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The Institute of Chartered Accountants of India (ICAI) has clarified the phased applicability of its Guidance Notes on Financial Statements for Non-Corporate Entities and Limited Liability Partnerships (LLPs), originally issued in August 2023. As per the decision taken at the 451st Council meeting
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FAQ :
The applicability is phased. Phase I begins on April 1, 2025, and Phase II starts on April 1, 2026.
The guidance notes apply to Limited Liability Partnerships (LLPs) and other non-corporate entities.
Phase I applies to entities whose turnover exceeds Rs 5 crore, for accounting periods beginning on or after April 1, 2025.
All entities will need to comply with Phase II for accounting periods beginning on or after April 1, 2026.
The Guidance Notes on Financial Statements of Non-Corporate Entities and LLPs were originally issued in August 2023.
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