The Institute of Chartered Accountants of India (ICAI) has announced the phased applicability of the Guidance Note on Financial Statements of Non-Corporate Entities and Limited Liability Partnerships for annual reporting periods starting 2025–26. Phase I applies to accounting periods beginning on or after 1st April 2025 and covers entities with turnover exceeding ₹5 crore. Phase II extends applicability to all such entities for accounting periods beginning on or after 1st April 2026.