Accounting rules eased for SMEs, small unlisted cos.
Small and medium commercial enterprises and small unlisted corporated
entities are being exempted from the rigours of complying with some
of the accounting standards issued by the Institute of Chartered Accountants
of India (ICAI). The disclosures to be made by this category of commercial
entities is also being partially eased.
A decision to this effect was taken by the central council of the
institute on recommendation of the accounting standards board at a
meeting in New Delhi.
The decision will reduce compliance cost for the SMEs. More significantly,
it will give relief to chartered accountants in small towns who do
not have the skills to prepare the accounts of the company in compliance
with some of the new and complex accounting standards.
Banks blamed for sluggish growth in Orissa SSI sector
At a seminar on Growth and Revival of SSI Sector in Orissa
speakers expressed concern over large scale sickness and slow growth
in the small-scale industries sector in Orissa.
That the SSI sector in Orissa is losing momentum, has become
a serious concern for the state government, Orissa chief minister
Shri Naveen Patnaik said adding the banks neglect financing the sick
units despite the best efforts of the state. Pointing out that the
Orissa State Financial Corporation (OSFC) has been saddled with huge
non performing assets (NPAs), he said that efforts are on to revive
and revamp the institution with the help of the Centre.
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