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A specific section of the Companies Act, 2013 plays the role of notifying the accounting standards that financial statements must comply with. Which section does that, as referenced in Section 129(1)?
Answer & Solution
Correct answer: D.
1. Section 129(1) cross-refers to the section that notifies accounting standards.
2. That cross-referenced section is Section 133 of the Companies Act, 2013.
3. Section 129 itself sets the form and contents requirement.
4. Section 137 deals with filing of financial statements; Section 143 with the powers of auditors.
_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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