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Announcement regarding applicability of 'Guidance Note on Financial Statements of Non-Corporate Entities' and 'Guidance Note on Financial Statements of Limited Liability Partnerships' for annual reporting periods 2025-26 onwards

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CA. Shivesh Khandelwaal   |   Published on: 09-04-2026 | 2 min read

Accounting Standards Board
The Institute of Chartered Accountants of India
March 31, 2026
Announcement

Announcement regarding applicability of ‘Guidance Note on Financial Statements of Non-Corporate Entities’ and ‘Guidance Note on Financial Statements of Limited Liability Partnerships’ for annual reporting periods 2025-26 onwards

The Institute of Chartered Accountants of India (ICAI), in August 2023, issued the Guidance Note on Financial Statements of Non-Corporate Entities and the Guidance Note on Financial Statements of Limited Liability Partnerships.

The Council at its 451st meeting held on 30th-31st March, 2026, has decided that these Guidance Note(s) shall be applicable to Non-Corporate Entities and Limited Liability Partnerships in a phased manner, as under:
  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 the Author

Written by CA. Shivesh Khandelwaal • 09-04-2026

CA. Shivesh Khandelwaal is a practicing Chartered Accountant experienced in accounting automation, compliance management, and audit support. He has worked with trading and distribution businesses to improve inventory visibility and financial reporting. His articles focus on real-world applicability.

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