ICAI defers Guidance Note on Financial Statements of Non-Corporate entities/LLPs

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.

• No protective addition required when additions is confirmed in hands of searched person – ITAT
• Limitation u/s 34 of Arbitration Act commences on disposal of application u/s 33 by Arbitral Tribunal – SC
• Case remanded in absence of finding if disallowance u/s 40A(3) covered by Rule 6DD
• For investment in share capital, source of investment is outside the control of the investee company
• ICAI issues revised Code of Ethics (13th edition)- Applicable Dates