Guidance

Financial Statements

Every person that manages the affairs and the finances of the partnership is responsible for ensuring that a complete set of the financial statements of the partnership is prepared in accordance with the International Financial Reporting Standards.

The financial statements must include:

• Profit and loss account;
• Balance Sheet signed by at least two (2) persons that manage the affairs and finances of the partnership;
• Notes;

and must be accompanied, depending on the circumstances, by:

• the partnership's management report;
• a non-financial report;
• report for the payments towards governments.

The financial statements of the partnership are presented for approval in the annual general meeting of the partnership; where all partners or legally appointed representatives are present.

The complete set of the financial statements of the partnership are certified by a partner who has been designated with the administrative handling at its principal place of business, or from a person who manages, on the basis of the law or the constitution of the partnership or the de facto affairs and/or the finances of the partnership.

A partnership is exempted from the submission of financial statements if:

• it is within eighteen (18) months from its incorporation;
• it is in the year following the year of its incorporation and, it has already convened a general meeting during the year of its incorporation.

Maintaining accounting books

Every partnership maintains accounting books and records on the basis of which the financial statements are prepared.

These books of accounts and records must give a true and fair view of the partnership's financial affairs and allow the determination of the financial position of the partnership, with reasonable accuracy, at any specific point in time.