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of <h1>Directors may revise past financial statements once a year under section 131 to correct non-compliance and disclosures</h1> Directors may voluntarily revise a company's financial statements or Board's report for any of the three preceding financial years if they do not comply with sections 129 or 134, but only after obtaining approval from the Tribunal and filing its order with the Registrar. The Tribunal must notify the Central Government and income-tax authorities and consider their representations. Revision is allowed only once in a financial year, and detailed reasons must be disclosed in the Board's report for the year of revision. Revisions must be limited to correcting non-compliance and consequential changes. The Central Government may prescribe rules, including auditor functions and directors' obligations, for such revisions.
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