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of <h1>Firms Must Include Previous Year Figures in Financial Statements per Schedule VI; Group Head Figures Allowed with Notes.</h1> Companies are required to provide corresponding figures for the immediately preceding financial year in their balance sheets and profit and loss accounts, as per Schedule VI. If providing figures for each item is challenging, the government allows compliance by presenting figures for each 'group head' with an explanatory note, rather than for each item. This approach should ensure that all items in the audited balance sheet and profit and loss account are fully incorporated for comparative study, aiding in understanding the current year's figures. This practice should begin with the commencement of the Act, with complete figures available in the next financial year.
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