The directors of Iris Ltd discover that its financial statements for one of the three preceding financial years did not comply with section 129. Under section 131, they may prepare revised financial statements:

Correct answer: D) After obtaining the approval of the Tribunal, and not more than once in a financial year

Explanation

Section 131(1) allows directors to prepare revised financial statements or a revised Board's report for any of the three preceding financial years where they do not comply with section 129 or 134. This requires the Tribunal's approval on an application in the prescribed form. The proviso limits revision to once in a financial year. Reopening of accounts on the application of authorities is dealt with separately under section 130.