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NOTE 4 - RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS | 12 Months Ended
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Mar. 31, 2013
Accounting Changes and Error Corrections [Abstract] |
Accounting Changes and Error Corrections [Text Block] | NOTE 4 – RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS In this amendment to the Annual Report on Form 10-K, India Globalization Capital, Inc. has made the following changes a) For fiscal year ended March 31, 2012: 1. Restated its consolidated balance sheets and consolidated statement of cash flows; 2. Improved the disclosures on the notes to consolidated financial statements. b) For fiscal year ended March 31, 2013: 1. Restated its consolidated balance sheets and consolidated statement of cash flows; 2. Amended its management discussion and analysis as it relates to the year ended March 31, 2013. 3. Improved the disclosures on the notes to consolidated financial statements. The restatements reflect adjustments to correct errors identified by the SEC through its original and follow up comment letters dated January 28, 2014, April 2, 2014 and May 27, 2014. The restatement adjustments reflect a reclassification in the consolidated balance sheets and consolidated statement of cash flows. The changes described above are non-cash items and do not impact the Company’s operations. Reclassification in the Company’s Consolidated Balance Sheets The goodwill and intangible assets for both fiscal years ended March 31, 2012 and 2013 were disclosed as combined amounts under a single line item. The mentioned consolidated balance sheets have now been restated to disclose goodwill and intangible assets as separate line items. Reclassification in the Company’s Consolidated Statement of Cash Flows For fiscal year ended March 31, 2012, the cash paid for interest under the supplementary information as well as the common stock issued for exchange of notes payable were mistakenly reported as NIL. Also, the line called “common stock issued for exchange of notes payable” did not accurately described the amounts shown. This line has been edited to read “Common stock issued for to pay interest and penalty/exchange of Notes Payable.” These two line items are now been reported as $239,451 cash paid for interest and $2,543,775 for common stock issued to pay interest and penalty/exchange of Notes Payable. For fiscal year ended March 31, 2013, the non-cash interest expense, under cash flows from operating activities, and the cash paid for interest, under the supplementary information, were mistakenly reported as $114,654 and NIL, respectively. These two line items are now been reported as $501,300 non-cash interest expense and $32,582 cash paid for interest. Also, the change to the amount disclosed under non-cash interest expense caused the following adjustments: i) net cash used in operating activities from $178,199 to $564,845; ii) Proceeds from loans from $610,951 to $224,305; iii) Net cash provided/(used) by financing activities from $414,337 to $27,691. Improvement to the disclosures on the notes to consolidated financial statements The improvements to the disclosures reflect comments by the SEC Staff through its original and follow up comment letters dated January 28, 2014, April 2, 2014 and May 27, 2014.

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- Definition The entire disclosure for reporting accounting changes and error corrections. It includes the conveyance of information necessary for a user of the Company's financial information to understand all aspects and required disclosure information concerning all changes and error corrections reported in the Company's financial statements for the period. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=28359718&loc=d3e22644-107794 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 45 -Paragraph 23 -URI http://asc.fasb.org/extlink&oid=6368906&loc=d3e21914-107793 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=28359718&loc=d3e22595-107794 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=28359718&loc=d3e22499-107794 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB TOPIC 1.N.Q3) -URI http://asc.fasb.org/extlink&oid=26874127&loc=d3e30840-122693 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 1 -Section N + Details
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