CIA 3

Component - A

“Case Presentation - Tata Motors Limited”

Submitted to

KVN Lakshmi Ma’am

By

Team Members:

Nandini Vijayaraghavan - 2211333

Ameera Fershid - 2211359

Keerti Thakkar - 2211363

Naisa Shetty B. - 2211367

Valentina Gonsalves - 2211372

Table of Contents

S.No. Contents Page No.

1.​ Introduction 2

2.​ Ind As 115 2-4

3.​ Ind As 16 5-7

4.​ Ind AS 115 and Ind AS 16 Setup and Disclosure for 7 - 11

Tata Motors Limited

5.​ What specific measures does Tata Motors implement 11 - 12

to guarantee adherence to AS?

6.​ Comparative analysis of Financial Reporting 12 - 13

Standards and their impact on Tata Motors

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Introduction

India's industrial advancement continues to depend significantly on Tata Motors Limited,

founded by J.R.D. Tata on September 1, 1945. The firm has grown to be one of the largest
automobile manufacturers in the country. Operating from Mumbai, the company is divided into
two primary business units: Automotive Operations and Other Operations. The Automotive
segment focuses on vehicle design and development, alongside the production of commercial
and passenger vehicles, as well as financing, spare parts distribution, and accessory sales. The
division has Jaguar Land Rover (JLR) as a subsidiary, which Tata Motors acquired in 2008 to
facilitate global expansion. The Other Operations segment offers IT services along with machine
tools and factory automation systems that produce high-precision components for industrial
applications. The company operates in numerous international markets, leading innovations for
sustainability and technological progress within the global mobile industries.

Tata Motors Limited upholds a precise accounting system that complies with Indian Accounting
Standards (Ind AS) as required by Section 133 of the Companies Act, 2013. The organization
engages in transparent financial reporting that aligns with Indian Generally Accepted Accounting
Principles (GAAP) and SEBI standards. The accounting practices at Tata Motors mainly
concentrate on managing corporate restructuring events, like the Composite Scheme of
Arrangement that divided its commercial vehicle operations into TML Commercial Vehicles
Limited and integrated Tata Motors Passenger Vehicles Limited with Tata Motors Limited. The
transactions utilize Ind AS 10 and Ind AS 103 to effectively manage financial aspects by valuing
assets and liabilities based on their carrying value evaluation.

Tata Motors fortifies its financial framework through continuous audits, alongside internal
controls and adherence to regulatory compliance protocols. The company implements necessary
accounting adjustments for mergers and demergers that fully comply with Section 232(6) of the
Companies Act 2013, as well as SEBI regulations. B S R & Co. LLP acts as the independent
auditor to examine financial practices, ensuring their alignment with statutory requirements. The
company establishes stringent financial documentation processes that enhance investor
confidence and facilitate consistent financial reporting outcomes.

Ind AS 115

Revenue Recognition from Contracts with Customers

The standard sets rules for financial statement revenue recognition procedures. The standard
most likely corresponds to Ind AS 115 although it acts as the Indian adaptation of IFRS 15 or
Revenue from Contracts with Customers. The purpose of this standard is to create reporting

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requirements for entities that generate useful information about the exact nature and timing of
customer contract revenue alongside its cash flow uncertainty and measurement amounts.

The purpose of this standard is to create reporting requirements for entities that generate useful
information about the exact nature and timing of customer contract revenue alongside its cash
flow uncertainty and measurement amounts.

Under this Standard all customer contracts fall under its application but there are three specific
exceptions.
a.​ lease contracts within the scope of Ind AS 17, Leases;
b.​ insurance contracts within the scope of Ind AS 104, Insurance Contracts; 591
c.​ financial instruments and other contractual rights or obligations within the scope of Ind
AS 109, Financial Instruments, Ind AS 110, Consolidated Financial Statements, Ind AS
111, Joint Arrangements, Ind AS 27, Separate Financial Statements and Ind AS 28,
Investments in Associates and Joint Ventures; and Entities operating within the same
business realm conduct non-monetary transactions for maintaining sales activity to
customers and possible customers.

The Standard does not apply to an oil company agreement which enables two companies to
exchange oil products to supply their specified customer bases across different locations in a
timely manner.

Ind AS 115 provides a five-step model for revenue recognition:

1.​ Identify the contract with a customer
2.​ Identify the performance obligations in the contract
3.​ Determine the transaction price
4.​ Allocate the transaction price to the performance obligations (over a period of time or at a
point of time)
5.​ Recognize revenue when (or as) the entity satisfies a performance obligation

Satisfaction of Performance Obligation

A company must recognize revenue during or simultaneously with performance obligation

fulfillment by transferring both control of specified products and services to customers according
to Ind AS 115. Under this definition a customer must be able to guide asset utilization while
gaining almost all possible advantages from it. The entity has determined specific contractual
obligations through performance obligations which include distinct goods and services, or
multiple goods and services rendered to customers. Under the distinction criterion for revenue
recognition a promise meets this requirement when customers can utilize the good independently
or with current assets or it has distinct boundaries from contractual achievements. The manner of

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revenue recognition depends on when the check of the product or service transitions from the
vendor to the buyer. Revenue occurs at the exact time the customer acquires control of the asset.

Disclosure Requirements Under Ind AS 115

Users of financial statements need sufficient information to comprehend the following elements
of revenue and cash flow information:
●​ Nature together with amount,
●​ Timing and uncertainty.
●​ Significant judgments made in revenue recognition.
●​ Assets and liabilities arising from costs incurred to fulfill contracts

Financial statements need to divulge information about the nature of revenue alongside its
amount along with when it occurs and its level of uncertainty regarding payments to customers.
Users of financial statements need sufficient information about revenue recognition judgments
that reach significant levels. The financial statement includes reporting about assets together with
corresponding liabilities which stem from costs spent to meet contractual obligations.

Contracts with Customers

An organization must present revenue distillations through parameters such as geographic
regions or product groups or contractual conditions. Organizations present information about the
different accounts related to contract balances which include both contract assets and liabilities.
●​ Performance obligations, covering: Timing of satisfaction (point in time vs. overtime).
●​ Payment terms.
●​ The company must establish guidelines for handling obligations in relation to returns as
well as refunds and warranties.
●​ Significant Judgments in Revenue Recognition
●​ The organization applies certain procedures to establish and split transaction prices.
●​ Organizations must calculate estimated values of variable payment factors including
discounts and rebates along with performance bonuses.
●​ Assets from Costs Incurred Organizations must capitalize their expenses that serve to
both acquire and complete contractual obligations.
●​ Amortization policies and impairment considerations. The report contains information
about contract assets and contract liabilities.
●​ Transparency and Stakeholder Understanding The standard produces clarity about the
recognition process and measurement of Ind AS 115 revenue transactions. The financial
performance evaluation and forecastable cash flow assessment becomes possible through
these disclosures for investors together with stakeholders.

Ind AS 16

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The Standard delivers guidelines to manage the accounting process for property plant equipment
assets to enable financial statement readers to evaluate changes in entity PPE investments. This
details three essential components which address PPE treatment as assets and measurement of
carrying values and depreciation methods and impairment procedures.

The specified Standard has an exception for certain circumstances which are listed in this
paragraph.
●​ The standard excludes property plant and equipment that meet the criteria for
classification as held for sale per Ind AS 105 Non-current Assets Held for Sale and
Discontinued Operations.
●​ The standard does not include biological assets unless they are bearer plants used in
agricultural activities. Bearer plants fall under the scope of the Standard but the Standard
specifically excludes the produce harvested from these plants. The specific requirements
for biological assets can be found in Ind AS 41, Agriculture.
●​ Ind AS 106 provides the requirements for recognizing and measuring assets derived from
exploration and evaluation activities that come within its scope.
●​ Mineral rights together with mineral reserves that include oil, natural gas and other
non-regenerative natural resources fall under the same category.

Recognition

Property plant and equipment costs may become part of the asset book only under the following
conditions:
1.​ Future economic benefits associated with the asset should probably provide value to the
entity and its cost must also be measurable.
2.​ Measurement reliability combined with the existence of future economic benefits enables
the recognition of an item as an asset.

Measurement

Initial Measurement
An entity measures PPE cost at its initial book entry. This cost includes:
1.​ An asset receives its cost value when the company calculates all purchase discounts and
rebates.
2.​ Directly attributable costs like site preparation, transportation, and installation expenses.
3.​ The company must pay for both dismantling activities and site restoration costs whenever
it establishes responsibility to return the area to its initial condition

Subsequent Measurement​
​

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 Cost Model The asset continues to be recorded at its
original cost, minus accumulated depreciation
and any impairment losses.

Revaluation Model The asset’s value is periodically updated to

reflect its fair market value. Any increase in
value is recorded in Other Comprehensive
Income (OCI), while decreases due to
impairment are recorded in the Profit & Loss
statement (P&L).

Depreciation
Depreciation shows how an asset’s cost spread out over its useful life

Depreciable Amount The asset’s cost (or revalued amount) minus

its expected residual value at the end of its
life.

Depreciation Methods Companies can use Straight-Line, Written

Down Value (WDV), or Units of Production
methods.

Useful Life & Residual Value These estimates are reviewed every year. If
changes are needed, they are applied to future
calculations.

Impairment

An asset reveals impairment after its recoverable amount falls below its recorded value. To
determine impairment the first step involves monitoring market decline or technological
obsolescence signs before establishing the highest amount between Fair Value minus Selling
Costs and Value in Use (future cash flows) as the recoverable amount. To confirm impairment
exists the asset value receives reduction while the associated loss goes into the Profit & Loss
statement. The restoration of impaired assets becomes possible after conditions improve except
for goodwill which remains incapable of reinstatement. Financial statements remain accurate
because of this reporting procedure for PPE.

Disclosure

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Each PPE category in financial statements requires disclosure concerning measurement basis
together with depreciation details and carrying amounts at the beginning and end of the period as
well as additions and disposals.
1.​ Companies need to establish the technical procedure used to calculate the gross carrying
amount.
2.​ Financial statements must include details about depreciation showing the selected
methods and assigned useful lives or rates.
3.​ The reporting period shows two amounts: gross carrying amount with accumulated
depreciation (including impairment losses) both at the beginning and the end.
4.​ New assets which the entity acquired throughout the reporting period fall under this
category.
5.​ Assets that fall under Ind AS 105 as held for sale or disposed qualify for reclassification
and disposal accounting.
6.​ Mergers and acquisitions resulting in property and equipment qualify as Business
Combinations.
7.​ The financial statement includes increases or decreases stemming from revaluation and
impairment actions reported in OCI under Ind AS 36.
8.​ The accountancy rules of Ind AS 36 necessitate that impairment losses will enter Profit &
Loss.
9.​ You will find permissible impairment loss reversals in Profit & Loss according to Ind AS
36.
10.​The given period reflects both the total amount of depreciation which was included in
financial statements.
11.​The company reports net exchange fluctuations that result from translating both financial
statements and foreign operations to different presentation currencies.

Ind AS 115 and Ind AS 16 Setup and Disclosure for Tata Motors Limited

Ind AS 115: Revenue from Contracts with Customers

Overview: Ind AS 115 delineates a quintuple-step framework for the recognition of revenue,
superseding previous standards such as Ind AS 11 (Construction Contracts) and Ind AS 18
(Revenue Recognition). The standard emphasizes the recognition of revenue at the point when
control of goods or services is transferred to the customer, as opposed to the transfer of risks and
rewards.

Five-Step Model:

1.​ Identify the Contract with the Customer: Scrutinize agreements to ascertain their
qualification as contracts under Ind AS 115.

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 2.​ Identify Performance Obligations: Ascertain distinct goods or services promised within
the contractual agreement.

3.​ Determine the Transaction Price: Incorporate both fixed and variable considerations,
while excluding any penalties.

4.​ Allocate the Transaction Price: Distribute based on the standalone selling prices
attributed to performance obligations.

5.​ Recognize Revenue: Acknowledge revenue upon the fulfillment of performance

obligations, either at a specific point in time or over an extended duration.

Example in Automotive Context for Tata Motors:

In the event that Tata Motors sells vehicles accompanied by complimentary servicing for a
period of one year, the transaction encompasses two performance obligations:

a.​ The sale of the vehicle (recognized at the point of delivery when control is transferred to
the customer).

b.​ Complimentary servicing (recognized progressively as the services are rendered).

Revenue is apportioned between these obligations predicated on their respective standalone

selling prices.

Disclosure Requirements:

●​ Elucidate the judgments exercised in the application of Ind AS 115, including the
determination of performance obligations and transaction pricing.

●​ Provide a reconciliation of revenue recognized with contracted prices, illustrating

adjustments such as discounts or returns.

●​ Articulate the methods employed to gauge progress for performance obligations fulfilled
over time.

Ind AS 16: Property, Plant, and Equipment

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Overview: Ind AS 16 prescribes the accounting treatment for property, plant, and equipment
(PPE). It mandates that PPE be initially recognized at cost and subsequently measured utilizing
either the cost model or the revaluation model.

Key Provisions:

1.​ Recognition: PPE is recognized when it is probable that future economic benefits will
accrue to the entity and its cost can be measured with reliability.

2.​ Measurement After Recognition:

a.​ Cost Model: PPE is maintained at cost less accumulated depreciation and
impairment losses.

b.​ Revaluation Model: PPE is retained at revalued amounts minus subsequent

depreciation.
3. Depreciation: Depreciation is systematically allocated over the useful life of the asset.

Example in Automotive Context for Tata Motors:

●​ Tata Motors' manufacturing facilities and machinery are acknowledged as PPE. Costs
encompass purchase price, installation expenditures, and any directly attributable costs.

●​ Depreciation is computed based on the estimated useful lives of the assets (e.g.,
machinery may be depreciated over a decade).

Disclosure Requirements:

●​ Gross carrying amounts and accumulated depreciation at the commencement and

conclusion of the reporting period.

●​ Additions, disposals, impairments, or revaluations executed during the fiscal year.

●​ Depreciation methodologies and useful lives applied to significant asset categories.

Practical Application by Tata Motors Revenue Recognition (Ind AS 115):

1.​ Tata Motors implements Ind AS 115 in relation to its vehicle sales agreements, which
encompass bundled services such as warranties and maintenance provisions. Revenue is
allocated in accordance with distinct performance obligations.

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 2.​ PPE Accounting (Ind AS 16):
The organization capitalizes expenditures associated with its manufacturing facilities and
systematically allocates depreciation. For example, in the event of constructing a new
facility, incurred costs encompass land preparation, construction outlays, and machinery
installation.

3.​ Disclosures in Financial Statements:

The notes accompanying the financial statements delineate the revenue recognition
policies pursuant to Ind AS 115, which includes the allocation of transaction prices for
bundled offerings.

Regarding PPE under Ind AS 16, the disclosures encompass gross block values,
accumulated depreciation, impairment losses (if applicable), and adjustments related to
revaluation.

By adhering to these regulatory frameworks, Tata Motors guarantees transparency and

compliance with Indian Accounting Standards.

In conclusion, the integration of Ind AS 115 and Ind AS 16 by Tata Motors Limited signifies a
notable transition towards harmonization with global accounting standards. Ind AS 115 offers a
thorough framework for revenue recognition, ensuring that revenue is acknowledged upon the
transfer of control of goods or services to customers. This standard enhances transparency by
mandating extensive disclosures regarding performance obligations and transaction pricing.

Conversely, Ind AS 16 guarantees that property, plant, and equipment are accounted for in a
manner that accurately reflects their economic value throughout their useful lives. The standard's
focus on systematic depreciation and thorough disclosures aids stakeholders in comprehending
the company's asset base and its implications for financial performance.

By adopting these standards, Tata Motors improves the comparability and reliability of its
financial statements, which is pivotal for investors, regulators, and other stakeholders. The
comprehensive disclosures mandated by these standards furnish insights into the company's
revenue streams and asset management strategies, facilitating improved decision-making and
transparency in financial reporting. Overall, the adoption of Ind AS 115 and Ind AS 16 aligns
Tata Motors with international best practices in accounting, thereby positioning the company for
enhanced global visibility and credibility.

What specific measures does Tata Motors implement to guarantee adherence

to AS?

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Tata Motors guarantees adherence to accounting standards such as Ind AS 115 and Ind AS 16
through a methodical approach that encompasses governance, internal controls, and consistent
monitoring. Although specific measures pertaining to these standards are not explicitly outlined
in the search results, the company's overarching compliance framework can be deduced from its
governance methodologies and policies.

The following delineates how Tata Motors generally secures compliance:

Governance and Compliance Framework Board Oversight: The Board of Directors, inclusive
of the Audit Committee, assumes a pivotal role in supervising governance and compliance with
accounting standards and associated policies. Risk Management Committee (RMC): Tata Motors
presumably possesses a Risk Management Committee that scrutinizes and assesses risk
management strategies, which may encompass compliance risks pertinent to accounting
standards. Internal Controls: The corporation upholds effective internal controls and monitoring
mechanisms to ensure conformity with laws and regulations, including accounting standards.

Accounting Standards Compliance Adoption of Accounting Standards: Tata Motors integrates

and implements accounting standards such as Ind AS 115 and Ind AS 16 as an integral
component of its financial reporting framework, thereby assuring that financial statements are
prepared in alignment with these standards. Training and Awareness: Regular training sessions
are presumably conducted to ensure that personnel are cognizant of and comprehend the
stipulations of these standards. Disclosure Requirements: The corporation provides
comprehensive disclosures within its financial statements regarding revenue recognition policies
under Ind AS 115 and property, plant, and equipment accounting under Ind AS 16.

Compliance with Other Regulations Anti-Bribery and Anti-Corruption Policy: Tata Motors
maintains a robust Anti-Bribery and Anti-Corruption Policy that ensures adherence to pertinent
laws and regulations, which indirectly fosters a culture of compliance across all facets of
operations. Safety and Health Policies: The corporation prioritizes employee health and safety
through comprehensive policies and procedures, thereby illustrating a commitment to regulatory
compliance in ancillary domains. Legal Framework: Tata Motors complies with legal
frameworks such as the Companies Act and SEBI guidelines, ensuring adherence to regulatory
mandates.

While specific measures for compliance with Ind AS 115 and Ind AS 16 are not explicitly
delineated, Tata Motors' governance architecture, internal controls, and compliance framework
indicate a robust strategy for ensuring conformity with accounting standards. The company's
dedication to ethical practices and regulatory compliance underpins its overarching strategy for
upholding high standards in financial reporting and operational practices.

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Comparative analysis of Financial Reporting Standards and their impact on
Tata Motors

International Financial Reporting Standards (IFRS), Indian Accounting Standards (Ind-AS), and
Indian Generally Accepted Accounting Principles (Indian GAAP or AS) form the three major
accounting frameworks. The three frameworks include unique standards which determine the
recognition methods for revenues together with asset valuation and financial reporting practices.
The research evaluates the significant differences between these three accounting standards and
their implications on Tata Motors' financial documents.

Overview of Accounting Standards

International Financial Reporting Standards (IFRS)

The International Accounting Standards Board through its framework known as IFRS issues a
worldwide accepted accounting framework. Fair value accounting exists as its core principle
while allowing control of both form and substance. Through its focused approach toward
financial reporting transparency multinational corporations along with international investors
achieve increased financial reporting consistency.

Indian Accounting Standards (Ind-AS)

The Ministry of Corporate Affairs through the Institute of Chartered Accountants of India
establishes Ind-AS as the Indian version of International Financial Reporting Standards (IFRS).
Ind-AS maintains similarity with IFRS but contains exceptions to create regulatory and
economic compatibility with India's standards. The requirement of Ind-AS application extends to
both listed companies and their large unlisted counterparts which results in increased global
financial statement comparison possibilities.

Accounting Standards (AS - Indian GAAP)

AS represents the former set of accounting standards that ICAI developed. Additionally, these
standards employ principles-based methods to follow historical cost accounting procedures. The
objectification of revenue recognition and asset valuation through a structured framework exists
absent within AS because it does not follow either IFRS or Ind-AS organizational patterns. AS
has an ongoing replacement timeline because Ind-AS provides the standard format for larger
businesses.
Impact of different Accounting Standards on Tata Motors

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Revenue Recognition

AS (Indian GAAP) – AS 9

Under AS Tata Motors records revenue whenever the customers or distributors assume
significant risks and rewards for goods they purchase. The Company employs standard revenue
recognition principles which differ from both the IFRS and Ind-AS five-step system used for
recognition. The organization may recognize revenue earlier which leads to more revenue
changes.

IFRS 15

Under the requirements of IFRS 15 Tata Motors needs to use a five-step revenue recognition
method which defines the contract terms and identifies the point of control transfer. The
implementation of IFRS 15 would impact revenue recognition timing when dealing with
long-term contracts and bundled product-sales bundles and service programs related to product
transactions. The revenue pattern of Tata Motors should demonstrate time-based consistency
while showing delayed revenue collections at the start.

Ind-AS 115

Under Ind-AS 115 practitioners implement the exact five-step model which exists in IFRS 15.
By implementing this standard Indian financial reporting becomes better aligned with
international best practices and improves its similarity to global financial reporting standards.
Revenue deferrals under the new standard would work in parallel to IFRS standards to make
financial statements more consistent.

Property, Plant, And Equipment (PPE)

AS (Indian GAAP) – AS 10

AS 10 requires Tata Motors to record PPE assets at historical cost yet revaluation remains
optional for the company and is infrequently done. The depreciation approaches include the
straight-line method (SLM) and the written-down value (WDV) method. Lower fluctuations
appear in asset valuation parameters as well as financial ratios from implementing this approach.

IFRS 16
IAS 16 gives companies the alternative to use either a cost model or a revaluation model when
handling PPE. The usage of revaluation by Tata Motors would make asset values match current

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market prices resulting in unstable financial report outcomes. Asset valuation changes could
affect financial ratio calculations of return on assets and leverage ratios because of their shifting
values.
Ind-AS 16

Under the provisions of Ind-AS 16 companies can adopt exactly the same choices between cost
model and revaluation model compared to IAS 16. When Tata Motors uses the revaluation model
their PPE values must be periodically reassessed which causes asset values to rise and leads to
financial statements showing fluctuations.

Overall Financial Impact on Tata Motors

The revenue recognition procedures at Tata Motors under AS align with risk transfer methods
which may produce early revenue recording while increasing volatility in revenue figures. The
revenue recognition process under IFRS and Ind-AS implements a structured contract-based
system which eventually delays recognition but produces more forecastable earnings patterns.
Under AS the valuation approach for PPE focuses on historical cost values to maintain
consistency but lacks current market value calculations. Monetary and non-monetary assets of
PPE under IFRS and Ind-AS are eligible for revaluation which produces asset revaluation gains
that generate fluctuations in financial statements.

Conclusion

Financial statements of Tata Motors would display considerable variations based on the
accounting standard used for their reporting. The AS method uses traditional methods that
depend on historical values and straightforward revenue detection. The adoption of IFRS with
Ind-AS brings structured processes which increase transparency and enables better comparisons
yet the models for revaluation and strict revenue identification provisions lead to increased
financial volatility. The financial reporting of Tata Motors maintains global comparability in
addition to full compliance with Indian regulations through slight modifications made to Ind-AS
which closely follow International Financial Reporting Standards (IFRS). The shift toward
Ind-AS or IFRS standards would raise global market confidence but would need adjustments in
how the company plans finances and presents information.

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