The VIA Taxation & Corporate Law Forum organised a session on “Understanding the New Format of Financial Statements for Non-Corporate Entities (NCEs)” at VIA Auditorium, Civil Lines. On the occasion, CA Yash Verma, explained in detail the revised ICAI format, its applicability from FY 2024–25, and its far-reaching implications for trade, industry, professionals, and other stakeholders. CA Verma highlighted that a complete set of financial statements under the new guidance includes a balance sheet, statement of profit & loss, cash flow statement (where applicable), and notes to accounts with significant accounting policies and supplementary disclosures.

 

From an auditor’s perspective, failure to follow the format can result in modified opinions (qualified, adverse, or disclaimer), ICAI disciplinary action, legal consequences, and loss of professional credibility. To ensure smooth implementation, CA Verma advised NCEs to take proactive measures. Earlier, CA O S Bagdia, Chairman – VIA Taxation & Corporate Law Forum, welcomed the guest. CA Naresh Jakhotia, Vice President – VIA, gave the opening remarks. CA Sachin Jajodia, Convener of the Forum, summed up the session and proposed a formal vote of thanks.