Summary of Significant Accounting Policies

9 Months Ended

Dec. 31, 2019

Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

a. Basis of Presentation

The consolidated financial statements reflect the Group's financial position, results of operations and cash flows in conformity with accounting principles generally accepted in the United States ("U.S. GAAP").

All inter-company balances and transactions have been eliminated in consolidation.

Certain employees of the Group participate in benefit and stock-based compensation programs of our parent company Majesco Limited. The consolidated balance sheets include the outstanding equity-based compensation program of Majesco and Majesco Limited which are operated for the benefit of our employees.

b. Significant Accounting Policies

For a description of all significant accounting policies, see Note 2, Summary of Significant Accounting Policies, of the notes to the consolidated financial statements included in our Annual Report on Form 10-K for the fiscal year ended March 31, 2019 (the "Annual Report"). There have been no material changes to our significant accounting policies since the filing of the Annual Report other than Accounting Standards Codification ("ASC") 842 for Lease accounting which has been included under Note 3. Recent Accounting Pronouncements.

c. Principles of Consolidation

The Group's consolidated financial statements include the accounts of Majesco and its subsidiaries, Majesco Canada Ltd., Majesco Software and Solutions Inc. ("MSSI"), Majesco Sdn. Bhd., Majesco UK Limited, Majesco Software and Solutions India Private Limited ("MSSIPL"), Majesco Asia Pacific Pte Ltd., Exaxe Limited and Exaxe Holdings Limited ("Exaxe") as of December 31, 2019.

d. Use of Estimates

The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. On an on-going basis, we evaluate our estimates, including those related to revenue recognition and marketable securities, accounts receivable, income taxes, goodwill, and stock-based compensation.