Financial statements of a company are of utmost importance for its shareholders, tax authorities, analysts, management and other stakeholders. They give information about financial performance and position of a company. Section 129 (1) of the Companies Act, 2013 lays down that the financial statements shall give a true and fair view of the statement of affairs of the company or companies. They should also comply with the accounting standards notified under section 133 and shall be in the form or forms as may be provided for different class or classes of companies in schedule III. Items contained in such financial statements shall be in accordance with the accounting standards . Section 129 (1) also provides that nothing contained in this sub-section shall apply to any insurance or banking company or any company engaged in the generation or supply of electricity to any other class of company for which a form of financial statement has been specified in or under the act governing such a class of company.