Prepare Annual Financial Statements

All Cyprus Companies must prepare Financial Statements in accordance with the International Financial Reporting Standards (IFRS) and the Financial Statements must be audited by an independent registered auditor in Cyprus in accordance with the International Standards of Auditing (ISA).

In order to meet the above requirements, it is necessary (as required by the law) to keep proper books and records:

  • Company directors must ensure that all records considered necessary for the preparation of the financial statements are maintained according to Companies Law.
  • All records must be kept at the Registered Office of the Company.
  • Records must be updated (no later than four months from the month that the transaction was made).