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Public Relations Committee The Institute of Chartered Accountants of India June 9, 2022 ICAI issued Technical Guide on Financial Statements of Non-Corporate Entities The Institute of Chartered Accountants of India (ICAI) apart from issuing Accounting Standards for Non-company entities, always takes necessary initiatives to ensure effective and consistent application of these Standards. For the purpose of applicability of Accounting Standards to non-company entities, scheme for classifica
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FAQ :
The Technical Guide aims to strengthen and standardise the financial reporting system for non-corporate entities by recommending formats for their financial statements.
The guide covers non-corporate entities such as proprietorships and partnerships.
No, LLPs are considered a corporate form of entity and are excluded from the scope of this Technical Guide.
ICAI classifies non-company entities into four levels: Level I (large entities complying with all standards) and Levels II, III, and IV (micro, small, and medium entities with exemptions/relaxations).
The guide is designed to assist preparers of financial statements and other stakeholders in following recommended formats for preparing financial statements.
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