Draft format of Financial Statements for Non-Corporate Entities

Draft format of Financial Statements of Non-Corporate Entities

format of financial statements for non-corporate entities.

The ICAI has issued technical guide for preparation and presentation of financial statements of non corporate entities such as proprietary firm , partnership firm etc. Where in ICAI has prescribed format for preparation of financials which is in line with the Schedule III format for non-Ind AS following companies. 

In present situation everyone is preparing financial statements of non corporate entities as per own format and judgement, but to bring uniformity in reporting and in the direction of effective implementation of Accounting Standards, formats for preparation of financial statements of non-corporate entity have been prescribed. The technical guide is recommendatory in nature but advisable to prepare financials as per the format.

If you are doing tax audit of non-corporate entities then kindly follow the guidelines and prepare financials as per the prescribed format only. Even if tax audit is not applicable but client has bank borrowings or planning for bank borrowings then prepare financials as per the prescribed format. As reporting of all applicable disclosures required by Accounting Standards are mandatory and it will save you from future issues. 

I have attached herewith draft format of financial statements in excel for non corporate entities as per the technical guidelines. Kindly note the given file is draft format only and you can definitely change as per the requirements, however don't be creative in presentation of financials and give all the mandatory disclosures. Provide your feedback/ suggestions if any. If you notice any discrepancy in the file kindly let us know. 

Download here Format of financials for non- corporate entities : Click here

#Balance Sheet format for proprietorship #Balance sheet format for partnership firm

Comments

Next-Guide said…
Great,
Many thanks and best regards 😊

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