SMC disclosure requirements: state SMC status and applicability of accounting standards, with law prevailing over standards. An SMC that omits information under permitted exemptions must note its SMC status and compliance with Accounting Standards; if it ceases to qualify as an SMC, relevant standards apply from the current period without requiring prior-period revisions while disclosing past reliance on exemptions. An SMC must identify standards for which it still avails exemptions if it opts out selectively, may voluntarily disclose additional information under relevant standards, and must not use partial exemptions or disclosures to mislead. Accounting Standards yield to applicable law where conflicts arise, apply only to material items, and use typographical conventions to distinguish main principles from explanatory text.