LatestAccounting And Audit 27 July 2026
ICAI Extends Goodwill Transfer Time
The Institute of Chartered Accountants of India has extended the time limit for transferring goodwill of deceased chartered accountant proprietor firms from one year to three years, as per an announcement by the Ethical Standards Board of ICAI, this change has been made following approval by the ICAI Council and is aimed at providing more flexibility in the transfer process, allowing more time for the completion of necessary procedures
The Institute of Chartered Accountants of India (*ICAI*) has made a significant announcement regarding the transfer of goodwill of deceased chartered accountant proprietor firms. The time limit for this process has been extended from one year to three years. This change is intended to provide more flexibility and allow more time for the completion of necessary procedures. Key points include:
- The announcement was made by the *Ethical Standards Board* of *ICAI* on July 25, 2026,
- The change is applicable after approval by the *ICAI Council*,
- The extended time limit aims to simplify the transfer process for affected firms
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