Page 165 - KRCL ENglish

*With effect from 1st April, 2019, Ind AS 116 – “Leases” (Ind AS 116) supersedes Ind AS 17
– “Leases”. The Company has adopted Ind AS 116, retrospectively with the cumulative
effect of initially applying the standard, recognized on the date of initial application (April 1,
2019). The application of Ind AS 116 has resulted into recognition of ‘Right-of-Use’ asset
with a corresponding Lease Liability in the Balance Sheet. However the company has
applied the option given in transitional provisions of the Ind AS 116, and recognised the
right-of-use asset at an amount equal to the lease liability at the date of initial application,
relating to those operating lease arrangement recognised in the balance sheet
immediately before the date of initial application. Due to which there is no impact on the
date of initial application i.e. 01/04/2019 on the opening balance of retained earnings.

Standalone Financial Statements 2

Sd/-
Subhash Chand Gupta
Director (Way and WORKS)
DIN:08339258

Navi Mumbai
UDIN : 20043414AAAACF6409 Date : July 30, 2020
Nagpur
Date : July 30, 2020

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