As the month of May approaches, we are reminded that the Commercial Law, Act 31/1990, requires the filing of the annual financial statements within 150 days after the close of the financial year; consequently, the Financial Statements for 2013 must be filed no later than the deadline of May 30, 2014.
The preparation of the budget document is the burden of the directors, who must sign it. The law also confers the Shareholders’ Meeting the exclusive competence to approve the Financial Statements..
The Administrative Body must then once the document is drafted, convene the Members for the purpose of approval and then file the final Financial Statements.
