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