Records and Books of Account Maintenance Clause Samples

Records and Books of Account Maintenance. (i) The Company will keep, and cause each Subsidiary to keep, adequate records and books of account, in which complete entries will be made in accordance with IFRS/PRC GAAP consistently applied, reflecting all financial transactions of the Company and such Subsidiary, to the extent required by IFRS/PRC GAAP, and in which, for each fiscal year, all proper reserves for depreciation, depletion, obsolescence, amortization, taxes, bad debts and other purposes in connection with its business shall be made in accordance with IFRS/PRC GAAP; (ii) as soon as practicable after the Closing, the Group Companies shall establish and maintain the sound internal control systems on their financial and tax filing management affairs in compliance with applicable Laws.