16 November 2009
Pl refer Companies accounting standards rules,2006 (AS-17) in the link given below http://www.mca.gov.in/Ministry/notification/notification_comp_Acct.html
AS-17 is applicable on SMCs u/s 211(3C) (ONLY CORPORATE), It is optional. SMCS are companies that meet all the following conditions, viz., 1) The equity or debt securities of the company are not listed or in the process of listing on any stock exchange, whether in India or outside India. 2) The company is not a bank or financial institution or insurance company. 3) The company's turnover (excluding other income) does not exceed Rs. 50 crores in the immediately preceding accounting year. 4) The company does not have borrowings (including public deposits) exceeding Rs. 10 crores at any time during the immediately preceding accounting year, and 5) The company is not a holding company or subsidiary of a non-SMC company.
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