The Institute of Chartered Accountants of India (ICAI) has issued the Guidance Note on Financial Statements of Non-Corporate Entities, establishing a standardized framework for financial reporting.

Effective Date: This Guidance Note is applicable for financial statements covering periods beginning on or after April 1, 2024.

Why is this Important?

• Standardization: Ensures uniformity in financial reporting, enhancing comparability and reliability.
• Compliance: Replaces the previous Technical Guide, becoming the definitive resource for non-corporate entities.

Scope: Covers all non-corporate entities except Limited Liability Partnerships (LLPs), which are addressed by separate guidance.

Prepare Now

This update is crucial for professionals, auditors, and non-corporate entities preparing for the financial reporting norms starting FY 2024-25.

Stay informed and compliant with these latest standards to enhance the quality of financial reporting.