27

ORDINANCE I OF 1997 ORDINANCE I OF 1997 BALOCHISTAN IRRIGATION AND DRAINAGE AUTHORITY ORDINANCE, 1997 CHAPTER‑V FINANCE 27. Annual Financial Statement.‑‑(I) The Authority shall, not later than six months after the end of each financial year, prepare financial statements including a balance sheet as at the end of the financial year, income and expenditure account for the financial year, and a statement of changes in financial position or statement of sources and application of funds for the financial years, and cause these accountants to be audited in the manner specified in section 28. The financial statement shall be approved by the Authority. (2) The balance sheet shall give a true and fair view of the state of affairs of the Authority as at the end of its financial year, and the income and expenditure account shall give a true and fair view of the surplus of deficit of income over expenditure of the Authority for the financial year. (3) Accounting Standards of the Pakistan Institute of chartered Accountants shall be followed in regard to the Books of Accounts and preparation of the Financial Statements. (4) Accounting policies shall be stated as part of the Financial Statements. (5) The Authority shall attach to its Financial Statements a statement providing information on any material changes and commitments affecting the financial position of the Authority which have occurred between the end of the financial year to which the financial statements relate and the date on which the financial statement were prepared. (6) In the month of February each year, the Authority shall submit to the Government, for information projected financial statements for the next year.