The Ministry of Corporate Affairs (MCA) notified exemption to Ind AS Companies engaged in defence production from Segment Reporting from the application of section 129 of the Companies Act.
A Notification issued by the Ministry on Monday said that the provisions of Chapter IX, section 129 “shall not apply to the companies engaged in defence production to the extent of application of relevant Accounting Standard on segment reporting”.
Segment reporting is the reporting of the operating segments of a company in the disclosures accompanying its financial statements. Segment reporting is required for publicly-held entities and is not required for privately held ones.
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