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April 2024

From Published Accounts

By Himanshu Kishnadwala, Chartered Accountant
Reading Time 7 mins

Compilers’ Note:

Many companies publish information on the steps taken to alleviate the possible climate impact of their business. Details of all such steps are normally stated in the Sustainability Reporting under various frameworks. The effect of such possible climate impact on the financial results and financial statements is also an important aspect of financial reporting. Given below are instances where such disclosure is given in the Notes to the Financial Statements which are subjected to audit by the Statutory Auditors.

Hindustan Zinc Limited (year ended 31st March, 2023) From Notes to Standalone Financial Statements Significant management estimates and judgements

a) Restoration, rehabilitation and environmental costs

Provision is made for costs associated with restoration and rehabilitation of mining sites as soon as the obligation to incur such costs arises. Such restoration and closure costs are typical of extractive industries and they are normally incurred at the end of the life of the minefields. The costs are estimated on an annual basis on the basis of mine closure plans and the estimated discounted costs of dismantling and re

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