Tally Launches New Feature for Non-Corporate Financial Statements As per ICAI Guidance Note

The Institute of Chartered Accountants of India (ICAI) had earlier brought a change for Non-Corporate Entities (NCEs) in its new guidance note. NCEs are the business firms that are not registered as companies under the Companies Act. The new guidance notes will the preparation of the financial statements of the Non-Corporate Entities (NCEs).

The ICAI has issued this note to bring uniformity and transparency to the presentation of financial statements, as many non-corporate businesses have grown large and more complex over time, and there was no fixed format for how they should prepare their financial statements.

The new guidance note will help non-corporate businesses follow global standards and improve their credibility, especially for banks, investors, and other stakeholders.

To align with this change, the accounting software, Tally, has introduced a new feature that helps in preparing Financial Statements for Non-Corporate Entities as per the ICAI Guidance Note. All users can now use this feature to prepare structured Financial Statements for Non-Corporate Entities.