Classification of Companies

THIRD SCHEDULE
(Section 224 of the Companies Act 2017)
Public Interest Small Sized
Criteria

Large Sized Company (LSC) Medium Sized Company (MSC) Company

Company(PIC)
(SSC)
Private
Company Non-listed
Company
Non-listed Private
Non-listed Non-listed
Company oCcapital of company
Company Public greater than oLicenced/for
Company Rs. 10 million med U/S 42 /
Sub-categories

oLicenced/for but less than U/S 45 o Capital up

o Capital of Foreign Rs. 200 to Rs. 10
med U/S 42 / Foreign
Rs. 200 Company o Capital less million million
U/S 45 Company
million or than Rs.200 o Income/
Non-listed more million
Listed Company revenue less
Company o Income/ o Turnover than Rs o Turnover
o Turnover not
o Turnover of revenue of Rs greater than 200million
o Turnover of o Turnover less than Rs. exceeding
Rs. 1 billion 200million or Rs. 100
Rs. 1 billion less than Rs1 1 billion Rs.100
or more more million but
or more billion o Employees million
less than Rs.
1 billion more than
o Employees 250 but less
o Employees o Employees o Employees
750 or more than 750
750 or more. less than 750. not more
o NPOs o Employees
more than than 250.
250 but less o NPOs
than 750.

Accounting Accounting
Framework

Revised
Accounting

IFRS
Applicable

IFRS standards for IFRS for SMEs standards for

AFRS for
NPOs & IFRS NPOs & IFRS for
SMEs SSEs

Fourth Fifth Fifth Schedule Fifth Schedule Fifth

Schedule
Relevant

Schedule Schedule Schedule

Note:
1. The classification of a company shall be based on the previous year’s audited financial statements.
2. The classification of a company can be changed where it does not fall under the previous criteria for two consecutive years.
3. The number of employees means the average number of persons employed by a company in that financial year calculated on monthly basis.
4. Subsidiary companies of a listed company shall follow the requirements of the Fourth Schedule.