Companies Act (Cap. 386), article 164

164. (1) A company’s accounting periods are determined by reference to its accounting reference date. (2) A company may give notice in the prescribed form to the Registrar specifying a date in the calendar year as being its accounting reference date: Provided that no such notice shall have effect unless it is given before the end of nine months beginning with the date of the company’s registration; and, failing such notice, the company’s accounting reference date shall be the thirty-fi rst of December . (3) A company’s first accounting reference period shall be such period ending with its accounting reference date as begins on t he date of its registration and is a period of not less than six m onths and not more than eighteen months; and each successive period o f twelve months beginning after the end of the first accounting reference period and ending with the accounting reference date shall also be an accounting refe rence period of the company. (4) A company’s first accounting period shall commence on the first day of its first accounting reference period and shall en d on a date not more than seven days before or after the end of that accounting reference period as the directors may determine. Subsequent accounting periods shall commence on the day immediately following the compa ny’s previous accounting period and shall end on a date not more than seven days before or afte r the end of the next accounting reference period as the directors ma y determine. 110 CAP . 386.] COMP ANIES (5) The directors of a parent company shall secure that, except where there are good reasons ag ainst it, the accounting period of each of its subsidiary undertaking s shall coincide with the par ent company’s own accounting period. Alteration of accounting reference period. Amended by: IV . 2003.70.