The ICAI has invited comments to the Technical Guide on Financial Statements of Limited Liability Partnerships to be send by March 8, 2023. The Limited Liability Partnerships are applying Accounting Standards prescribed by ICAI for the purpose of preparation and presentation of their financial statements.
For the purpose of applicability of AS issued by the ICAI, non-company entities are classified into four categories viz., Level I, Level II, Level III and Level IV noncompany entities. Level I non-company entities are required to comply fully with all the AS. Level IV, Level III and Level II non-company entities are considered as Micro, Small and Medium Sized Entity (MSMEs) that have been granted certain exemptions/relaxations by the ICAI.