ICAI Issues Technical Guide on Preparation of Financial Statements under Cash Basis of Accounting
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- By Taxmann
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- Last Updated on 16 February, 2024
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The Institute of Chartered Accountants of India (ICAI) believes that the objectives of preparation of financial statements are best achieved by the adoption of the Accounting Standards which are based on the accrual basis of accounting. However, laws governing some of the non-company entities allow them to follow a cash basis of accounting for financial reporting. To enhance the quality and relevance of financial statements of non-company entities prepared under the cash basis of accounting, ICAI has issued “Technical Guide on Preparation of Financial Statements under Cash basis of Accounting”.
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