Sasken Technologies Ltd. - Quarterly/Annual Result Disclosures and Notes dated 31 Dec 2018
Auditor and Management Disclosures and Notes for the quarterly results dated 31 Dec 2018
1. These audited standalone financial results, prepared in accordance with Indian Accounting Standards (‘Ind AS’) for the quarter and nine months ended December 31, 2018 have been approved by the Board of Directors of the Company at its meeting held on January 21, 2019. The statutory auditors have expressed an unqualified opinion on these standalone financial results.
2. Segment Reporting
The Chairman and Managing Director of the Company has been identified as the Chief Operating Decision Maker (CODM) as defined by Ind AS 108, “Operating Segments”. The Company operates in one segment only i.e. “Software Services”. The CODM evaluates performance of the Company based on revenue and operating income from “Software Services”. Accordingly, segment information has not been separately disclosed.
3. Effective April 1, 2018, the Company has adopted Ind AS 115, “Revenue from Contracts with Customers” using the cumulative effect method. The standard is applied retrospectively only to contracts that are not completed as at the date of initial application and the comparative information is not restated in the condensed interim statement of profit and loss. The adoption of the standard did not have any material impact on the condensed standalone interim Ind AS financial statements of the Company.