Page 248 - Tata_Chemicals_yearly-reports-2020-2021

Integrated Annual Report 2020-21

Contingent liabilities are disclosed when there is 3.2 Note on COVID-19
a possible obligation arising from past events, the The production of soda ash, sodium bicarbonate
existence of which will be confirmed only by the and specialty products operations in India has
occurrence or non-occurrence of one or more recovered after the initial phases of the lockdown
uncertain future events not wholly within the control as customers’ own operations recommenced.
of the Group or a present obligation that arises from
past events where it is either not probable that an International businesses operated as normal,
outflow of resources will be required to settle or a adhering to relevant guidelines and safe
reliable estimate of the amount cannot be made. operating practices. COVID-19 disruptions were
generally limited to H1 of FY2020-21, the Group
Contingent assets are not disclosed in the Financial had experienced volume reduction along with
Statements unless an inflow of economic benefits reduced prices in the domestic and export markets
is probable. serviced by its international operations.
2.28 Dividend The Group has taken into account potential
Final dividend on shares are recorded as a liability, impacts of COVID-19 in the preparation of the
on the date of approval by the shareholders and Consolidated Audited Financial Statements.
interim dividends are recorded as a liability on the Based on the information currently available
date of declaration by the Company’s Board of there is no material impact on carrying amounts
Directors. of inventories, goodwill, intangible assets, trade
receivables, investments and other financial
3. Recent Indian Accounting Standard (Ind AS) assets though management continue to
and Note on COVID-19 monitor changes in future economic conditions.
3.1 Recent accounting pronouncements The impact of COVID-19 on the Consolidated
which are not yet effective Audited Financial Statements may differ from
that estimated as at the date of approval of these
Ministry of Corporate Affairs ("MCA") notifies new Consolidated Audited Financial Statements.
standard or amendments to the existing standards.
There is no such notification which would have
been applicable from April 1, 2021.

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