ICAI clears new format for profit & loss account

The way Indian firms present their profit and loss statements is set for a makeover, which could provide investors with a clearer picture of what's driving profits and where the money goes.

- Gireesh Chandra Prasad

The Institute of Chartered Accountants of India (ICAI) has approved a new reporting format under Ind AS 118, bringing it one step closer to implementation, two persons aware of the development said.