ICAI Guidance Notes on Financial Statements for Non-Corporate Entities and LLPs applicable for FY 25-26: Know More:

Phased applicability schedule of ICAI Guidance Notes on financial statements for non-corporate entities and LLPs, effective from FY 2025-26

ICAI Guidance Notes on Financial Statements

Vanshika verma

Apr 1, 2026

Last update on Apr 1, 2026

ICAI Guidance Notes on Financial Statements for Non-Corporate Entities and LLPs applicable for FY 25-26: Know More The Accounting Standards Board under the Institute of Chartered Accountants of India (ICAI) shared an announcement on 31st March regarding the implementation of its guidance notes for financial reporting. In August 2023, ICAI issued the following major guidance notes:

Guidance Note on Financial Statements of Non-Corporate Entities
Guidance Note on Financial Statements of Limited Liability Partnerships (LLPs)

The ICAI at its 451st Council meeting held on March 30-31, 2026, decided that these guidance notes will now be implemented in the following phased manner, starting from the financial year 2025-26 onwards.

	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

About Author

Vanshika verma

Content Writer

Vanshika Verma is a Content Writer with 1+ year of experience at Studycafe.in. A B.Com graduate from Delhi University, She writes articles on Finance, Tax, ICAI, GST, and the latest financial news, with a focus on making complex topics easy for readers and professionals.