Section 216: Meaning of “balance sheet date”

216. Meaning of “balance sheet date” (1) In this Act, “balance sheet date”, in relation to a company, means such date as the Board of the company has adopted as the company’s balance sheet date and notified to the Registrar under subsection (7). C35 – 132 (1) [Issue 10] Companies Act (2) Subject to subsections (3) and (4), a company shall have a balance sheet date in each calendar year. continued on page C35 – 133 [Issue 10] C35 – 132 (2) Revised Laws of Mauritius (3) A company may not have a balance sheet date in the calendar year in which it is incorporated where its first balance sheet date is in the following calendar year and is not later than 18 months after the date of its formation or incorporation. (4) Where a company changes its balance sheet date, it may not have a balance sheet date in a calendar year if— (a) the period between any 2 balance sheet dates does not exceed 18 months; and (b) the Registrar approves the change of balance sheet date before it is made. (5) The Registrar may approve a change of balance sheet date for the purposes of subsection (4) with or without conditions. (6) Where a company changes its balance sheet date, the period between any 2 balance sheet dates shall not exceed 18 months. (7) Where a company adopts a balance sheet date other than the 30th day of June, or changes its balance sheet date, it shall forthwith give notice of the balance sheet date of the company to the Registrar and upon receipt of that notice by the Registrar, the adoption or change of the balance sheet date shall have effect. (8) The Board of a company shall ensure that, unless in the Board’s opinion there are good reasons against it, the balance sheet date of each subsidiary of the company is the same as the balance sheet date of the company. (9) Where the balance sheet date of a subsidiary of a company is not the same as that of the company, the balance sheet date of the subsidiary for the purposes of any particular group financial statements shall be that preceding the balance sheet date of the company.