valid as on 24/06/2024

9.9.2- Companies (Accounting Standards) Rules, 2021


(1) 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;

(b) “Act” means the Companies Act, 2013 (18 of 2013);

(c)“Annexure” in relation to these rules means the Annexure containing the Accounting Standards (AS) appended to these rules;

(d)“Enterprise” means a ‘company’ as defined in clause(20) of section 2 of the Act;

(e) “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 two hundred and fifty crore rupees in the immediately preceding accounting year;

(iv) which does not have borrowings (including public deposits) in excess of fifty crore rupees 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 purposes of this clause, 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 and not defined in these rules but defined in the Act shall have the meanings respectively assigned to them in the Act.

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