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Relief to small companies: Relaxations in compliance with accounting standards


Relief to small companies: Relaxations in compliance with accounting standards
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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
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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.
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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 o ....

Medium Enterprises Development , Medium Sized , Medium Enterprises Development Act , Accounting Standards , Companies Act , Indian Accounting Standards , நடுத்தர நிறுவனங்கள் வளர்ச்சி , நடுத்தர அளவு , நடுத்தர நிறுவனங்கள் வளர்ச்சி நாடகம் , கணக்குவைப்பு முறை தரநிலைகள் , நிறுவனங்கள் நாடகம் , இந்தியன் கணக்குவைப்பு முறை தரநிலைகள் ,