applicability accounting standards

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venu (Querist)
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17 July 2009
An Indian private ltd company which satisfies first four conditions of sec 2(f) of Companies (Accounting standard rules) 2006 to qualify as a smc. But it is a subsidiary of a foreign company which has the turnover of more than 50 crores during the immediately preceeding accounting year.
In that case will the Indian pvt ltd company be smc or non smc? Thank you in advance.

Jitender

Jitender (Expert)
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17 July 2009 it will be non-smc.

venu

venu (Querist)
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18 July 2009 Now the question is whether Companies (accounting standard) rules 2006 applicable to a foreign company to make it non smc and therefore its subsidiary as non smc??

Thanks

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