ICAI issued two Guidance Notes in August 2023: (i) Guidance Note on Financial Statements of Non-Corporate Entities, and (ii) Guidance Note on Financial Statements of Limited Liability Partnerships. These were made effective for financial statements covering periods beginning on or after April 1, 2024.

The ICAI Council, considering prevailing circumstances and in the larger interest of members, has provided relaxation in compliance with the above Guidance Notes for the annual reporting period 2024-25.

• Application of the Guidance Notes for FY 2024-25 is voluntary.
• This announcement does not affect the applicability of Accounting Standards (AS) and the Framework for the Preparation and Presentation of Financial Statements. These remain mandatory and continue to apply as per other relevant ICAI pronouncements.
• Entities may therefore either apply the new Guidance Notes or continue with the earlier reporting framework for FY 2024-25 without non-compliance implications.