The Accounting Standards Board of ICAI has prescribed the formats for the presentation of the financial statements of such Non-corporate Entities (Sole proprietorships, HUF, Partnership firms, AOP, BOI etc.) in the form of Guidance Note on Financial Statements of Non-Corporate Entities!
These formats will be applicable for all Provisional Financial certifications and also for next year’s tax audit attachments!
CONSEQUENCES OF NON-COMPLIANCE OF THE SAME:
As per Clause (1) of the Part II of Second Schedule of the CA Act, 1949, a member of the Institute, whether in practice or not, shall be deemed to be guilty of professional misconduct, if he contravenes any of the provisions of this Act or the regulations made there under or any guidelines issued by the Council.
