Section 211: Contents and form of financial statements

211. Contents and form of financial statements (1) Subject to the other provisions of this section, the financial statements of a company shall present fairly the financial position, financial performance and where stated the cash flow of the company. (2) The financial statements shall, in the case of public companies and private companies— (a) be prepared in accordance with and comply with the International Accounting Standards; and (b) comply with any requirement which applies to the company’s financial statements under any other enactment. (3) The financial statements of a small private company shall comply with any regulations made under this Act or any accounting standards issued or any regulations made under the Financial Reporting Act which prescribe the form and content of financial statements for small private companies. (4) Where in complying with the standards or regulations referred to in subsections (2) and (3), the financial statements do not present fairly the matters to which they relate, the directors shall add such information and explanations as are necessary to present fairly those matters. (5) Notwithstanding subsection (2), a private company, other than a small private company, or public company, which does not qualify as a public interest entity as defined in the Financial Reporting Act may prepare its financial statements in accordance with the International Financial Reporting Standards for SMEs, issued by the International Accounting Standards Board. (6) Islamic financial institutions and Islamic banks may adopt accounting standards issued by the Accounting and Auditing Organization for Islamic Financial Institutions instead of those issued by the International Accounting Standards Board. [S. 211 amended by s. 83 (2) of Act 45 of 2004 w.e.f. 20 January 2005; s. 8 (d) of Act 20 of 2011 w.e.f. 16 July 2011; s. 11 (d) of Act 10 of 2017 w.e.f. 24 July 2017.] [Issue 10] C35 – 130 Revised Laws of Mauritius