ICICI Bank 2008 Annual Report Download - page 166

F92
The weighted average fair value of options granted during the year ended March 31, 2008, after considering
FBT is Rs. 309.62 and the weighted average fair value of options granted during the year ended March 31, 2007 and
March 31, 2006 is Rs. 215.37 and Rs. 130.32 respectively.
Carried interest
The Group accounts for carried-interest obligations of certain investment funds that are consolidated by the Group as
liability awards in terms of Statement No. 123(R). Under Indian GAAP, these expenses are recognised in the profit and
loss account when the proceeds from the underlying investments are realised and certain conditions are met. Under
US GAAP, the expenses are included in net income during the service period.
h) Accounting for securitisation
Under US GAAP, the Group accounts for gain on sale of loans securitised (including float income) at the time of sale in
accordance with Statement No. 140 on “Accounting for Transfers and Servicing of Financial Assets and Extinguishment
of Liabilities”. As per Statement No. 140, any gain or 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, 2007, 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.
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. The same was recognised as a gain
during previous year under Indian GAAP but not 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.
reconciliation to US GAAP and related notes
for the year ended March 31, 2008
ICICI_BK_AR_2008_(F47_F92).indd 92ICICI_BK_AR_2008_(F47_F92).indd 92 6/20/08 3:33:42 PM6/20/08 3:33:42 PM