ICAI discusses new balance sheet format

The Himachal Pradesh Branch of the Institute of Chartered Accountants of India (ICAI) held a seminar to update Chartered Accountants on recent financial statement changes and GST amendments.

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Branch chairman Naresh Vashisht emphasised the complexities of the new balance sheet format, stating that it will increase financial statement preparation time and audit workload. He noted that ICAI has set a minimum tax audit fee of Rs 22,000 and that audit fees are likely to rise due to these changes.

Navneet Sharma provided an in-depth analysis of the new balance sheet format for non-corporate entities, which will be effective from April 1. This format aligns closely with the Schedule-III format for companies, aiming to enhance transparency, but increasing compliance burdens. Attendees gained key insights into the revised structure and reporting obligations. Hanish Sharma briefed members on the GST Amnesty Scheme and recent amendments. The seminar provided valuable updates to CAs, ensuring they stay informed about evolving financial regulations. —