New Delhi, Aug. 1 -- The way Indian companies present their profit and loss statements is set for a makeover, one that could provide investors with a clearer picture of what's driving profits and where the money goes.

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.

ICAI will send the proposed new format to audit watchdog National Financial Reporting Authority (NFRA) for review; the format aims to overhaul how companies present revenue and expenses, offering greater clarity on core performance and return generation.

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