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of <h1>Companies Act Section 129: Financial statements must be true, fair, and compliant; exceptions exist for specific industries.</h1> Section 129 of the Companies Act, 2013 mandates that financial statements must present a true and fair view of a company's affairs, adhere to notified accounting standards, and follow prescribed formats. Exceptions apply to insurance, banking, and electricity companies, among others, which follow their specific regulatory requirements. Companies with subsidiaries or associates must prepare consolidated financial statements. Non-compliance with accounting standards requires disclosure of deviations. The Central Government can exempt certain companies from these requirements. Violations may result in fines or imprisonment for responsible officers. Financial statements include all necessary notes as per the Act.
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