Draft format of Financial Statements of LLP 2025

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.

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.

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