The annual financial statements of a company must include  the directors statement with respect to the state of affairs, the business and profit or loss of the company.

Any financial statements prepared by a company, including any annual financial statements of a company as contemplated in section 30, must not be:

  • false or misleading in any material respect; or
  • incomplete in any material aspect

State of Records

If a company provides any financial statements, including annual financial statements, to any person for any reason, those statements must:

  • present fairly the state of affairs and business of the company, and explain the transactions and financial position of the business of the company
  • show the company’s assets, liabilities and equity, as well as its income and expenses, and any other prescribed information
  • set out the date on which the statements were produced, and the accounting period to which the statements apply
  • A company must keep accurate and complete accounting records in one of the official languages of the Republic

Any documents, accounts, books, writing, records or other information that a company is required to keep in written form must be kept safe for a period of seven years.

Filing of Financial Statements

  • A company is required to prepare annual financial statements within six months after the end of its financial year or such shorter period as may be appropriate to provide the required notice of an annual general
  • If the company is required to be audited the financial statements must include the audit report which means that the audit must also be finalized within 6 months after year-end.
  • A company that is not required or did not elect to file annual financial statements, must file a financial accountability supplement to its annual return in Form CoR 2.

Management Responsibilities

In terms of International Standards management is responsible for:

  • Adoption of the financial reporting framework for financial information and selection of appropriate accounting policies;
  • Preparation and presentation of the financial statements in accordance with the applicable financial reporting framework, and the selected accounting policies, management judgments, and the development of any accounting estimates required for the compiled financial information;
  • Providing of all relevant records, documents, explanations and other information needed to compile the financial information, including responsibility for the accuracy and completeness of those records, documents, explanations and other information
  • Acceptance of responsibility for the financial statement.


Annual Financial Statements

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