1. The board of directors of each Joint Stock Company shall prepare accounts for each fiscal year that include a balance sheet as at the data of the last day of the fiscal year and a profit and loss account. 2. The accounts of the Company shall be prepared in accordance with the international accounting practices and standards. The accounts shall give a true and fair view of the profits or losses of the Company for the fiscal year and its affairs as at the end of the fiscal year and shall comply with any other requirements in this Decree Law and the relevant resolutions of the SCA. 3. Financial statements shall be approved by being signed by the Directors or by the chairman and the auditor.
Interpretation and application must be checked against the official text and current version.