Comment on the following: Every financial statement of the company must give true and fair view of the state of affairs of the company at the end of the financial year.

As per provisions of sub-sections (1) and (2) of section 129 of the Companies Act 2013 , every financial statement of the company must give a true and fair view of the state of affairs of the company at the end of the financial year. True and Fair view in respect of financial statement means: Financial statements and items contained should comply with accounting standards notified under section 133 ; Financial statement shall be in form or forms as provided for different class or classes of companies in Schedule III; Financial statement shall not be treated as not disclosing a true and fair view of the state of affairs of the company, merely by the reason of the fact that they do not disclose: in the case of an insurance company, any matters which are not required to be disclosed by the Insurance Act, 1938, or the Insurance Regulatory and Development Authority Act, 1999; in the case of a banking company, any matters which are not required to be disclosed by the Banking Regulation Act, 1949; in the case of a company engaged in the generation or supply of electricity, any matters which are not required to be disclosed by the Electricity Act, 2003; in the case of a company governed by any other law for the time being in force, any matters which are not required to be disclosed by that law.