Ministry : Institute of Chartered Accountants of India (Not Applicable)
Part III-Section 4
Subject : Extra Ordinary
Overview [ICAI Corrigendum to Firm Demerger Guidelines]
This Gazette Extraordinary publishes a correction notice issued by the Institute of Chartered Accountants of India (ICAI), addressing formatting errors in a prior notification regarding merger, demerger, and name-change guidelines for Chartered Accountancy firms.
Key Points
- The notice corrects alignment errors in the English version of the "ICAI (Merger and Demerger of CA Firms) Guidelines, 2024" published on 24 January 2025.
- Correction 1: Page 24, Seniority table — "Date of establishment" in rows 1 and 2 should read "Date of establishment will be 2002" and "Date of establishment will be 2005," respectively.
- Correction 2: Page 32, point III (Partnership Firms) — Clause (a) clarifies that a firm of two partners, where one retires/dies and the other continues, may continue as sole proprietor or in a new partnership.
- Correction 3: Page 33, point IV (Merger and Amalgamation) — Clause 1 corrects wording to "Change of name from the date of approval."
- Correction 4: Page 33, point IV — Clause 2 clarifies that the old trade/firm name is frozen in records based on request, and unfreezing is also done on request.
- The corrigendum is issued under authority of F. No. 1-CACAF/M&D-FA/2025 and was published on 18 February 2025.
Summary [ICAI Corrigendum to Firm Demerger Guidelines]
This Gazette notice publishes a formal correction (Corrigendum) to prior ICAI guidelines on mergers, demergers, and name changes for Chartered Accountancy firms, fixing specific textual and formatting errors in the English version originally published on 24 January 2025. The corrections clarify key provisions regarding firm continuity, name freezing, and table formatting, ensuring accurate interpretation and application by practitioners. The issuance underscores the authority’s commitment to precision in regulatory guidance and minimizes potential compliance confusion.
