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of <h1>SMCs must disclose compliance with Accounting Standards; losing exemption requires current standard adherence without revising past figures.</h1> Small and Medium Sized Companies (SMCs) must disclose their status and compliance with applicable Accounting Standards in their financial statements. If an SMC loses its qualification for exemptions or relaxations, it must comply with current standards without revising previous figures. SMCs can choose not to use exemptions for certain standards and must disclose such choices. Any additional information disclosed must comply with relevant standards. Accounting Standards should align with applicable laws, with legal provisions prevailing in case of conflicts. Standards apply to material items, and bold italic paragraphs highlight main principles within the standards.
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