Industry & Economy
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SSI
Corporate
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Accounting Standards
SMEs may get regulatory relief on compliance with ICAI standards
K.R. Srivats
New Delhi
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Oct. 4
SMALL and medium enterprises (SMEs) may get some regulatory relief on compliance with certain complex accounting standards of the Institute of Chartered Accountants of India (ICAI).
The Central Council of ICAI plans to grant exemption/relaxation to SMEs on compliance with the "recognition and measurement principles" of certain accounting standards.
Indications are that the regulatory relief on recognition and measurement principles may come in respect of complex accounting standards such as the one on impairment of assets.
So far, the SMEs were allowed to avail themselves of exemptions only in respect of disclosure requirements of certain accounting standards such as the one on related party transactions.
ICAI had about two years ago taken a decision that no relaxation should be given to SMEs in respect of recognition and measurement principles in accounting standards.
An ICAI official said the Central Council, at its three-day meeting beginning here on Wednesday, would take up for discussion the matters relating to granting of relaxation/exemption to SMEs on recognition and measurement principles of accounting standards.
Accounting standards generally have three elements - disclosure, recognition and measurement. The last two are very critical to any accounting standard, say technical experts.
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