Draft format of Financial Statements for Non-Corporate Entities

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Draft format of Financial Statements of Non-Corporate Entities

financial statements for non-corporate entities 2023-24 ICAI

The ICAI has issued technical guide for preparation and presentation of financial statements of non corporate entities such as proprietary firm , partnership firm 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. While the technical guide is advisory, following the prescribed format is recommended, 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 tax audits are 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, aligned with the technical guidelines. 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 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.

Download here Format of financials for non- corporate entities : Click here

#Balance Sheet format for proprietorship #Balance sheet format for partnership firm

@ Contributed by CA Mayur Todmal

Comments

Next-Guide said…
Great,
Many thanks and best regards 😊
October 10, 2022 at 7:59 PM
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