REGARDING APPLICABILITY OF NON CORPORATE FINANCIAL STATEMENT FORMAT APPLICABILITY
This query is : Resolved
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)?
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.
16 September 2025
WHTHER IT IS RECOMMENDATORY OR COMPULSORY?
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
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
16 September 2025
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