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Section 129(1) of the Companies Act, 2013 places a specific quality requirement on the financial statements of a company. Which combination of requirements does the lesson cite as being imposed by Section 129(1)?
Answer & Solution
Correct answer: C.
1. The lesson identifies the threefold requirement of Section 129(1).
2. The financial statements must give a true and fair view of the state of affairs.
3. They must comply with the accounting standards notified under Section 133.
4. They must be in the form provided for different classes of companies in Schedule III.
5. The other combinations involving SEBI filing, FEMA or Income Tax matching are not Section 129(1) requirements.
_Source: ICSI CS Executive Paper 5 (Corporate and Management Accounting) — Lesson 1 & 2: Introduction to Financial and Corporate Accounting, pp. v–vii and x._
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