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Industry & Economy - SSI


Accounting norms panel to specify SMEs' exclusion

K.R. Srivats

Jaipur , March 12

THE small and medium enterprises (SMEs) may have a cause for cheer.

The National Advisory Committee on Accounting Standards (NACAS) plans to specify "permitted exclusion" for SMEs in each of the accounting standards so far issued by the Institute of Chartered Accountants of India.

Such a move is expected to reduce the compliance burden of SMEs.

"We will define a SME and specify the permitted exclusion for them in the accounting standards," the Chairman of NACAS, Mr Y.H. Malegam, told presspersons here. He said that NACAS would define SME on the basis of a "turnover" test.

"We could have opted for a criterion like networth. We, however, feel that the turnover test is most suited for India and we will only go by the turnover criterion in the definition of SME," he said.

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