Rule 5 Qualification for exemption or relaxation in respect of SMC
- Chapter
- I · Accounting Standards
- Text as on
- 14 August 2026
5. Qualification for exemption or relaxation in respect of SMC:-
An existing company, which was previously not 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.