Quick Summary
The Institute of Chartered Accountants of India (ICAI), through its Accounting Standards Board, has announced a relaxation for non-corporate entities and Limited Liability Partnerships (LLPs) regarding compliance with recently issued guidance notes on financial statements. In August 2023, ICAI had released the Guidance Note on Financial Statements of Non-Corporate Entities and the Guidance Note on Financial Statements of Limited Liability Partnerships, effective for financial statements coverin
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FAQ :
The ICAI has made compliance with its recently issued guidance notes on financial statements voluntary for non-corporate entities and LLPs for the annual reporting period 2024-25.
Non-corporate entities and Limited Liability Partnerships (LLPs) are affected by this relaxation.
The guidance notes were set to become effective for financial statements covering periods beginning on or after April 1, 2024.
The ICAI Council decided to offer this relaxation due to practical challenges and in the larger interest of stakeholders.
No, this announcement will not impact the applicability of Accounting Standards and the Framework for the Preparation and Presentation of Financial Statements to these entities.
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