Financial statement-

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From the financial year 2024-25, partnership firms with a turnover up to ₹100 crore are recommended, though not legally required, to prepare financial statements using a vertical balance sheet format. This follows new guidance from the ICAI. While adoption is optional, it's considered a best practice for enhanced compliance and presentation.

CA Nidhi Kanabar

CA Nidhi Kanabar (Querist)
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15 May 2025 hello

Partnership firm whose turnover up to 100 crore is required to prepare vertical balance sheet from F.Y 2024-25 onwards???

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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15 May 2025 A partnership firm with turnover up to ₹100 crore is recommended-but not required by law-to prepare its financial statements, including a vertical balance sheet, as per the ICAI's new guidance from FY 2024-25 onwards.
Adoption is optional, but it is considered best practice for firms seeking improved compliance and presentation.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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28 September 2025 Good luck.....

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