ICAI Releases FAQs on Guidance Note on Financial Statements of Non-Corporate Entities

ICAI Releases FAQs on Guidance Note on Financial Statements of Non-Corporate Entities

The Institute of Chartered Accountants of India (ICAI) has issued the Frequently Asked Questions (FAQs) on Guidance Note on Financial Statements of Non-Corporate Entities, jointly with the Accounting Standards Board (ASB) and the Auditing and Assurance Standards Board (AASB).

The aim of this issue of the Guidance Note by ICAI is to offer standardised formats for financial statements of non-corporate entities to enhance the quality, comparability, consistency, understandability, relevance, reliability, and comprehensiveness of financial statements prepared by entities to which the Guidance Note applies. This Guidance Note applies to financial years that start on or after April 1, 2024. The FAQs address various aspects of the guidance note, including its applicability, key formats, and disclosure requirements.

Click on the link given below to download the guidance note