Section 2 in The Companies (Accounting Standards) Rules, 2006
2. Definitions.
- In these rules unless the context otherwise requires,-(a)[ "Accounting Standards" means the standards of accounting or any addendum thereto as specified in rule 3 of these rules; [Substituted by Notification No. G.S.R. 364(E), dated 30.3.2016 (w.e.f. 7.12.2006).](b)"Act" means the Companies Act, 1956 (1 of 1956) or the companies act, 2013 (18 of 2013), as the case may be;](c)"Annexure" means an Annexure to these rules;(d)[ "Financial Statements" means financial statements as defined in sub-section (40) of section 2 of theCompanies Act, 2013; [Substituted by Notification No. G.S.R. 364(E), dated 30.3.2016 (w.e.f. 7.12.2006).](e)"Enterprise" means a 'company' as defined in sub-section (20) of section 2 of the Companies Act, 2013 or as defined in section 3 of the Companies Act, 196, as the case may be;](f)"Small and Medium Sized Company" (SMC) means a company -(i)whose equity or debt securities are not listed or are not in the process of listing on any stock exchange, whether in India or outside India;(ii)which is not a bank, financial institution or an insurance company;(iii)whose turnover (excluding other income) does not exceed rupees fifty crore in the immediately preceding accounting year;(iv)which does not have borrowings (including public deposits) in excess of rupees ten crore at any time during the immediately preceding accounting year; and(v)which is not a holding or subsidiary company of a company which is not a small and medium-sized company.Explanation: For the purpose of clause (f), a company shall qualify as a Small and Medium Sized Company, if the conditions mentioned therein are satisfied as at the end of the relevant accounting period.(2)Words and expressions used herein and not defined in these rules but defined in the Act shall have the same meaning respectively assigned to them in the Act.
