Companies Act, 1973 (Act No. 61 of 1973)Chapter XI: Accounting and DisclosureAccounting Records285A. 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). |