In a key move toward improved financial governance and uniformity, the Maharashtra State Government has officially revised the format of financial statements for all registered societies, including cooperative housing societies, charitable trusts, and educational associations. The revised structure aims to enhance transparency, comparability, and compliance with updated auditing standards.

Effective from the financial year 2025–26, societies will be required to adopt a standardized reporting format for their income and expenditure statements, balance sheets, and audit reports. The new format aligns with national-level guidelines issued by the Ministry of Cooperation and incorporates digital-ready templates to facilitate online submission and review.

The updated format mandates separate disclosures for income from donations, grants, member contributions, and interest earned, as well as detailed categorization of administrative and development expenses. It also includes new sections for reporting on statutory dues, audit qualifications, and fund utilization breakdowns.

“This reform will ensure clarity and consistency in how societies present their financials,” said Ramesh Thakur, Joint Registrar of Cooperative Societies. “It empowers members to better understand fund flows and prevents misreporting or fund misuse.”

To aid transition, the government has announced training workshops, online tutorials, and handbook distribution for treasurers and auditors. Societies are encouraged to update their accounting software to comply with the new structure by the end of the current fiscal year.

Chartered accountants and legal experts have largely welcomed the reform, noting that it will help small and mid-sized societies align with broader governance standards. Some societies, however, have requested a grace period to fully adapt to the digital requirements.

The revision reflects a growing commitment to digitization, accountability, and member empowerment—ensuring that the finances of grassroots institutions are as robust as the communities they serve.