It is the responsibility of the Board of a company to ensure that proper accounting records are kept and that such accounting records properly record and explain the transactions of the company. Where a Board decides to seep the accounting records outside Mauritius, accounts and returns disclosing the financial position of the company at intervals not exceeding 6 months must be sent and kept at a place in Mauritius. The Registrar must be informed of the place in each case.

The accounting records can be kept either in English or French and if not, the directors must cause a true translation thereof in English or French at intervals not exceeding 7 days.

All accounting records are required to be retained for the current accounting period and for the last 7 completed accounting periods of the company.

Balance Sheet Date

The general rule is for the company to have a 30th June balance sheet date. However a company may adopt a different balance sheet date upon notification to the Registrar. A company must have a balance sheet date in each calendar year, except in the year of its incorporation. The first accounting period for a newly incorporated company must not exceed 18 months. The Financial Services Development Act 2001 restricts the first accounting period to 15 months for Category 1 Global Business Companies.

Financial Statements

Financial statements must be completed within 6 months after the balance sheet date of the company. The financial statements must be dated and signed on behalf of the Board by 2 directors or 1 director if the Board consists of only one director. Except for a small private company, and a Global Business Company, the financial statements must be prepared in accordance with International Accounting Standards. A GBC1 may prepare its financial statements in accordance with any other internationally accepted accounting standard.