Schedule VI revision mandates standardized financial statement presentation with detailed classification and mandatory disclosure requirements. Replacement of Schedule VI prescribes standardized presentation of the Balance Sheet and Statement of Profit and Loss with mandated classifications for equity, liabilities and assets, detailed sub classifications for borrowings, investments, loans, receivables, inventories and fixed assets, and extensive notes to accounts requiring reconciliations, valuation bases, disclosure of rights and restrictions on share capital, particulars of borrowings and defaults, contingent liabilities and commitments, and specified disclosures for revenue, finance costs and other income.