Applicability of ICAI Guidance Note on Financial Statements of Non-Corporate Entities/LLPs for FY 2025-26 and 2026-27
ICAI has issued an important announcement on applicability of ‘Guidance Note on Financial Statements of Non-Corporate Entities’ and ‘Guidance Note on Financial Statements of Limited Liability Partnerships’ for annual reporting periods 2025-26 onwards
Earlier, ICAI had announced relaxation in compliance with the ‘Guidance Note on Financial Statements of Non-Corporate entities’ and ‘Guidance Note on Financial Statements of Limited Liability Partnerships’ for annual reporting period 2024-25
The Council at its 451st meeting held on 30th-31st March, 2026, has decided that these Guidance Note(s) shall be applicable to Non-Corporate Entities and Limited Liability Partnerships in a phased manner, as under:
| Applicable from | Criteria | |
| Phase I: | Accounting periods beginning on or after April 1, 2025. | Entities whose turnover exceeds Rs. 5 crores |
| Phase II | Accounting periods beginning on or after April 1, 2026. | All entities |
Immunity u/s 270AA(2) in respect of a single transaction can not be denied to one assessee when the penalty was…
ITAT deleted addition u/s 69A towards jewellery found in search in view of Indian traditions, CBDT Instruction and High Court…
Documents obtained post search and information obtained from the public domain not incriminating material. Documents obtained by AO post search…
Information of deposits in bank did not constitute fresh information necessitating second reopening due to change in bank name In…
Invitation For Empanelment Of Practising Chartered Accountants / Chartered Accountant Firms Forest Development Corporation of Maharashtra Limited (FDCM Limited), Nagpur,…
Press Registrar General of India (PGRI) invites application for empanelment of Chartered Accountants. The Press Registrar General of India manages…