ICAI Announcement on Applicability of Guidance Notes for NCEs & LLPs from FY 2025–26 (31-03-2026)

Print 01-Apr-2026 , 12:09:07 pm | By CASANSAAR

ICAI Announcement on Applicability of Guidance Notes for NCEs & LLPs from FY 2025–26 (31-03-2026)

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