Books of account require Producer Companies to maintain detailed accounting records and prepare financial statements in statutory format. Every Producer Company shall keep at its registered office proper books of account documenting all sums received and expended and the purposes thereof; all sales and purchases of goods; instruments of liability executed by or on behalf of the company; the company's assets and liabilities; and, if engaged in production, processing or manufacturing, particulars relating to utilisation of materials, labour and other cost items. The balance sheet and profit and loss account shall be prepared, as far as may be, in accordance with the prescribed financial statement provisions.