Infosys Technologies - Reconciliation of accounts as per Indian GAAP & US GAAP
Infosys Technologies Ltd has announced the following:
The following Reconciliation of accounts as per Indian GAAP and US GAAP for the Quarter ended March 31, 2008 (Rs in Millions):
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Quarter ended Quarter ended
Mar 31, 2008 Mar 31, 2007
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Consolidated Net Profit as per Indian GAAP 12490 11440
Stock compensation expenses (SFAS 123R) (40) (70)
Amortization of Intangibles (80) (60)
Fringe Benefit Tax (10) -
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Consolidated Net Income as per US GAAP 12360 11310
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The following Reconciliation of accounts as per Indian GAAP and US GAAP for the Year ended March 31, 2008 (Rs in Millions):
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Year ended Year ended
Mar 31, 2008 Mar 31, 2007
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Consolidated Net Profit as per Indian GAAP 46590 38560
Stock compensation expenses (SFAS 123R) (130) (240)
Amortization of Intangibles (290) (170)
Fringe Benefit Tax (20) -
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Consolidated Net Income as per US GAAP 46150 38150
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Reasons for differences in net income as per Indian GAAP and US GAAP
Stock compensation expenses (SFAS 123R)
From April 01, 2006, the Company adopted FASB Statement No 123 (revised 2004), Share-Based Payment using the modified prospective approach. The Company recorded stock compensation expense of Rs 130 million during the year ended March 31, 2008, using the fair value recognition provisions.
Amortization of Intangibles
US GAAP requires the purchase price in business combination transactions to be allocated to identifiable assets and liabilities, including intangible assets. Intangible assets are to be amortized over the estimated useful life.
Tags: Infosys Technologies