Institute of Chartered Accountants of India defers new quality management standards
Change
The Institute of Chartered Accountants of India deferred implementation of its Standards on Quality Management for accountancy firms, postponing the April 1, 2026 effective date until further notice and keeping existing Standards on Quality Control in force.
Why it matters
Firms can no longer proceed with planned operational and control changes tied to the new SQM frameworks, creating immediate uncertainty for compliance timelines and internal quality systems. The move reopens procedural questions about whether India's National Financial Reporting Authority will push for government notification of the standards under the Companies Act, which would add legal and administrative hurdles.
Implications
- • Accountancy firms that perform audits, reviews, or assurance engagements must continue to apply the extant Standards on Quality Control until the Institute issues new effective regulations.
- • Finance teams of non-corporate entities must prepare to adopt the Institute's guidance notes on financial statements from the accounting period starting April 1, 2026.
Unlock the decision layer.
See what the change means — implications, exposure, timing — and ask AI about any brief instantly.
- Implications: What actually changes downstream.
- Who is affected: Which teams or operators are exposed.
- What to watch: Deadlines, triggers, and next moves.
- Real-time alerts: Know the moment a change is published.
- Ask AI: Clarify any brief instantly, in context.
14-day free trial. Full access. No credit card required.
Start free trial
Source
Topics