New Financial Statement Format by ICAI: Mandatory or Optional? Latest ICAI Update 2025

📢 ICAI has released a NEW format for Financial Statements! But the big question is — Is it mandatory or just recommendatory?

In this video, we decode the latest ICAI announcement on the revised financial statement format, explain the key changes, and clarify who must follow it and from which year.

👉 Whether you're a CA student, accounting professional, or business owner, this video breaks down everything in simple terms.

🔍 Topics Covered:
New format issued by ICAI: Overview
Applicability: Is it mandatory or optional?
Impact on companies, firms, LLPs, and proprietors
Comparison with old format
Practical implications for FY 2024-25 onwards

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Video Time Stamp
0:00 Intro to Session
0:42 What is Financial statements
1:09 Financial statement of corporate entity
1:21 Financial statement of Non corporate entity
1:40 Format of New Financial statement for non corporate entity
2:33 Format of New Financial statement mandatory or optional?
5:55 How to prepare financials in excel
7:47 Outro

Видео New Financial Statement Format by ICAI: Mandatory or Optional? Latest ICAI Update 2025 канала FinTaxPro