Latest format of Financial Statements for Non-Corporate Entities

Latest format of Financial Statements of Non-Corporate Entities 2025

The ICAI has issued Guidance Note on Financial Statements of Non-Corporate Entities. This guidance note is for preparation and presentation of financial statements of non-corporate entities such as proprietary firm , partnership firm, AOP etc. Where in ICAI has prescribed format for preparation of financials which is in line with the Schedule III format for non-Ind AS following companies.

Currently, many non-corporate entities prepare financial statements using their own formats and judgments. To promote consistency and effective implementation of Accounting Standards, prescribed formats for these financial statements have been introduced.  Follow the format especially for entities undergoing tax audits or seeking bank borrowings.

If you are conducting a tax audit of non-corporate entities, strictly adhere to the guidelines and prepare financial statements using the prescribed format. Even if audit is not applicable, but your client has existing or planned bank borrowings, preparing financials according to the prescribed format is crucial. Ensuring that all mandatory disclosures required by Accounting Standards are included will help prevent future issues.

I have attached a draft format of financial statements in Excel for non-corporate entities, as per the guidance note by the ICAI. Please note that this is a draft, and you can modify it to suit your specific needs. However, it is essential to maintain the integrity of the financial presentation and include all required disclosures.

Please note the Guidance Note is effective for financial statements covering periods beginning on or after April 1, 2024. Accordingly you must prepare Balance sheets for the FY 2024-25 in new format.

Please provide any feedback, suggestions, or if you identify any discrepancies in the attached file. Your input will be valuable in refining the format and ensuring its effectiveness.

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@ Contributed by CA Mayur Todmal