The Institute of Cost Accountants has suggested a simple format for financial reporting for companies that will be easy to understand for the public.
As per the suggestion made by the institute, companies should report aggregate revenue, cost and any resulting profit per business vertical.
The ICAI is the apex body to regulate the profession of cost accountants and was set up by an Act of Parliament.
The suggestion from ICAI comes in the backdrop of the chit fund scam, where the West Bengal-based Saradha Group is alleged to have duped thousands of small and medium investors.
The institute said it would provide all support, if required, to any government agency in efforts to curb incidence of defrauding of investors by promising logically improbable returns on investment.
Various central government agencies are taking steps against alleged illegal raising of money by entities.