ICAI Releases Exposure Draft of Accounting Standards for LLPs
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- By Chetan Kulasri
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- Last Updated on 12 February, 2025
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The Institute of Chartered Accountants of India (ICAI) has released an Exposure Draft on Accounting Standards for Limited Liability Partnerships (LLPs), aligning with the Ministry of Corporate Affairs (MCA) initiative to establish a dedicated LLP framework. The proposed standards are based on the Companies (Accounting Standards) Rules, 2021, with necessary modifications to suit the LLP structure while maintaining conceptual consistency.
The draft also incorporates revised classification criteria for non-company entities, extending related exemptions and relaxations to LLPs. Public comments on the draft are open until February 28, 2025.
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