| ANNOUNCEMENT
Disclosure of corresponding previous year figures
in the first year of application of Accounting Standard (AS) 17,
Segment Reporting
The Institute has issued Accounting
Standard (AS) 17, Segment Reporting (published in the October, 2000,
issue of the Institute’s Journal ‘The Chartered Accountant’). AS
17 has come into effect in respect of accounting periods commencing
on or after 1-4-2001 and is mandatory in nature, from that date,
in respect of the following:
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Enterprises whose equity or debt
securities are listed on a recognised stock exchange in India,
and enterprises that are in the process of issuing equity or
debt securities that will be listed on a recognised stock exchange
in India as evidenced by the board of directors’ resolution
in this regard.
-
All other commercial, industrial
and business reporting enterprises, whose turnover for the accounting
period exceeds Rs. 50 crores.
The Council, at its 224th meeting, held
on March 8-10, 2002, considered the matter relating to disclosure
of corresponding previous year figures in respect of segment reporting
in the first year of application of AS 17. The Council decided that
in the first year of application of AS 17, corresponding previous
year figures in respect of segment reporting need not be disclosed.
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