Welcome to FindLaw's Cases & Codes, a free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw's Learn About the Law.
(a)?A corporation shall maintain current and accurate financial records with complete entries as to each financial transaction of the corporation, including income and expenditures, in accordance with generally accepted accounting principles.
(b)?Based on the records maintained under Subsection (a), the board of directors of the corporation shall annually prepare or approve a financial report for the corporation for the preceding year. ?The report must conform to accounting standards as adopted by the American Institute of Certified Public Accountants and must include:
(1)?a statement of support, revenue, and expenses;
(2)?a statement of changes in fund balances;
(3)?a statement of functional expenses; ?and
(4)?a balance sheet for each fund.
Cite this article: FindLaw.com - Texas Business Organizations Code - BUS ORG § 22.352. Financial Records and Annual Reports - last updated April 14, 2021 | https://codes.findlaw.com/tx/business-organizations-code/bus-org-sect-22-352/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.