B S VISWANATH (www.financialtherapy.in) (184 Points)
04 August 2011Dear friends,
can a private ltd company voluntary go for segement reporting under AS17 disclosures. even though As-17 is not mandatory for it?
CA Priya
(CS Final)
(1049 Points)
Replied 04 August 2011
The Scope of the standard speaks about the companies for whom applicability is mandatory. It has not stated that other should not follow. So u can happily follow. But ensure that once you decide to follow comply with the requirements of this Statement fully and not selectively.
for detailed study see the AS which i downloaded from our Institute site. So 100% reliable.........
Cheeeeeers.............
Dhanabal Ramasamy
(CHARTERED ACCOUNTANT)
(105 Points)
Replied 05 August 2011
Every Accounting Standard is there to make our financial reporting fair and very transparent. The mandatory recommendation doesn't prohibit others from disclosing. if the company wishes to disclose segment wise report for any reason it can definitely do so but it need not be as stated in AS 17. The company can have its own segmenting and disclose.
CAclubindia
