Accounting Methods; Fiscal Year Sample Clauses
The "Accounting Methods; Fiscal Year" clause establishes the specific accounting principles and the fiscal year period that a party or parties must use for financial reporting and record-keeping under the agreement. Typically, it requires adherence to generally accepted accounting principles (GAAP) or another specified standard, and defines the start and end dates of the fiscal year, such as January 1 to December 31. By standardizing these elements, the clause ensures consistency and comparability in financial statements, reducing confusion and disputes over financial data throughout the term of the contract.
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Accounting Methods; Fiscal Year. The profits and losses of the Company will be accounted for on a basis reasonably determined by the Manager. For income tax purposes, the Company shall, unless otherwise required under the Code, report on a cash basis. The fiscal year of the Company for both accounting and tax reporting purposes will be the calendar year.
Accounting Methods; Fiscal Year. Modify or change its fiscal year or its method of accounting (other than as may be required to conform to GAAP).
Accounting Methods; Fiscal Year. The Borrower will not adopt, permit or consent to any change in accounting practices other than as required by GAAP and will not adopt, permit or consent to any change in its Fiscal Year.
Accounting Methods; Fiscal Year. The Managing Member shall select the accounting methods and fiscal year for the LLC.
Accounting Methods; Fiscal Year. The profits and losses of the Company will be accounted for on a basis reasonably determined by the Board. For income tax purposes, the Company shall, unless otherwise required under the Code, report on a cash basis. Effective for the 2025 fiscal year, the Company’s fiscal year shall end on October 31. The first fiscal period under this change will be a short year, beginning on January 1, 2025, and ending on October 31, 2025. After this period, each subsequent fiscal year will begin on November 1 and end on October 31 of the following calendar year. This change from the prior July 31 fiscal year-end has been duly approved by the Board and the Members and shall be reported in accordance with applicable IRS rules under Internal Revenue Code Section 441 and related Treasury Regulations.
Accounting Methods; Fiscal Year. The Company shall prepare annual financial statements of the Company’s operations, such statements to be distributed to the Members within 90 days close of each year. For income tax purposes, the Company shall, unless otherwise required under the Code, report on a cash basis. The fiscal year of the Company for both accounting and tax reporting purposes will be the calendar year.
Accounting Methods; Fiscal Year. The accounting for the Company will initially be in accordance with generally accepted accounting principles. The Managing Member may make any changes of accounting method that it deems advisable at any time and from time to time. The Company's "FISCAL YEAR" will be the calendar year, unless the Managing Member determines that another Fiscal Year is appropriate or unless another Fiscal Year is required by the Code.
Accounting Methods; Fiscal Year. Profits and losses of the Company shall be determined in accordance with generally accepted accounting principles, and shall include gains or losses from the sale of Company assets. The fiscal year of the Company, for both accounting and tax reporting purposes, shall commence on January 1 and terminate on December 31 of each year.
Accounting Methods; Fiscal Year. The General Partner shall keep or cause to be kept current and complete accounts, books and records of all transactions for the Partnership. Profits and losses of the Partnership shall be determined on an accrual basis in accordance with generally accepted accounting principles, and shall include gains or losses from the sale of Partnership assets. The Partnership shall also report for income tax purposes on an accrual basis. The fiscal year of the Partnership, for both accounting and tax reporting purposes, shall be the calendar year.
Accounting Methods; Fiscal Year. The Managers shall determine whether the accounting for the Company shall be on a cash or accrual basis, and they may make any changes of accounting method that they shall deem advisable at any time and from time to time. The Company's Fiscal Year shall be the calendar year, unless the Managers determine that another Fiscal Year is appropriate or unless another Fiscal Year is required by the Code.