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of <h1>Key Definitions in Companies (Accounting Standards) Rules, 2021: Accounting Standards, SMCs, and Enterprise Explained</h1> The Companies (Accounting Standards) Rules, 2021, define key terms used within the rules. 'Accounting Standards' refer to the standards specified in rule 3. The 'Act' is the Companies Act, 2013. 'Annexure' pertains to the Accounting Standards appended to these rules. An 'Enterprise' is defined as a 'company' under the Act. A 'Small and Medium Sized Company' (SMC) is a company that is not publicly listed, not a bank, financial institution, or insurance company, has a turnover not exceeding 250 crore rupees, borrowings not exceeding 50 crore rupees, and is not a holding or subsidiary of a non-SMC. Terms not defined here follow their meanings in the Act.
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