Question

According to Section 129 of the Companies Act, 2013, what does it state regarding the financial statements of a company?

a.

The financial statements should comply with the accounting standards and be in the form provided in Schedule III.

b.

The financial statements are not required for mutual funds or Asset Management Companies.

c.

The financial statements should be prepared in any format the company prefers.

d.

The financial statements are only required for companies listed on stock exchanges.

Answer: (a).The financial statements should comply with the accounting standards and be in the form provided in Schedule III. Explanation:Section 129 of the Companies Act, 2013, states that the financial statements should comply with the accounting standards notified under Section 133 and be in the form provided for different classes of companies in Schedule III.

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Q. According to Section 129 of the Companies Act, 2013, what does it state regarding the financial statements of a company?

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