The directors of a company must keep proper accounting records at all times. These accounting records must explain the financial position of the company correctly.
The records must contain all the transactions of the company and other financially important statistics, like:
A director must present the company’s financial statements at the Annual General Meeting under Sections 201(2) and 201(5) of the Companies Act. These records must be able to:
A director has to prepare a balance sheet and a profit and loss account that provides a clear and correct view of the state of affairs of the company at the Financial Year End.
A director’s report that is attached to the accounts is signed by two directors and has to be approved by the board.
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