Section 23: Form and content of financial statement.

(1) The financial statements of a public enterprise prepared under section 22 of this Act shall, subject to the provisions of this Act, comply with the requirements of section 335 of the Companies and Allied Matters Act (so far as applicable).
(2) The balance sheet shall give a true and fair view of the state of affairs of the public enterprise as at the end of the year and the profit and loss account shall give a true and fair view of the profit or loss of the public enterprise for the year.
(3) The statement of the source and application of funds shall provide information on the generation and utilization of funds by the public enterprise during the year.
(4) The value-added statement shall report the wealth created by the public enterprise during the year and its distribution among various interest groups, including the employees, the Federal, State or Local Government, creditors and the public enterprise.
(5) The five year financial summary shall provide a report of vital financial information for a comparison over a period of five years.
(6) If the balance sheet or profit and loss account drawn up in accordance with this section does not provide sufficient information to comply with subsection (2) of this section, necessary additional information shall be provided in the balance sheet or profit and loss account, or in a note to the accounts.
(7) Where, after additional information has been provided under subsection (6) of this section, special circumstances in the public enterprise, prevent compliance with a requirement relating to its balance sheet or profit and loss account from being drawn up in accordance with subsection (2) of this section, the directors may depart from that requirement in preparing the balance sheet or profit and loss account (so far as necessary) in order to comply with subsection (2) of this section.
(8) If the directors disregard a requirement pursuant to subsection (7) of this section, particulars of the requirement, the reason for disregarding it and its effects shall be given in a note to the accounts.
(9) Where there is a failure to comply with the requirement of this section as to the preparation, matters to be stated or particulars to be given in a financial statement, every person who was a director of the public enterprise immediately before the end of the period prescribed for preparing the financial statement is guilty of an offence and liable on conviction to a fine not exceeding N 100,000.
(10) In the trial of an offence under subsection (9) of this section, it shall be a defence for the director to prove that he took all reasonable steps for securing compliance with the requirements.