Q. Effective date of applicability of guidance note issued for preparation of financial statement of non corporate entity.

Question

Dear sir,

 Guidance Note on Financial Statements of Non-Corporate Entities  is effective for financial statements covering periods beginning on or after April 1, 2024.mention in the guidance note issued by ICAI . It means we do not have to prepare financial statement of non corporate entity as par the guidance note for FY 23-24 .

Answer 1

We should do so. Infact previous year figures were mandatory since past more than 20 years.