CA Shantanu Goyal
(Practicing CA)
(122 Points)
Replied 01 July 2010
hi
AS-17 "Segment reporting" as per accounting standard rules 2006, is not mandatory for SMC(small and medium companies)
as per definition of SMC compnies listed and having turnover over Rs. 50 crores are not classified as SMC
sonal
(student)
(76 Points)
Replied 02 July 2010
Bt according to me dis has been revised in accordance with IFRS-8.....
plz chk it out once again...
CA Shantanu Goyal
(Practicing CA)
(122 Points)
Replied 02 July 2010
till now ifrs is not applicable to companies other than companies of more than 1000cr. turnover
shakuntala chhangani
(FCA Course co-ordinator WIRC coaching centre)
(2525 Points)
Replied 02 July 2010
Hi Sonal, the expected date of IFRS convergence is 1.4.2011. till that time our Indian GAAP's will be applicable. As far as AS 17 is concerned, it is applicable in its entirety to all non- SMCs in case of companies and all level I entities in case of non-corporate entities. Certain exemptions are available to SMCs and Level II and III entities
Regards, CA Shakuntala Chhangani
CAclubindia
