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New Law Requires Companies to Publish Financial Statements

New Law Requires Companies to Publish Financial StatementsNew Law Requires Companies to Publish Financial Statements

The Majlis on Sunday passed a law requiring companies to publish their financial statements. Corporations failing to abide by the law will have the bank accounts of their executives blocked.

However, MPs excluded non-government public companies and their subsidiaries in charge of providing essential goods and services from the law, IRNA reported.

The Competition Council–an antitrust body–will decide about these exceptional bodies whose names will be published on the website of the National Center for Competition.

In similar measures to boost transparency, the government has announced measures to transfer its accounts from agent banks to the Central Bank of Iran.

In early July, President Hassan Rouhani introduced new regulations related to the salaries of top officials and executives, obliging all government and affiliated bodies to disclose the salaries of their CEOs and managers. He called for early measures to improve current regulations on openness and transparency in state bodies.

Financialtribune.com