S.L. 628.1 Art. 27Records, accounts and reports. 

(1) The Board of Administrators shall keep accounting records and prepare annual financial statements in conformity with the requirements of the International Financial Reporting Standards (IFRS)

which shall be duly verified and signed by an auditor on an annual basis and as may be prescribed.

(2) The Board of Administrators shall keep a register of assets which shall include a list of all assets of the association including details relating to whether they have been purchased, leased or donated, the location where such assets are held and their cost or value.

(3) The financial year of an association shall be the calendar year:

Provided that the first year shall be shorter or longer as per generally accepted accounting practices, or as the Authority may determine by means of written instruction.

(4) An original copy of the audited financial statements signed by the auditor shall be delivered to the Registrar by not later than the thirtieth (30th) of September of the following year.

(5) An association is to submit the following accounts to the Registrar by not later than the twentieth (20th) day of the end of each quarter:

(a) cash flow statement;

(b) income and expenditure statement, which shall provide a detailed breakdown of the various transactions; and

(c) balance sheet:

Provided that the Authority may, by means of a binding instrument or other instruction, demand the submission of additional and more frequent financial records:

Provided further that the Registrar may also request an association to submit the fiscal receipts and other documentation pertaining to specific transactions.