News Brief | February 2017
RIL writes Rs.40,000 cr on change in accounting policy
Reliance Industries Ltd has written down Rs.39,570 crore in value of its oil and gas assets including the flagging KG basin D6 block and US shale gas projects, in view of change in accounting policy. RIL has restated its reserves following a change in accounting standards from April 1, 2016. It has moved from the Full-Cost Method (Indian GAAP) to the Successful-Efforts Method under IND AS. This has led to devaluation of its oil and gas assets by Rs.39,570 crore as on March 31, 2016, according to RIL´s third quarter earning statement. The write down investments reflects plummeting oil and gas prices.