Voluntary revision of financial statements by the Board (Section 131) covers:

1. Section 131(1) — directors may prepare revised financial statements for any of the THREE preceding FYs, with Tribunal approval. 2. Beyond 3 years, only Section 130 (Court/Tribunal-ordered reopening) applies. 3. Hence (B). _Source: ICAI BoS CA Inter Paper 2 — Accounts of Companies_