Accounting Standards applicable for Non-company entities are prescribed by ICAI. Recently, ICAI notified MSME criteria with thresholds, granting certain exemptions / relaxations in select Accounting Standards.
 
This #ViShare gives a snapshot of financial thresholds and also exemptions / relaxations available to MSMEs.
 
It is important to note that for MSMEs there is a mandatory disclosure requirement for which illustrative disclosure is also presented in the snippet.