Common use of Keeping Records and Books of Account Clause in Contracts

Keeping Records and Books of Account. Each Group Company will keep adequate records and books of account, in which complete entries will be made on a consistent basis in accordance with the GAAP and the IFRS or other accounting principles as approved pursuant to the Shareholders Agreement, reflecting all financial transactions of the Group Companies, to the extent required by the GAAP and the IFRS or such other accounting principles, 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 the GAAP and the IFRS or such other accounting principles.