(1) At every annual meeting of each University for Research and Innovation, the Vice-Chancellor and the Chief Finance and Investment Officer of such University shall lay before the Board of Governors-



(a) a balance sheet as at the end of the financial year; and



(b) a statement of income and expenditure for that period.



(2) Every balance sheet and statement of income and expenditure of such University shall give a true and fair view of the state of affairs of such University as at the end of the financial year and shall, subject to the provisions of this section, be in such form and in accordance with such general instructions and accounting standards as may be specified by the Statutes, or as nearly thereto as circumstances admit.



(3) Where the statement of income and expenditure and the balance sheet of such University for Research and Innovation do not comply with the accounting standards, such University shall disclose in its statement of income and expenditure and balance sheet, the following, namely:-



(a) the deviation from the accounting standards;



(b) the reasons for such deviation; and



(c) the financial effect, if any, arising due to such deviation.



Explanation.- For the purposes of this section, the expression "accounting standards" means the standards of accounting recommended by the Institute of Chartered Accountants of India constituted under the Chartered Accountants Act, 1949