Difference

SMCs-Small and Medium Companies-As per Companies Accounting Standard Rules-Please refer rules -              available on www.icai.org in ASs' Section

SMEs-Small and Medium Enterprises-As per ICAI's classification: Please refer icai.org in ASs' Section.

Basically, ASs issued by ICAI are applicable to all forms of enterprises: whereas Companies have to follow ASs prescribed by Companies(Accounting Standards) Rules.So, the classification of enterprises is littlebit different.