Section 133: Contents and form of financial statements

133. Contents and form of financial statements (1) The financial statements of a local authority shall present fairly the financial position, financial performance and cash flow of the local authority. (2) The financial statements shall— (a) be prepared in accordance with, and comply with, Accounting Standards, which should be in convergence with international accounting standards, as determined by the Minister to whom responsibility for the subject of finance is assigned; and (b) — (c) comply with any requirement which applies to the local authority’s financial statements under any other enactment. (3) Where, in complying with the standards referred to in subsection (2), the financial statements do not present fairly the matters to which they relate, the Chief Executive shall add such information and explanations as are necessary to present fairly those matters. [S. 133 amended by s. 17 (2) (h) of Act 1 of 2015 w.e.f. 1 January 2015.]