Common use of Accounting Basis Clause in Contracts

Accounting Basis. The Fiscal Year of the Company shall begin on the 1st day of January and end on the 31st day of December of each year (the “Fiscal Year”). The Fiscal Year in which the Company is dissolved shall begin on January 1 and end on the date the Company is dissolved. Company books shall be kept in accordance with GAAP, and accounting policies shall be selected by the Company by the time of filing of the Company’s federal income tax return for its Fiscal Year. Financial reports shall be on the basis of GAAP, with such adjustments deemed necessary or advisable by the Company, provided such adjustments are permitted under GAAP and are disclosed in such applicable reports. The books of account and records of the Company shall be audited as of the end of each Fiscal Year of the Company by an independent certified public accountant selected by the Manager and approved by the Board.