Revised format for publishing financial accounts

To facilitate smooth transition, the Securities and Exchange Board of India (Sebi) has issued a revised format for publishing financial accounts in compliance with Indian Accounting Standards. The new format will be applicable on all those companies that have listed their debt securities and non-cumulative redeemable preference shares on the exchanges for disclosing financial results. "The existing formats for disclosure of half-yearly and annual financial results shall continue till the period ending on or before December 31," said the capital markets regulator in a circular released on Wednesday. Under the revised format, the regulator has extended the timeline for submitting the financial results by one month. The audit of the comparative half-yearly results is no longer mandatory. "With regard to the comparative financial results for the preceding full year, the submission of such comparative full-year results is not mandatory. However, if the listed entity opts to submit such comparative full-year results, then the limited review or audit of such comparative full-year results is not mandatory," Sebi noted.

Sebi has clarified that reconciliation of equity for the previous year shall be provided while submitting the annual financial results for the first year of adoption of the new accounting standard.