Draft format of Financial Statements of LLP 2026

The ICAI has issued Guidance Note on Financial Statements of Limited Liability Partnership for preparation and presentation of financial statements of LLPs. ICAI has prescribed format for preparation of financials of LLP which is in line with the Schedule III . Schedule III non-Ind AS is applicable to companies. The guide also prescribe for voluntary rounding off.

LLP in short:

• Legal Framework: Under Section 3 of the LLP Act, 2008, an LLP is incorporated as a body corporate, meaning it’s a separate legal entity distinct from its partners. This gives it the limited liability feature of a company—partners are not personally liable for the LLP’s debts beyond their agreed contribution.
• Partnership Elements: Unlike a company, an LLP offers flexibility in internal management, similar to a partnership firm. Partners can define their roles, profit-sharing, and operations through the LLP Agreement, without the rigid compliance requirements of the Companies Act, 2013.
• Hybrid Nature: This blend of corporate (limited liability, perpetual succession) and partnership (flexibility, fewer regulatory burdens) structures makes LLPs a unique business form, often referred to as a “hybrid.”

The Technical Guide is relevant for the purpose of preparation of the financial statements of the Limited Liability Partnership in compliance with applicable accounting standards.

Frequently Asked Questions (FAQs)

1. Is Schedule III applicable to LLPs?
No. Schedule III is applicable to companies. However, ICAI has aligned the LLP format with Schedule III with suitable modifications.

2. Is this format mandatory for all LLPs?
The format is recommended by ICAI. It is highly advisable to follow it for better compliance and presentation.

3. Can we modify the Excel format?
Yes, you can modify it according to your needs, but do not remove any mandatory lines or disclosures.

4. Where should additional disclosures be given?
Additional disclosures should be given in the Notes to Accounts unless required to be shown on the face of the Balance Sheet or Statement of Profit and Loss.

13. Latest announcement by ICAI on 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 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:

Draft format of Financial Statements of LLP

I have attached herewith latest format of financial statements in excel for LLP as per the technical guidelines. Kindly note the given file is draft format only and you can modify it as required. However, don’t be over creative in presentation of financials statements. Always give all the mandatory disclosures as per LLP act as well as applicable accounting standards.

The disclosure requirements recommended in the formats are in addition to and not in substitution of the disclosure requirements specified in the Accounting Standards issued by the Institute of Chartered Accountants of India. Additional disclosures specified in the Accounting Standards shall be made in the notes to accounts or by way of additional statement unless required to be disclosed on the face of the Financial Statements. Similarly, all other disclosures as required by the relevant statute shall be made in the notes to accounts in addition to the requirements set out in these formats.

Provide your feedback/ suggestions if any on the given file. If you notice any discrepancy in the file kindly let us know.

Download here latest format of the financials for LLP : Click here

You may also like to read : Audit Report format for LLP : Click here