Rule 5 - Qualification for exemption or relaxation in respect of SMC - Companies (Accounting Standards) Rules, 2021

5. Qualification for exemption or relaxation in respect of SMC .- An existing company, which was previously not a Small and Medium Sized Company (SMC) and subsequently becomes a SMC, shall not be qualified for exemption or relaxation in respect of Accounting Standards available to a SMC until the company remains a SMC for two consecutive accounting periods. [F. No. 17/151/2013-CL-V(Pt.)] K.V.R. MURTY, Jt. Secy.