Voluntary revision of financial statements requires Tribunal approval and notification to government and tax authorities.

Directors may prepare revised financial statements or a revised Board's report for the three preceding financial years only after obtaining Tribunal approval and filing the Tribunal's order with the Registrar; the Tribunal must notify the Central Government and income-tax authorities and consider their representations. Revisions are limited to corrections to secure compliance with the reporting provisions and necessary consequential alterations; such revisions cannot be made more than once in a financial year, and the detailed reasons for revision must be disclosed in the Board's report. The Central Government may make rules on replacement/supplementation, auditor functions, and prescribed director steps.

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