ICAI had recently significantly simplified accounting standards applicability criteria Non-company entities.
Further, for ease of Micro Non-company entities (Level IV), ICAI issued Quick Referencer bringing, at one place, the recognition, measurement and disclosure requirements under Accounting Standards applicable for such entities.
Click the link below to access the Quick Referencer:
On the basis of the inputs received from all of you through the outreach programs to simplify accounting standards, the Accounting standard board of ICAI has “significantly simplified the accounting standards applicability criteria for Micro and small size non-company entities”.
This marks a new era for ease of compliance for chartered accountants serving the micro and small non-company entities.
Click the link below to access the detailed announcement:
As Partner in Nation Building, ICAI vide Press Release has launched following initiatives to support and assist MSME in reaching out to the benefit and schemes provided by the government.
- MSME Mentorship Programme – CAs practicing as SMPs shall provide financial and strategic consultancy to MSMEs and help MSMEs to overcome the financial challenges, augment resources and be judicious in expenditure by becoming their mentors.
- GST and MSME Sahayata Kendra (Facilitation Centres) – across India at 100+ locations to guide MSME in developing their business strategy, tax compliances, how various government schemes can help them and also towards resource mobilization, etc.
- MSME Business Continuity Checklist
ICAI as ‘True Partner in Nation Building’ has come out with a model for sustainability for MSMEs and has issued MSMEs business continuity checklist while keeping below objectives in mind:
- (MSMEs) are considered to be the backbone of the national economic structure.
- The accounting profession has a deep reach and connects to the MSME sector as SMPs (Small and Medium Professionals) are the trusted financial advisor of MSMEs providing a variety of services. The profession understands the pulse of the sector.
In the checklist, focus has been given on number of factors that require special attention by the management of MSME which can guide their initiative to face this tough time.
MSME Ministry vide Office Memorandum dated August 06, 2020 issued clarification on certain issues relating to existing (EM) Part-III (UAM)/ New Udyam Registration. Key takeaways are:
- All the existing EM Part II and UAMs obtained till 30.06.2020 shall remain valid till 31.03.2021.
- Since the existing registrations as EM Part II and UAMs will not remain valid after 31st March 2021, therefore, MSMEs file fresh registration in the new Udyam Registration Portal (https: lludyamregistration.gov.in) before March 31, 2020
- To make the re-classification proper and realistic, it is necessary that the latest details are entered by the MSMEs.