CAIRR Update June 25, 2021

MCA enhances the threshold limits of Small and Medium Sized Companies(SMCs) for the purposes of applicability of Accounting Standards with effect from accounting periods starting on or after 01/04/2021

As a measure to improve the ease of doing business, MCA has introduced Companies (Accounting Standards) Rules, 2021, which covers increased number of SMCs as compared to the prevailing Rule (Companies (Accounting Standards) Rules, 2006), enhancing the threshold limits of Turnover and Borrowings to 250 from 50 Crores and to 50 Crores from 10 Crores respectively.

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