Page 246 - Index

Standalone
Summary of material accounting policies and other explanatory information to the standalone
financial statements as at and for the year ended December 31, 2024
1. Corporate information
Crisil Limited (“the Company” or “Crisil”) [CIN :
L67120MH1987PLC042363] is a globally-diversified
analytical Company providing ratings services &
research, analytics and solutions services. We are
India’s leading ratings agency and the foremost provider
of high-end research to the world’s largest banks and
leading corporations. We deliver analysis, opinions, and
solutions that make markets function better.
Crisil Limited is a public limited Company, domiciled in
India. The registered office of the Company is located
at Crisil House, Central Avenue, Hiranandani Business
Park, Powai, Mumbai - 400076. The equity shares of the
Company are listed on recognised stock exchanges in
India- The Bombay Stock Exchange and the National
Stock Exchange.
S&P Global Inc. the ultimate holding Company, through
its subsidiaries owned 66.64% as on December 31,
2024 of the Company’s equity share capital (refer to
note 20).
These standalone financial statements for the year
ended December 31, 2024 were approved by the Board
of Directors on February 10, 2025.
2. Summary of material accounting policies
2.1 Statement of compliance
These standalone financial statements have been
prepared in accordance with the Indian Accounting
Standards (hereinafter referred to as the ‘Ind AS’) as
notified by Ministry of Corporate Affairs pursuant to
Section 133 of the Companies Act, 2013 read with Rule
3 of the Companies (Indian Accounting Standards)
Rules, 2015 as amended from time to time.
Functional and presentation currency
These standalone financial statements are presented
in Indian rupees, which is the functional currency of
the Company. All financial information is rounded to
the nearest lakh, except when otherwise indicated.
2.2 Basis of preparation
These standalone financial statements have been
prepared under the historical cost convention on an
2.3 accrual basis, except for certain financial instruments
which are measured at fair value at the end of each
reporting period. Historical cost is generally based on
the fair value of the consideration given in exchange for
goods and services on the transaction date. Fair value is
the price that would be received to sell an asset or paid
to transfer a liability in an orderly transaction between
market participants at the measurement date.
The standalone financial statements have been
prepared on going concern basis. The accounting
policies are applied consistently to all the periods
presented in the standalone financial statements.
All the assets and liabilities have been classified as
current or non-current as per the Company’s normal
operating cycle and other criteria as set out in
Schedule III to the Companies Act, 2013. Based on the
nature of products and time between the acquisition
of assets for processing and their realisation in cash
or cash equivalents, the Company has ascertained
its operating cycle as twelve months for the purpose
of current / non-current classification of assets
and liabilities.
Use of estimates and judgments
The preparation of the standalone financial statements
in conformity with Ind AS requires the management to
make estimates, judgments and assumptions that
affect the reported balances of assets and liabilities
(including contingent liabilities) as at the date of the
financial statements and the reported income and
expenses for the years presented. Application of
accounting policies that require critical accounting
estimates involving complex and subjective judgments
and the use of assumptions in these standalone
financial statements have been disclosed below.
Accounting estimates could change from period
to period. Actual results could differ from those
estimates. Appropriate changes in estimates are
made as management becomes aware of changes in
circumstances surrounding the estimates. Changes
in estimates are reflected in the standalone financial
statements in the period in which changes are made
and, if material, their effects are disclosed in the notes
to the standalone financial statements.
244 Annual Report 2024