{"id":5217,"date":"2022-12-15T12:33:12","date_gmt":"2022-12-15T12:33:12","guid":{"rendered":"https:\/\/www.caindelhiindia.com\/blog\/?p=5217"},"modified":"2023-05-12T12:33:20","modified_gmt":"2023-05-12T12:33:20","slug":"applicability-of-as-for-smcs","status":"publish","type":"post","link":"https:\/\/www.caindelhiindia.com\/blog\/applicability-of-as-for-smcs\/","title":{"rendered":"Relaxation on Applicability of Accounting Standard for SMC"},"content":{"rendered":"

\"Relaxation<\/p>\n

\u00a0<\/strong>What are the Relaxation on Applicability of Accounting Standard for SMCs<\/strong>\u00a0: MCA Notification dated 23.06.2021<\/p>\n

Applicability Different Accounting Standard on Small and Medium Sized Companies & Non- Small and Medium Sized Companies<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
S. No<\/td>\nAccounting Standards (AS)<\/td>\nSmall and Medium Sized Companies<\/td>\nNon- Small and Medium Sized Companies<\/td>\n<\/tr>\n
1<\/td>\nDisclosures of Accounting Policies- Accounting Standard-1<\/td>\nApplicable<\/td>\nApplicable<\/td>\n<\/tr>\n
2<\/td>\nValuation of Inventories- Accounting Standard-2<\/td>\nApplicable<\/td>\nApplicable<\/td>\n<\/tr>\n
3<\/td>\nCash Flow Statements- Accounting Standard -3<\/td>\nApplicable<\/td>\nApplicable<\/td>\n<\/tr>\n
4<\/td>\nAccounting Standard-4 Contingencies and Events Occurring After the Balance Sheet Date<\/td>\nApplicable<\/td>\nApplicable<\/td>\n<\/tr>\n
5<\/td>\nAccounting Standard-5 Net P\/L for the Period, Prior Period Items and Changes in Accounting Policies<\/td>\nApplicable<\/td>\nApplicable<\/td>\n<\/tr>\n
7<\/td>\nAccounting Standard-7 Construction Contracts<\/td>\nApplicable<\/td>\nApplicable<\/td>\n<\/tr>\n
9<\/td>\nAccounting Standard-9 Revenue Recognition<\/td>\nApplicable<\/td>\nApplicable<\/td>\n<\/tr>\n
10<\/td>\nAccounting Standard-10 Property, Plant and Equipment<\/td>\nApplicable<\/td>\nApplicable<\/td>\n<\/tr>\n
11<\/td>\nAccounting Standard-11 The Effects of Changes in Foreign Exchange Rates<\/td>\nApplicable<\/td>\nApplicable<\/td>\n<\/tr>\n
12<\/td>\nAccounting Standard-12 Accounting for Government Grants<\/td>\nApplicable<\/td>\nApplicable<\/td>\n<\/tr>\n
13<\/td>\nAccounting Standard-13 Accounting for Investments<\/td>\nApplicable<\/td>\nApplicable<\/td>\n<\/tr>\n
15<\/td>\nAccounting Standard-14 Accounting for Amalgamations<\/td>\nApplicable<\/td>\nApplicable<\/td>\n<\/tr>\n
16<\/td>\nAccounting Standard-15 Employee Benefits<\/td>\nApplicable with Certain Exemptions#<\/td>\nApplicable<\/td>\n<\/tr>\n
17<\/td>\nAccounting Standard-16 Borrowing Costs<\/td>\nApplicable<\/td>\nApplicable<\/td>\n<\/tr>\n
18<\/td>\nAccounting Standard-17 Segment Reporting<\/td>\nNot Applicable#<\/td>\nApplicable<\/td>\n<\/tr>\n
19<\/td>\nAccounting Standard-18 Related Party Disclosures<\/td>\nApplicable<\/td>\nApplicable<\/td>\n<\/tr>\n
20<\/td>\nAccounting Standard -19 Leases<\/td>\nApplicable with Certain exemption#<\/td>\nApplicable<\/td>\n<\/tr>\n
21<\/td>\nAccounting Standard-20 Earning Per Share<\/td>\nApplicable with Certain exemption#<\/td>\nApplicable<\/td>\n<\/tr>\n
22<\/td>\nAccounting Standard-21 Consolidated Financial Statements<\/td>\nApplicable<\/td>\nApplicable<\/td>\n<\/tr>\n
23<\/td>\nAccounting Standard-22 Accounting for Taxes on Income<\/td>\nApplicable<\/td>\nApplicable<\/td>\n<\/tr>\n
24<\/td>\nAccounting Standard-23 Accounting for Investments in Associates in Consolidated Financial Statements<\/td>\nApplicable<\/td>\nApplicable<\/td>\n<\/tr>\n
25<\/td>\nAccounting Standard-24 Discontinuing Operations<\/td>\nApplicable<\/td>\nApplicable<\/td>\n<\/tr>\n
26<\/td>\nAccounting Standard-25 Interim Financial Reporting##<\/td>\nApplicable<\/td>\nApplicable<\/td>\n<\/tr>\n
27<\/td>\nAccounting Standard-26 Intangible Assets<\/td>\nApplicable<\/td>\nApplicable<\/td>\n<\/tr>\n
28<\/td>\nAccounting Standard-27 Financial Reporting of Interest in Joint Ventures<\/td>\nApplicable<\/td>\nApplicable<\/td>\n<\/tr>\n
29<\/td>\nAccounting Standard-28 Impairment of Assets<\/td>\nApplicable with Certain exemption#<\/td>\nApplicable<\/td>\n<\/tr>\n
30<\/td>\nAccounting Standard-29 Provisions, Contingent Liabilities and Contingent Assets<\/td>\nApplicable with Certain exemption#<\/td>\nApplicable<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

What is the Relaxation on Applicability of Accounting Standard for SMCs?<\/strong><\/span><\/h3>\n

\"Relaxation<\/p>\n

Following basic Relaxations provided to the SMCs according to the MCA Notification dated 23 June 2021<\/p>\n

    \n
  1. AS not now applicable to Small and Medium Sized Companies in their completely \u2013\u00a0AS 17, Segment Reporting.<\/li>\n
  2. Accounting Standard’s in respect of which relaxations from certain requirements have been given to SMCs:\n