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

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:

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

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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