SMC accounting compliance: exemptions and disclosure requirements govern application of accounting standards and material reporting rules. SMCs must comply with applicable Accounting Standards subject to prescribed exemptions and relaxations; if information is omitted under such exemptions an SMC must note its status and compliance. Ceasing to qualify as an SMC makes the standards applicable in the current period without revising prior-period figures, while prior SMC status and use of exemptions must be disclosed. Partial election of exemptions across standards requires disclosure of which standards are affected, voluntary disclosures must follow the relevant standard, and partial exemptions must not mislead. Where law and a standard conflict due to subsequent legal amendment, the law prevails. Standards apply to material items.