ICAI to defer implementation of Guidance note on Non-Corporate Entity

In a recent meeting, the Accounting Standards Board of the Institute of Chartered Accountants of India (ICAI) has recommended postponing the implementation of the Guidance Note on Non-Compliance with Accounting Standards (NCE) for the current year.

All the members of the institute agree with this recommendation made in the meeting. The resolution is now being circulated among the Council members for approval, and it is anticipated to be confirmed either tonight or by tomorrow morning.

However, it is significant to note that this decision has only resolved a small part of the issue and is causing a distraction from the main issue. The real concern lies in the lack of a clear and practical timeline for completing tax audits, which is the bigger problem that needs to be addressed. The focus on deferring the Guidance Note may be distracting from the more urgent issue of tax audit timelines.