whether the board will be able to revise all the past 3 financial year’s FS and/or Report at once? For eg : We are standing in FY 16-17. So whether the company will be allowed to revise FS and/or Board a report for FY 15-16, FY 14-15 & FY 13-14 in this FY?? Also, whether the past year’s FS which have already been revise once u/s131, be revised again? For eg : We are currently in FY16-17. Under sec 131, company revises FS/Board report for the FY 15-16. Whether such company can revise FS and/or Board Report of FY 15-16 again in FY 17-18 if the need arises?
Sec 130 states “they may prepare revised financial statement or a revised report in respect of any of the three preceding financial years after obtaining approval”
So it is clear from above they can revise all the past 3 years as it says “any” which includes all. They have not said any one, that would have meant only one of the three.
Further it states
“Provided further that such revised financial statement or report shall not be prepared or filed more than once in a financial year”
That shows such thing should not be done more than once in a year, no restriction on how many times you are revising same thing.