Rule 2 - Definitions. - Companies (Accounting Standard) Rules, 2006

Definitions.- 02. In these rules, unless the context otherwise requires,- 1 [(a) Accounting Standards means the standards of accounting or any addendum thereto as specified in rule 3 of these rules; (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; 2 [(d) Financial Statements means financial statements as defined in sub-section (40) of section 2 of the Companies Act, 2013 ; (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. ********** Notes:- 1. Substituted vide Not. F.No. 17/151/2013-CL-V - Dated 30-3-2016, before it was read as, (a) Accounting Standards means the Accounting Standards as specified in rule 3 of these rules; (b) Act means the Companies Act, 1956 (1 of 1956); 2. Substituted vide Not. F.No. 17/151/2013-CL-V - Dated 30-3-2016, before it was read as, (d) General Purpose Financial Statements include balance sheet, statement of profit and loss, cash flow statement (wherever applicable), and other statements and explanatory notes which form part thereof; (e) Enterprise means a company as defined in section 3 of the Companies Act, 1956;