Acts Online
GT Shield

Companies Act, 1973 (Act No. 61 of 1973)

Chapter XI: Accounting and Disclosure

Accounting Records

285A. General requirements for financial statements

 

 

1) A widely held company-
a) must comply with financial reporting standards;
b) must comply with the provisions of this Act and Schedule 4 that are applicable to public interest companies;
c) must prepare financial statements that fairly present the financial position and the results of the operations of the company (and its subsidiaries, if applicable) in accordance with paragraph (a).

 

2) A limited interest company-
a) must comply with the accounting standards developed for limited interest companies under section 440S(1)(b);
b) must comply with the provisions of this Act and Schedule 4 that are applicable to limited interest companies;
c) must prepare financial statements that fairly present the financial  position and the results of operations of the company (and its subsidiaries, if applicable) in accordance with paragraphs (a) and (b).

 

3) Financial statements must clearly stale that they have been prepared in accordance with-
a) this Act prior to its amendment by the Corporate Laws Amendment 35 Act, 2006;
b) financial reporting standards; or
c) the requirements of subsection (2)(c).