ICICI Bank 2008 Annual Report Download - page 159

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F85
reconciliation to US GAAP and related notes
for the year ended March 31, 2008
Differences between Indian GAAP and US GAAP
The consolidated financial statements of the Group are prepared in accordance with Indian GAAP, which differs, in certain
significant aspects from US GAAP.
The following tables summarises the significant adjustments to consolidated net income and stockholders’ equity which would
result from the application of US GAAP:
1. Net income reconciliation
Rupees in million
Note Year ended March 31,
2006 2007 2008
Consolidated profit after tax as per Indian GAAP .............................. 24,200.9 27,606.3 33,982.3
Adjustments on account of:
Allowance for loan losses ....................................................................... (a) (5,214.7) 300.3 (4,404.7)
Business combinations ............................................................................ (b) (1,051.2) (981.2) (767.5)
Consolidation ........................................................................................... (c) 277.5 2,801.8 6,167.9
Valuation of debt and equity securities ................................................... (d) 537.8 2,467.3 (1,506.1)
Amortisation of fees and costs ................................................................ (e) 3,158.9 (2,336.4) (4,842.4)
Accounting for derivatives ....................................................................... (f) (154.4) 590.3 2,348.0
Accounting for compensation costs ........................................................ (g) — (827.5) (1,869.9)
Accounting for securitisation ................................................................... (h) — 1,431.4 276.6
Deferred tax benefit/(expense) ................................................................ (i) (1,714.5) 654.6 3,286.0
Others ...................................................................................................... (j) — (436.1) 440.9
Total impact of all adjustments ............................................................. (4,160.6) 3,664.5 (871.2)
Net income as per US GAAP.................................................................. 20,040.3 31,270.8 33,111.1
Basic earnings per share ........................................................................
Indian GAAP (consolidated) ..................................................................... 30.96 30.92 32.19
US GAAP .................................................................................................. 25.64 35.02 31.37
Diluted earnings per share .....................................................................
Indian GAAP (consolidated) ..................................................................... 30.64 30.75 32.00
US GAAP .................................................................................................. 25.34 34.79 30.87
2. Stockholders’ equity reconciliation
Rupees in million
Note As on March 31,
2007 2008
Consolidated networth as per Indian GAAP1239,576.7 447,222.1
Adjustments on account of:
Allowance for loan losses ....................................................................... (a) (19,733.7) (24,138.4)
Business combinations ............................................................................ (b) (1,642.8) 3,576.5
Consolidation ........................................................................................... (c) 1,587.6 7,699.5
Valuation of debt and equity securities ................................................... (d) (6,816.1) (102.8)
Amortisation of fees and costs ................................................................ (e) 5,052.7 82.7
Accounting for derivatives ....................................................................... (f) 615.6 2,963.6
Accounting for compensation costs ........................................................ (g) 1,056.0 924.9
Accounting for securitisation ................................................................... (h) 1,431.4 1,707.9
Deferred taxes .......................................................................................... (i) 9,767.9 11,039.0
Others ...................................................................................................... (j) (436.1) 6.2
Proposed dividend ................................................................................... (k) 10,521.0 13,773.7
Total impact of all adjustments ............................................................. 1,403.5 17,532.8
Stockholders’ equity as per US GAAP .................................................. 240,980.2 464,754.9
1. Excludes preference share capital of Rs. 3,500.0 million (March 31, 2007: Rs. 3,500.0 million) and debit balance in profit and loss account
of Rs. Nil (March 31, 2007: Rs. 73.6 million), included under Other Assets.
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