True and Fair View requirement: balance sheets and profit and loss accounts must comply with prescribed form and accounting standards. Every company's balance sheet and profit and loss account must give a true and fair view and, subject to exceptions, conform to the forms in Schedule VI or forms approved by the Central Government; notes and annexures required by the Act are part of those statements. The Central Government may exempt or modify Schedule VI requirements for classes of companies or particular companies. Companies must comply with prescribed accounting standards and, where deviations occur, disclose the deviation, reasons and financial effect. Responsible persons who wilfully fail to secure compliance face imprisonment and/or fine, with a statutory defence if a competent person had been charged with compliance.