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
(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.