Companies Act (Cap. 386), article 167

167. (1) The directors of every c ompany shall prepare for each accounting period individual accoun ts comprising the balance sh eet as at the last day of the account ing period to which they refer , the profit and loss account for that period, the notes to the accou nts and any other financial statements and other information which may be required by generally accepted accounting principles and practi ce. These documents shall constitute a composite whole. The name, registration number, legal form and registered office address of the company and where appropriate, th e fact that the company is bei ng wound up shall be indicated i n these accounts. (2) The individual accounts shall be drawn up clearly in accordance with generally accep ted accounting principles and practice and the provisions of th is Act including, where applic able, the requirements of the Third Schedule. (3) The individual accounts shall give a true and fair view of the undertaking’s assets, liabilities, financial position and p rofit or loss. Where the application of this Act would not be sufficient to give a true and fair view of the undertaking’s assets, liabilit ies, financial position and profit or loss, such additional informat ion as is necessary to comply with that requirement shall be given in the notes to the financial statements. (4) Deleted by Act XVIII.2025. 18. (5) Where in exceptional cases the application of a provision of this Act is incompatible with the obligation for the individual accounts to give a true and fair v iew, that provision shall be departed from in order to give a true and fair view. Any such departure shall be disclosed in the notes to the accounts together with an explanation of the reasons for it and a statement of it s effect on the assets, liabilities, financial position and profi t or loss. Annual accounts of certain types of undertakings. Amended by: XVII. 1998.70; IV . 2003.72; IX. 2008.20; XXXI. 2015.6. Cap. 371. Cap. 376. Cap. 403.