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Relief to small companies: Relaxations in compliance with accounting standards SECTIONS Relief to small companies: Relaxations in compliance with accounting standardsBy Prashant Daftary and Omprakash Shettigar, ET CONTRIBUTORS Last Updated: Jul 19, 2021, 11:06 AM IST Share Synopsis The new rules will replace existing rules issued in the year 2006 and are applicable from accounting periods commencing on or after 1st April 2021. iStock The amendment will enable several small and mid-sized companies to close their books of account in shorter time as compared to large companies. The government, in continuation of its theme as regards ease of doing business, has increased the limits for classification as Small & Medium Sized (SMC) companies. The objective is to reduce the compliance burden and the time required to prepare the financial statements. As a result of this notification, a significant number of companies would be covered in the definition of the SMC companies.

Medium enterprises developmentMedium sizedMedium enterprises development actAccounting standardsCompanies actIndian accounting standardsநடுத்தர நிறுவனங்கள் வளர்ச்சிநடுத்தர அளவுநடுத்தர நிறுவனங்கள் வளர்ச்சி நாடகம்கணக்குவைப்பு முறை தரநிலைகள்நிறுவனங்கள் நாடகம்இந்தியன் கணக்குவைப்பு முறை தரநிலைகள்