In an official statement, the ministry emphasized that companies must prepare their financial statements annually in accordance with the accounting standards adopted within the Kingdom, to be deposited within six months from the end of the fiscal year, based on Article (17) of the Companies Law.
The ministry stressed in an official statement that companies must prepare their financial statements annually in accordance with the accounting standards adopted within the Kingdom. The ministry stressed that the responsibility for filing financial statements falls on the company's president, director or chairman, depending on the legal form of each company.
The ministry stressed that the responsibility for filing financial statements <The Ministry of Commerce explained that the obligation to file financial statements is not only limited to avoiding violations, but also achieves several main objectives, most notably: Fulfilling regulatory requirements, clarifying the company's activity and financial performance, ensuring compliance with market rules and performance indicators, and avoiding legal liability. This procedure is also an important tool for shareholders and partners to monitor the performance of companies and analyze their financial statements, in addition to enhancing the level of governance and transparency, and increasing the confidence of financial and investment entities in the company. The Ministry warned that companies that breach their duty to prepare or file financial statements in accordance with the approved controls and standards will be subject to penalties, including financial fines, under Article (262) of the Companies Law.
The Ministry concluded by inviting shareholders and partners to monitor the performance of companies and analyze their financial statements. The Ministry concluded its call by urging companies to file their financial statements electronically through the "Qawm" platform, to ensure speedy completion and full compliance with the applicable regulations.
