REGARDING APPLICABILITY OF NON CORPORATE FINANCIAL STATEMENT FORMAT APPLICABILITY

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The new comparative financial statement format for non-corporate entities, issued by the ICAI, will be applicable from Assessment Year 2025-26, which corresponds to the Financial Year 2024-25. This guidance note is compulsory for ICAI members preparing and attesting financial statements for these entities. Failure to comply will require auditors to report non-compliance and potentially issue a modified opinion.

Suresh S. Tejwani

Suresh S. Tejwani (Querist)

16 September 2025 WHETHER THE NEW COMPARATIVE NON CORPORATE FINANCIAL STATEMENT FORMAT ISSUED BY ICAI SHALL BE APPLICABLE FROM A.Y. 2025-26 (I.E. F.Y.2024-25)?

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)

16 September 2025 Yes, the new comparative financial statement format for non-corporate entities issued by ICAI is applicable from the Assessment Year (A.Y.) 2025-26, i.e., for the Financial Year (F.Y.) 2024-25.

Suresh S. Tejwani

Suresh S. Tejwani (Querist)

16 September 2025 WHTHER IT IS RECOMMENDATORY OR COMPULSORY?

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)

16 September 2025 The Guidance Note is mandatory, not merely recommendatory, for members of ICAI preparing and attesting financial statements for non-corporate entities.

If a non-corporate entity does not comply, the auditor must report non-compliance and may have to express a modified opinion under the Standards on Auditing

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)

16 September 2025 Good Luck..

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