Fiscal Year and Method of Accounting Clause Samples
The "Fiscal Year and Method of Accounting" clause establishes the specific 12-month period that constitutes the fiscal year for a party, as well as the accounting principles and methods that will be used to prepare financial statements and reports. Typically, this clause will state whether the fiscal year aligns with the calendar year or another period, and whether accounting will be conducted on a cash or accrual basis, often referencing generally accepted accounting principles (GAAP) or another standard. By clearly defining these parameters, the clause ensures consistency and transparency in financial reporting, reducing the risk of misunderstandings or disputes related to financial data.
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Fiscal Year and Method of Accounting. The Company shall select the appropriate method of accounting and the beginning and end of its fiscal year.
Fiscal Year and Method of Accounting. The fiscal year of the Partnership shall be a calendar year and the books of the Partnership for income tax and accounting purposes shall be kept on the accrual method. All financial determinations hereunder made by the General Partner with respect to the calculation of profits and losses, all distributions pursuant to Article VIII and other accounting decisions shall be determined by the General Partner in accordance with generally accepted accounting principles consistently applied by the General Partner in making said determinations.
Fiscal Year and Method of Accounting. The fiscal year of the Company shall begin on January 1 of each year (except for the first fiscal year of the Company, which shall begin on the date upon which the Certificate of Formation was filed) and end on the following December 31 (except for the last fiscal year of the Company, which shall end on the date on which the Company is terminated). The Managing Member shall select the appropriate method of accounting for the Company.
Fiscal Year and Method of Accounting. The fiscal year of the Partnership shall be the calendar year or such other year as the Managing General Partner selects. Each fiscal month of the Partnership shall end on the last day of the calendar month or such other day as the Managing General Partner selects. All amounts computed for the purposes of this Agreement (other than for tax purposes) and all applicable questions concerning the rights of Partners and Assignees shall be determined using generally accepted accounting principles as in effect from time to time.
Fiscal Year and Method of Accounting. The Company’s fiscal year for both tax and financial reporting purposes shall be the calendar year. The method of accounting for both tax and financial reporting purposes shall be the cash method.
Fiscal Year and Method of Accounting. The fiscal year of the Partnership shall begin on January 1 of each year (except for the first fiscal year of the Partnership, which shall begin on the date on which the Section 9 Statement was filed) and end on the following December 31 (except for the last fiscal year of the Partnership, which shall end on the date on which the Partnership is terminated). Subject to Section 6.01, the General Partner shall select the appropriate method of accounting for the Partnership. For U.S. federal income tax purposes, the Partnership’s taxable year shall be determined in accordance with Section 706 of the Code and Treasury Regulations promulgated thereunder.
Fiscal Year and Method of Accounting. The fiscal year of the Company for tax and accounting purposes shall be the 12-month (or shorter) period ending on the last day of December of each year.
Fiscal Year and Method of Accounting. Modify or change its Fiscal Year or its method of accounting (other than in accordance with GAAP, but subject to the provisions of Section 7.12(b)).
Fiscal Year and Method of Accounting. The fiscal year of Partnership shall be as selected by the Managing Partner, and the books, of the Partnership shall be kept on any basis determined by the Partners.
Fiscal Year and Method of Accounting. The profits and losses of the Partnership shall be determined for each fiscal year in accordance with U.S. generally accepted accounting principles. The General Partner shall select the appropriate method of accounting and the beginning and end of its fiscal year.