(1) The directors of an ICAV shall prepare accounts for each financial year.
(2) The accounts shall include the following:
(a) a balance sheet or statement of assets and liabilities;
(b) a detailed income and expenditure account for the financial year;
(c) the other information provided for in the Schedule.
(3) The annual accounts shall give a true and fair view of the assets, liabilities and financial position of the ICAV at the end of the financial year and of the profit or loss of the ICAV for the financial year.
(4) The annual accounts may be prepared in accordance with -
(a) generally accepted accounting practice in the State,
(b) international financial reporting standards, or
(c) subject to subsection (5), an alternative body of accounting standards.
(5) To the extent that the use of any alternative body of accounting standards does not contravene any provision of this Part, a true and fair view of the assets and liabilities, financial position and profit or loss of an ICAV may
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