🌐 ICAI Update on Financial Statements – Non-Corporate Entities 🌐

🔹 ICAI had earlier notified a new format for preparing financial statements of non-corporate entities (proprietorships, partnerships, LLPs, HUFs, etc.).

🔹 This new Guidance Note is applicable from 1st April 2024 (FY 2024-25 onwards).

⚠ Relaxation given for FY 2024-25

👉 Non-corporate entities are not mandatorily required to follow the new format this year.
👉 You may continue with the old/traditional format for FY 2024-25.
👉 Following the new format is voluntary for this year.

📌 From FY 2025-26 onwards, the new format is expected to become mandatory.

So, better to start familiarizing with it now.

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