The Ministry of Corporate Affairs (MCA) notified the accounting standards for small and medium companies that revise the turnover and borrowing limits and help in making disclosure requirements less onerous. The Government notified the Companies (Accounting Standards) Rules, 2021
The notification has included the revised definition of MSMEs. Under the revised SMC definition, the turnover limit has been increased from Rs 50 crore to not exceeding Rs 250 crore and with enhanced borrowing limits. This is in addition to the requirements that such entities should be unlisted companies, which are not banks, financial institutions or insurance companies.
Read More: https://www.taxscan.in/mca-notifies-accounting-standards-for-smes/120067/
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