41Accounting records

41 Accounting records An incorporated association must: (a) keep accounting records that correctly record and explain the transactions (including any transactions as trustee) and the financial position of the association; and (b) keep its accounting records in such a way that: (i) true and fair accounts of the association can be prepared from time to time; and Associations Act 2003 30 (ii) a statement of the accounts of the association can conveniently and properly be audited in accordance with this Part; and (c) retain its accounting records for at least 7 years after the transactions to which they relate were completed.