Whether format as per Guidance note on Financial Statements of Non-Corporate Entities issued by ICAI, containing comparative figure of previous year is mandatory for FY 2023-24 
My View!!
For FY 2023-24, this new format is NOT mandatory. Instead, the Technical Guide on Financial Statements of Non-Corporate Entities (June 2022) remains applicable. Importantly, this Technical Guide is recommendatory in nature, not a mandatory standard. Therefore, professionals have the flexibility to prepare financial statements without being required to include comparative figures as per the new format.
The distinction is crucial because applying the new Guidance Note prematurely might create unnecessary compliance burdens for non-corporate entities. Many professionals may still choose to voluntarily adopt the new format for consistency and ease of transition, but it is not a regulatory requirement for FY 2023-24.
Understanding when a standard or guidance note becomes applicable is essential for professionals handling financial statements and audits of non-corporate entities. Adhering to the correct framework ensures that financial statements are prepared in accordance with ICAI’s authoritative guidance while avoiding premature implementation of new rules.
Thus, for FY 2023-24, the previously existing Technical Guide of June 2022 remains the applicable reference, and the comparative figure requirement as per the August 2023 Guidance Note does not apply. Professionals must ensure they follow the correct framework and avoid unnecessary changes unless they wish to adopt the new format voluntarily.
📄 Reference Links:
🔹 Guidance Note (Aug 2023)
🔹 Technical Guide (June 2022)
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