ICAI defers Guidance Note on Financial Statements of Non-Corporate entities and LLPS for FY 2024-25
ICAI announces 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 Institute of Chartered Accountants of India (ICAI), in August 2023 had issued ‘Guidance Note on Financial Statements of Non-Corporate Entities’ and ‘Guidance Note on Financial Statements of Limited Liability Partnerships’. The said Guidance Note(s) were made effective for financial statements covering periods beginning on or after April 1, 2024.
ICAI has announced deferment considering the facts and circumstances and in the larger interest of the members. The relaxation has been provided in the compliance of 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 said Guidance Note(s) can be applied voluntarily for annual reporting period 2024-25.
It has been clarified that this announcement will not have any impact on the applicability of Accounting Standards and the Framework for the Preparation and Presentation of Financial Statements to these entities, and the same would continue to apply as per other relevant pronouncements of the ICAI.
- Assessee eligible for Chapter VIA deduction u/s 80IE on increased income due to disallownces
- Assessee filing ITR under presumptive tax can’t be faulted for not giving details not mandated
- Sale of flats in a real estate project held capital gains considering intention of assessee
- Interest liability recognised by journal entries at the close of year, can’t be termed as fictitious – ITAT
- Cash deposits in bank which were immediately transferred to other accounts – addition deleted
