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