Accounting & Financial Statements
ICAI's Schedule III-Style Format for Non-Corporate Entities: Phased Applicability, Format Changes & Tax Audit Impact
ICAI has made its Schedule III-style Guidance Note format mandatory for non-corporate entities in phases from FY 2025-26. Who it applies to, how the Balance Sheet and P&L change, the MSME vs Large classification for Accounting Standards, and what it means at the tax audit stage.