsidiary 99.92%
3 ICICI Securities Inc. USA Subsidiary 99.92%
4 ICICI Securities Holdings Inc. USA Subsidiary 99.92%
5 ICICI Venture Funds
Management Company Limited India Subsidiary 99.99%
6 ICICI Home Finance Company Limited India Subsidiary 100.00%
7 ICICI Trusteeship Services Limited India Subsidiary 100.00%
8 ICICI Investment Management Company Limited India Subsidiary 100.00%
9 ICICI International Limited Mauritius Subsidiary 100.00%
10 ICICI Bank UK Limited United Kingdom Subsidiary 100.00%
11 ICICI Distribution Finance Private Limited India Subsidiary 100.00%
12 ICICI Bank Canada Canada Subsidiary 100.00%
13 ICICI Property Trust India Direct holding 100.00%
14 ICICI Eco-net Internet & Technology Fund India Direct holding 92.12%
15 ICICI Equity Fund India Direct holding 100.00%
16 ICICI Emerging Sectors Fund India Direct holding 98.88%
17 ICICI Strategic Investments Fund India Direct holding 100.00%
forming part of the Consolidated Accounts (Contd.)
schedules