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 online

Suresh S. Tejwani online

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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)
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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 online

Suresh S. Tejwani online

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16 September 2025 WHTHER IT IS RECOMMENDATORY OR COMPULSORY?

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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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)
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16 September 2025 Good Luck..

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