# Voluntary Revision of Financial Statements or Board's Report (Section 131)
## Core Concept
Section 131 of the Companies Act, 2013 allows directors to voluntarily revise the Financial Statements (FS) or Board's Report of the company in situations where they believe non-compliance has occurred.
## When Can Revision Be Made?
If it appears to the directors of the company that:
- The Financial Statements are NOT in compliance with Section 129 (Form & contents of FS), OR
- The Board's Report is NOT in compliance with Section 134
## Procedure for Revision
| Step | Action |
|---|---|
| 1 | Directors form the opinion that FS / Board's Report is non-compliant |
| 2 | Make application to National Company Law Tribunal (NCLT) for approval |
| 3 | On approval and order of Tribunal, the company prepares revised FS OR revises the Board's Report |
| 4 | A copy of the order of the Tribunal along with the revised FS / Board's Report is filed with the Registrar |
## Key Limitations
- Revision can be made for any of the 3 preceding financial years only — not beyond.
- Revision can be done only once in a financial year.
- The revision must relate to the specific non-compliance identified.
## Quick Diagram
```
Directors find FS / Board Report
not compliant with Sec 129 / 134
↓
Apply to Tribunal (NCLT) for approval
↓
On Tribunal's order → Prepare revised FS / revised Board Report (any 3 preceding FY)
↓
File copy of Tribunal order + Revised FS/Report with Registrar
```