MCA notifies Companies (Accounting Standards) Rules, 2021
Companies (Accounting Standards) Rules, 2021 The Ministry of Corporate Affairs through notification dated 23rd June, 2021 has notified the Companies (Accounting Standards) Rules, 2021 . It provides Accounting Standards 1 to 5, 7 and 9 to 29 as recommended by the Institute of Chartered Accountants of India (As per Annexure to the said notification). The Accounting Standards shall come into effect in respect of accounting periods commencing on or after the 1st day of April, 2021 . It also provides revised criteria to qualify as “Small and Medium Sized Company” (SMC). As per revised definition, Small and Medium Sized Company (SMC) means a company – Whose equity or debt securities are not listed or are not in the process of listing on any stock exchange, whether in India or outside India; Which is not a bank, financial institution or an insurance company ; Whose turnover (excluding other income) does not exceed two hundred and fifty crore rupees in the immediately pre...