What are the accounting requirements for business in Tunisia?
The financial statements comprise the balance sheet, the profit and Loss statement, the cash flows table and notes to financial statements. The financial statements of Tunisian companies are prepared and presented periodically at least once a year, in accordance with the accounting system of enterprises. The duration of the accounting period is twelve months. It begins January 1st and ends December 31th of that year except in respect of certain activities.
Companies prepare their financial statements in Tunisian dinar. Exceptionally, Tunisian firms may obtain special permission from the Finance Ministry to prepare financial statements according to GAAP or another foreign currency, or if choosing a date other than the end of the calendar year.
The financial statements must be approved by the management bodies of the company and approved by the Ordinary General Meeting (OGM).
Accounting legislation requires that financial statements been prepared and presented to the OGM at the latest within six months from the closing date of the financial year. Each parent company should prepare consolidated financial statements according to the Tunisian.