§ 23-1-53-1 — Annual financial statements

(a) On written request of any shareholder, a
corporation shall prepare and mail to the shareholder annual financial
statements, which may be consolidated or combined statements of the
corporation and one (1) or more of its subsidiaries, as appropriate, that
include a balance sheet as of the end of the fiscal year most recently
completed, an income statement for that year, and a statement of
changes in shareholders' equity for that year unless that information
appears elsewhere in the financial statements. If financial statements
are prepared for the corporation on the basis of generally accepted
accounting principles, the annual financial statements must also be
prepared on that basis.
(b) If the annual financial statements are reported upon by a public
accountant, the public accountant's report must accompany them. If
not, the statements must be accompanied by a statement of the
president or the person responsible for the corporation's accounting
records:
(1) stating the person's reasonable belief whether the statements
were prepared on the basis of generally accepted accounting
principles and, if not, describing the basis of preparation; and
(2) describing any respects in which the statements were not
prepared on a basis of accounting consistent with the statements
prepared for the preceding year.

Legislative History

As added by P.L.149-1986, SEC.37. Amended by P.L.107-1987, SEC.26.