Accounting obligation

In the Netherlands the board of directors of a legal person is required to keep books of the financial state and the activities of the legal person. The board is also required to draw up a balance sheet A financial method to show how a company is doing financially.
» Meer over balance sheet balance sheet and a statement of income and expenditure.

Obligation to retain

Furthermore Dutch law imposes an obligation to retain: the board has to retain all financial books and documents for a minimum period of 7 years. Noncompliance with these obligations carries sanctions.