ICICI Bank 2011 Annual Report Download - page 162

F84
forming part of the Consolidated Accounts (Contd.)
Experience adjustment
Particulars
Year ended
March 31,
2011
Year ended
March 31,
2010
Year ended
March 31,
2009
Year ended
March 31,
2008
Year ended
March 31,
2007
Plan assets .......................................................... 5,855.8 3,073.2 2,521.7 1,712.6 1,011.3
Defined benefit obligations ................................ 5,943.4 3,089.6 2,813.8 2,287.2 1,352.2
Amount not recognised as an asset (limit in para
59(b) of AS 15 on ‘employee benefits’) ............. –47.9 7.9 – –
Surplus/(deficit) .................................................. (87.7) (64.3) (300.0) (574.6) (340.9)
Experience adjustment on plan assets ............... (90.5) 194.8 (149.3) (4.0) (13.6)
Experience adjustment on plan liabilities ........... (72.8) (21.2) (22.3) (29.2) 69.5
The estimates of future salary increases, considered in actuarial valuation, take into consideration inflation, seniority, promotion
and other relevant factors.
The guidance on implementing AS 15 on ‘employee benefits’ (revised 2005) issued by the Accounting Standards Board (ASB)
provides that exempt provident funds which require employers to meet the interest shortfall are in effect defined benefit
plans. The Group’s actuary has informed that it is not practical to actuarially determine the interest shortfall obligation.
10. Provision for income tax
The provision for income tax (including deferred tax) for the year ended March 31, 2011 amounted to ` 20,684.9 million
(March 31, 2010: ` 17,321.8 million).
The Group has a comprehensive system of maintenance of information and documents required by transfer pricing legislation
under sections 92-92F of the Income Tax Act, 1961. The management is of the opinion that all international transactions are
at arm’s length so that the above legislation will not have material impact on the financial statements.
11. Deferred tax
At March 31, 2011 the Group has recorded net deferred tax asset of ` 29,936.7 million (March 31, 2010: ` 24,842.1 million),
which has been included in other assets.
The following table sets forth, for the periods indicated, the break-up of deferred tax assets and liabilities into major items.
Particulars At
March 31, 2011
At
March 31, 2010
Deferred tax asset
Provision for bad and doubtful debts .................................................................. 29,506.7 24,052.8
Others ................................................................................................................... 4,972.1 5,503.0
Total deferred tax asset1 ...................................................................................... 34,478.8 29,555.8
Deferred tax liability
Depreciation on fixed assets ................................................................................ 4,496.2 4,712.6
Others ................................................................................................................... 63.6 86.5
Total deferred tax liability ................................................................................... 4,559.8 4,799.1
Add: Net deferred tax asset/(liability) pertaining to
foreign branches/foreign subsidiaries ................................................................ 17.7 85.4
Total net deferred tax asset/(liability) ................................................................. 29,936.7 24,842.1
` in million
1. Pursuant to the amalgamation of erstwhile Bank of Rajasthan with the Bank from the close of business at August 12, 2010, the Bank
has recognised deferred tax asset of ` 827.3 million on eligible amount of timing difference on the date of amalgamation.
` in million
schedules