Page 197 - Kolte Patil AR 2019-20

Notes forming part of the Consolidated Financial Statements
Valuation of investment property –Investment property is stated at cost. However, as per Ind AS 40 there is a requirement to disclose fair value as at the balance sheet date. The Group engaged independent valuation specialists to determine the fair value of its investment property as at reporting date.The determination of the fair value of investment properties requires the use of estimates such as future cash flows from the assets (such as lettings, future revenue streams, capital values of fixtures and fittings, any environmental matters and the overall repair and condition of the property) and discount rates applicable to those assets. In addition, development risks (such as construction and letting risk) are also taken into consideration when determining the fair value of the properties under construction. These estimates are based on local market conditions existing at the balance sheet date
2.A NEW ACCOUNTING STANDARDS, AMENDMENTS TO EXISTING STANDARDS, ANNUAL IMPROVEMENTS
AND INTERPRETATIONS EFFECTIVE SUBSEQUENT TO MARCH 31, 2020:
Ministry of Corporate Affairs (“MCA”) notifies new standard or amendments to the existing standards. There is no such notification which would have been applicable from April 1, 2020
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