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In June 2022, the ICAI had issued two Technical Guides on “financial statements of non-corporate entities” and “financial statements of LLPs”, thereby clarifying the applicability of Accounting Standards and also recommended formats of the financial statements for such entities. In this regard, the ICAI has now proposed to prescribe the formats for presentation of financial statements of these entities in the form of Guidance Notes (GNs). The GNs comprise of different chapters, specifying certain key provisions with regard to the Balance Sheet, Statement of Profit and Loss, Cash Flow Statements, illustrative formats, etc. The objective is to further ensure that these formats are followed consistently to achieve standardisation and enhance the quality of financial reporting by these entities.

The comment period ended on 8 March 2023.

To access the text of the GNs, please click here

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