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Recognised accounts are accounts kept for the statutory accounting period that are:
- prepared in accordance with commercially accepted accounting principles and
- give a true and fair view of the financial position of the company.
These accounts include:
- profit and loss accounts
- balance sheets
- other financial statements
- reports and notes attached to, or intended to be read with, the accounts.
The company must keep both the recognised accounts and the general accounting records for five years starting from the end of the statutory accounting period of the company.
If you ask the CFC for copies of documents included in or drawn from the recognised accounts and general accounting records, the CFC must give them to you - but you must allow the CFC at least 60 days to comply.
In your taxpayer's notice to the CFC, you may ask the CFC for any or all of the following:
Last modified: 05 Dec 2006QC 17522
- copies of the recognised accounts of the company for the statutory accounting period
- copies of the general accounting records of the company for the statutory accounting period
- copies of a document showing how the tainted income ratio of the company was worked out for the statutory accounting period. This document will summarise information drawn from the recognised accounts and general accounts to work out the tainted income ratio.