Applicability of AS-17

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sonal (Querist)
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01 July 2010 AS-17 Segment Reporting is applicable on all listed enterprises OR
It is applicable on any enterprise whose turnover exceeds Rs.50 crores...

Plzz rply....

CA. BIJENDER KR. BANSAL

CA. BIJENDER KR. BANSAL (Expert)
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01 July 2010 Accounting Standard (AS) 17, ‘Segment Reporting’, issued by the Council
of the Institute of Chartered Accountants of India, comes into effect in
respect of accounting periods commencing on or after 1.4.2001.
This Standard is mandatory in nature2 in respect of accounting periods
commencing on or after 1-4-20043 for the enterprises which fall in any one
ormore of the following categories, at any time during the accounting period:
(i) Enterprises whose equity or debt securities are listed whether in
India or outside India.
(ii) Enterprises which are in the process of listing their equity or debt
securities as evidenced by the board of directors’ resolution in
this regard.
1 Attention is specifically drawn to paragraph 4.3 of the Preface, according to which
Accounting Standards are intended to apply only to items which are material.
2 Reference may be made to the section titled ‘Announcements of the Council
regarding status of various documents issued by the Institute of Chartered
Accountants of India’ appearing at the beginning of this Compendium for a detailed
discussion on the implications of the mandatory status of an accounting standard.
3 AS 17 was originally made mandatory in respect of accounting periods commencing
on or after 1-4-2001 for the following enterprises:
(i) 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.
(ii) All other commercial, industrial and business reporting enterprises,
whose turnover for the accounting period exceeds Rs. 50 crores.
Segment Reporting 311
(iii) Banks including co-operative banks.
(iv) Financial institutions.
(v) Enterprises carrying on insurance business.
(vi) All commercial, industrial and business reporting enterprises,
whose turnover for the immediately preceding accounting period
on the basis of audited financial statements exceeds Rs. 50 crore.
Turnover does not include ‘other income’.
(vii) All commercial, industrial and business reporting enterprises having
borrowings, including public deposits, in excess ofRs. 10 crore at
any time during the accounting period.
(viii) Holding and subsidiary enterprises of any one of the above at any
time during the accounting period.
The enterprises which do not fall in any of the above categories are not
required to apply this Standard.

i.e it is applicable to all listed company from 1st April 2004.

sonal

sonal (Querist)
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01 July 2010 Tht means limit of 50 crores is not applicable w.e.f. 1.4.2003 n there is no difference in applicablility criterion in AS-17 n IFRS-8 as this was d only difference

CA. BIJENDER KR. BANSAL

CA. BIJENDER KR. BANSAL (Expert)
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01 July 2010 This Standard is mandatory in nature in respect of accounting periods
commencing on or after 1-4-2004 for the enterprises which fall in any one
ormore of the following categories, at any time during the accounting period.

THERE IS WORD ANY ONE OR MORE
I.E IF COMPANY IS LISTED THEN NO NEED TO CHECK TURNOVER LIMIT.
IF COMPANY IS NOT LISTED THEN CHECK OTHER LIMIT

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