Regulatory Alerts1996-12-30
Law No. 96-112 of December 30, 1996 on the Accounting System for Companies
The Tunisian Chamber of Deputies, promulgated by the President on December 30, 1996, enacted Law No. 96-112 to establish a unified accounting system for all natural and legal persons subject to current legislation. The law mandates the maintenance of specific accounting books, a conceptual framework, and sector-specific standards approved by the Minister of Finance, while establishing a National Accounting Council to oversee standard development and regulatory compliance. It requires companies to prepare, present, and retain financial statements—including balance sheets, income statements, cash flow statements, and notes—in Tunisian dinars within three months of fiscal year-end, with consolidated reporting for controlled entities and a mandatory ten-year retention period for all supporting documentation.