From Published Accounts

Option at transition date available in Ind AS 101 “First
time Adoption of Indian Accounting Standards”, used to substitute fair value as
deemed cost for Property, Plant and Equipment and Investments with
corresponding impact of retained earnings on transition date

Reliance Industries Ltd. (Year ended 31^st  March
2017)

Transition to Ind AS:

The Company has adopted
Ind AS with effect from 1^st April 2016 with comparatives being
restated. Accordingly, the impact of transition has been provided in the
Reserves as at 1^st April 2015 and all the periods presented have
been restated. The reconciliation between Ind AS and the previous Indian GAAP
for profits and reserves was first presented in Q1 FY 2016-17, under limited
review by the auditors. The audited reconciliation of convergence to Ind AS is
presented below along with the additional details.

RECONCILIATION OF PROFIT AND OTHER EQUITY BETWEEN Ind AS AND PREVIOUS INDIAN GAAP FOR
EARLIER PERIODS AND AS AT MARCH 31, 2016

(Rs. Crore)

*Including share application
money pending allotment.

Notes:

I.   Change in accounting policy for Oil & Gas
Activity – From Full Cost Method (FCM) to Successful Efforts Method (SEM):
The impact on account of change in accounting policy from FCM to SEM is
recognised in the Opening Reserves on the date of transition and consequential
impact of depletion and write-offs is recognised in the Profit and Loss
Account. Major differences impacting such change of accounting policy are in
the areas of;

–    Expenditure on surrendered blocks, unproved
wells and abandoned wells, which has been expensed under SEM.

–    Depletion on producing property in SEM is
calculated using Proved Developed Reserve, as against Proved Reserve in FCM.

II.  Fair valuation as deemed cost for Property,
Plant and Equipment: The Company have considered fair value for properties,
viz, land admeasuring over 30,000 acres, situated in India, with impact of Rs.
41,292 crore in accordance with stipulations of Ind AS 101 with the resultant
impact being accounted for in the reserves.

III. Fair valuation for Financial Assets: The
Company has valued financial assets (other than investment in subsidiaries,
associate and joint ventures which are accounted at cost), at fair value.
Impact of fair value changes as on the date of transition, is recognised in
opening reserves and changes thereafter are recognised in Profit and Loss
Account or Other Comprehensive Income, as the case may be.

IV. Deferred Tax: The impact of transition
adjustments together with Ind AS mandate of using balance sheet approach
(against profit and loss approach in the previous GAAP) for computation of
deferred taxes has resulted in charge to the Reserves, on the date of
transition, with consequential impact to the Profit and Loss Account for the
subsequent periods.

V.  Others: Other adjustments primarily
comprise of:

a.  Attributing time value of money to Assets
Retirement Obligation: Under Ind AS, such obligation is recognised and measured
at present value. Under previous Indian GAAP, it was recorded at cost. The
impact for the periods subsequent to the date of transition is reflected in the
Profit and Loss Account.

b.  Loan processing fees / transaction cost: Under
Ind AS, such expenditures are considered for calculating effective interest
rate. The impact for the periods subsequent to the date of transition is
reflected in the Profit and Loss Account.

Tata Steel Ltd. (Year ended 31^st March 2017)

Reconciliation between
Standalone/Consolidated financial results as reported under erstwhile Indian
GAAP (referred to as ‘I GAAP’) and Ind AS are summarised as below:

(a) Profit reconciliation

Other Comprehensive Income primarily includes impact of fair
valuation of quoted non-current investments and re-measurement gains/losses on
actuarial valuation of post-employment defined benefits. The consolidated other
comprehensive income also includes effect of foreign currency translation on
consolidation.

(b) Equity Reconciliation

Note (i): In accordance with Ind AS 101 “First time
Adoption of Indian Accounting Standards”, the Company has elected to treat fair
value as deemed cost for certain items of its property, plant and equipment and
investments held in certain subsidiaries as at 
April 01, 2015.