ICAI building with accounting elements representing deferred quality standards.
The Institute of Chartered Accountants of India (ICAI) has deferred the implementation of new quality management standards for accountancy firms, which were initially scheduled to take effect on April 1. The decision was made following discussions with the National Financial Reporting Authority (NFRA).
During the interim period, existing quality control standards will remain in effect. This postponement provides firms additional time to prepare for the updated standards.
In related news, new guidance notes for financial statements will be adopted by non-corporate entities and Limited Liability Partnerships (LLPs) starting April 1, 2026. This adoption aims to align financial reporting practices with evolving regulatory requirements.
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