172. (a) A private company shall prepare financial reports for each year, which shall include a balance sheet as of 31 December (hereinafter “the determining date”) as well as a profit and loss account for the period of a year ending on that date, and other financial reports, in accordance with the requirements of accepted accounting rules (in this Chapter “the reports”); the auditor shall audit the reports.
(b) A private company may prescribe in its articles of association that, notwithstanding the provisions of subsection (a), the reports will be for a year that does not end on the determining date, but rather on some other date to be laid down in the articles of association (hereinafter “the special date”).
(c) The reports of a private company shall be prepared within six months of the determining date or of the special date, as the case may be, or within such other period as may be laid down in the articles of association, provided that such period does not exceed nine months.
(d) The reports shall be prepared in accordance with accepted accounting rules, and shall properly reflect what they are meant to reflect, in accordance with such rules.
(e) The Minister may prescribe provisions relating to the identity and number of signatories to the reports; so long as no such provision has been prescribed, the reports will be signed by at least one director.
(f) The Minister may prescribe details that are to be included in the reports; where the Minister has prescribed such details, they shall apply despite the provisions of accepted accounting rules.
(g) An inactive company, as referred to in section 158, may make a resolution in general meeting to the effect that it is not required to prepare reports under this Chapter.