Definitions under Rule 2 of the Indian Accounting Standards (Ind AS) Rules 2015/ 2016 along with Amendments as per MCA Notifications
A. Rule 2 of the Companies (Indian Accounting Standards) Rules, 2015 on Definitions
(1) In these rules, unless the context otherwise requires,-
(a) “Accounting Standards” means the standards of accounting, or any addendum thereto for companies or class of companies 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 Indian Accounting Standards (Ind AS) appended to these rules;
(d) “entity” means a company as defined in clause (20) of Section 2 of the Act;
(e) “financial statements” means financial statements as defined in clause (40) of Section 2 of the Act;
(f) “net worth” shall have the meaning assigned to it in clause (57) of Section 2 of the Act.
(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.
B. Amendments made by the Companies (Indian Accounting Standards) (Amendment) Rules, 2016 in the above Rule 2 of the Companies (Indian Accounting Standards) Rules, 2015
In the Companies (Indian Accounting Standards) Rules, 2015 (hereinafter referred to as the principal rules) in rule 2, in sub-rule (1), after clause (f), the following clause shall be inserted, namely:-
‘(g) “Non-Banking Financial Company” means a Non-Banking Financial Company as defined in clause (f) of section 45-I of the Reserve Bank of India Act, 1934 and includes Housing Finance Companies, Merchant Banking companies, Micro Finance Companies, Mutual Benefit Companies, Venture Capital Fund Companies, Stock Broker or Sub-Broker Companies, Nidhi Companies, Chit Companies, Securitisation and Reconstruction Companies, Mortgage Guarantee Companies, Pension Fund Companies, Asset Management Companies and Core Investment Companies.’.