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of <h1>New Accounting Standards Rules 2021: Key Changes for Non-Ind AS Companies and SMC Criteria Under Companies Act 2013.</h1> The Companies (Accounting Standards) Rules, 2021, issued by the Ministry of Corporate Affairs, replace the previous 2006 rules and are enacted under the Companies Act, 2013. Effective from April 1, 2021, these rules specify Accounting Standards 1 to 5, 7, and 9 to 29, as recommended by the Institute of Chartered Accountants of India. They apply to companies not governed by Indian Accounting Standards. Small and Medium Sized Companies (SMCs) are defined by specific criteria, including turnover and borrowing limits. Companies transitioning to SMC status must maintain this classification for two consecutive periods to qualify for exemptions or relaxations.
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