ICICI Bank 2007 Annual Report Download - page 178
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F84
h) Accounting for Securitisation
Under US GAAP, the Company accounts for gain on sale of loans securitised (including float income) at the time of sale
in accordance with Statement No. 140, Accounting for Transfers and Servicing of Financial Assets and Extinguishment
of Liabilities. As per Statement No. 140, any gain on loss on the sale of the financial asset is accounted for in the
income statement at the time of the sale. Under Indian GAAP, with effect from February 1, 2006, net income arising
from securitisation of loan assets is accounted for over the life of the securities issued or to be issued by the special
purpose vehicle/special purpose entity to which the assets are sold. The float income is accrued as it is earned under
Indian GAAP.
i) Deferred Taxes
The differences in the accounting for deferred taxes are primarily on account of:
i) Tax impact of all US GAAP adjustments.
ii) Deferred taxes created on undistributed earnings of subsidiaries and affiliates under US GAAP. Deferred taxes
are not required to be created on undistributed earnings of subsidiaries and affiliates under Indian GAAP.
iii) Under Indian GAAP deferred tax assets or liabilities are created based on substantively enacted tax rates whereas
under US GAAP these are created on enacted tax rates in force at the balance sheet date.
j) Others
Others include gains realised on redemption of certain venture capital units through equity shares under Indian GAAP.
The same was not accounted for as a gain under US GAAP as consideration other than beneficial interest was not
received.
k) Dividend
Under US GAAP, dividends on common stock and the related dividend tax are recognised in the year of approval by
the Board of Directors. Under Indian GAAP, dividends on common stock and the related dividend tax are recognised
in the year to which it relates to.
reconciliation to US GAAP and related notes
for the year ended March 31, 2007