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:

1. 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.
   
   

2. 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.