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SMC status: newly qualifying companies gain accounting standard relaxations only after two consecutive accounting periods. An existing company that subsequently attains classification as a Small and Medium Sized Company under the Companies (Accounting Standard) Rules, 2006 does not qualify for Accounting Standard exemptions or relaxations until it remains an SMC for two consecutive accounting periods.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
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<h1>SMC status: newly qualifying companies gain accounting standard relaxations only after two consecutive accounting periods.</h1> An existing company that subsequently attains classification as a Small and Medium Sized Company under the Companies (Accounting Standard) Rules, 2006 does not qualify for Accounting Standard exemptions or relaxations until it remains an SMC for two consecutive accounting periods.
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