Books of Account
A Practitioner’s Guide to Audit of Small Entities
The Institute of Chartered Accountants of India
( http://www.icai.org/ )
The ‘small’ guide
A software company with nearly Rs 60 crore of revenues states in its recent ‘results’ ad that it is ‘engaged primarily in the business of export of software services’ and that there is ‘no separate reportable segment as per Accounting Standard (AS) 17.’
A group company of a public-sector oil giant makes a similar assertion — that it operates only ‘one segment, petroleum sector’ — though its gross sales for the most recent quarter were close to Rs 100 crore.