Accounting Standards definition clarifies key terms and incorporates non-banking financial company inclusion and Act cross references. Defines key terminology for application of Indian Accounting Standards: Accounting Standards are the specified standards or addenda for companies; Act, Annexure, entity, financial statements and net worth adopt meanings from the Companies Act or the Annexure; a Non-Banking Financial Company is expressly defined to include specified types of financial entities; and terms not defined in the rules take their meanings from the Act, with the NBFC definition inserted by later notification.