Financial Statement Format For Non-Corporate Entities

ICAI Guidance Note for NCEs – Practical Implementation, related Draft Notes and Auditor Comments

What you'll learn

Understand the scope, applicability, and mandatory requirements of the ICAI Guidance Note on Financial Statements for Non-Corporate Entities, effective from 1st

Apply revised presentation and disclosure requirements in Balance Sheet, Profit & Loss, and Notes to Accounts in line with the Guidance Note.

Identify and apply applicable Accounting Standards based on the revised ICAI classification norms and available relaxations/exemptions.

Draft technically correct audit report comments (Form 3CB), Notes to Accounts, and Form 3CD disclosures, including qualified opinions and emphasis of matter par

Address practical issues in compiling gross block, accumulated depreciation, and comparative figures using Excel-based templates.

Implement a checklist-driven approach to ensure full compliance during the transition year (FY 2024–25) for non-corporate audits

Requirements

Basic understanding of financial statements (P&L, Balance Sheet)

Familiarity with accounting and auditing principles

Description

Are you a practicing Chartered Accountant or Accounting professional working with proprietorships, partnerships, LLPs, or other non-corporate entities? Struggling with how to implement the ICAI’s new Guidance Note on Financial Statements for NCEs, effective from 1st April 2024?This course is your step-by-step practical guide to ensure full compliance and smooth transition in FY 2024–25, the first year of mandatory implementation. It simplifies technical requirements and provides real-world tools and templates to help you prepare and report financial statements in line with the new format.In this course, you will learn:Balance Sheet and P&L formats – with Excel-based illustrationsPractical drafting of Notes to Accounts, including PPE, MSME dues, and capitalTax Audit reporting: Form 3CB and 3CD clauses with sample wordingHow to handle comparative figures, gross block derivation, and prior period adjustmentsApplicability of Accounting Standards and available relaxations based on MSME classificationDownloadable templates, checklists, and transition notesWhether you're preparing accounts, conducting audits, or leading client implementation, this course gives you the confidence, structure, and templates to get it right — the first time.Enroll now and take control of GN-NCE compliance with ease and clarity.Learn at your pace, download ready-to-use formats, and future-proof your reporting.

Overview

Section 1: Introduction, GN Applicability and Financials

Lecture 1 Course Walkthrough: What Will Be Covered

Lecture 2 Relevance and Applicability of the GN: Is it mandatory?

Lecture 3 Financial Statements - Line Items, Comparative, Rounding Off

Section 2: Balance Sheet and related notes

Lecture 4 Face of Balance Sheet Format

Lecture 5 Owner's Fund and Liabilities related format and notes

Lecture 6 PPE - Transition to Gross Block & Comparative Figures

Lecture 7 Other Assets related format and notes

Section 3: Profit & Loss Statement and related notes

Lecture 8 Face of P&L Format

Lecture 9 Other Expenses Classification

Section 4: Reporting: Accounting Standards, Notes and Auditor Report

Lecture 10 Accounting Standards Applicability to NCEs, MSME Exemptions/Relaxations

Lecture 11 Notes to Accounts – Practical Drafting

Lecture 12 Form 3CB – Draft Auditor Comments

Section 5: Wrapping Up and Next Steps

Lecture 13 Financials Preparation Roadmap and Checklist

Lecture 14 Ask, Connect, Share

Practicing Chartered Accountants handling tax audits, attest functions, or compilation of financial statements for non-corporate entities,Audit staff and article trainees involved in audit documentation, reporting, or preparation of financial statements,Accountants and finance professionals working in or supporting proprietorships, partnerships, LLPs, or other non-corporate entities,Compliance professionals looking to understand first-year transition requirements for FY 2024–25,Educators and trainers who wish to incorporate this evolving area into their curriculum or coaching programs