ICAI releases Exposure Drafts of Guidance Notes on Financial Statements of Non-Corporate Entities and LLPs

Exposure Drafts of Guidance Note on Financial Statements of Non-Corporate Entities and Guidance Note on Financial Statements of Limited Liability Partnerships for comments by Accounting Standards Board (ASB) of the ICAI.

The Accounting Standards Board (ASB) of the ICAI in June 2022 had issued Technical Guides on “Financial Statements of Non-Corporate Entities” and “Financial Statements of Limited Liability Partnerships” to deal with the applicability of Accounting Standards and recommending formats of the financial statements to these entities. The ASB has now proposed to prescribe the formats for presentation of financial statements of these entities in the form of Guidance Notes. The objective of proposed Guidance Notes is to further ensure that these formats of financial statements are followed to achieve standardisation and enhance the quality of the financial reporting by these entities.

The Exposure Drafts of Guidance Notes can be assessed at the following links for comments with the last date of comments being March 8, 2023:

Guidance Note on Financial Statements of Non-Corporate Entities

Guidance Note on Financial Statements of Limited Liability Partnerships

Comments on the abovementioned Exposure Drafts may be submitted through any of the following modes:

Comments on the abovementioned Exposure Drafts may be submitted through any of the following modes:

1. Electronically: Click on http://www.icai.org/comments/asb/ to submit comment online (Preferred method)

2. Email: Comments can be sent to: [email protected]

3. Postal: Secretary, Accounting Standards Board,

The Institute of Chartered Accountants of India,
ICAI Bhawan, Post Box No. 7100,
Indraprastha Marg, New Delhi 110 002

Further clarifications on the Exposure Drafts may be sought by e-mail to [email protected].