Article 67 Annual financial statements - Club Licensing

67.01

The licence applicant must prepare and submit, by the date communicated by the licensor, annual financial statements for the reporting period ending in the year preceding the deadline for submission of the application to the licensor and preceding the deadline for submission of the list of licensing decisions to UEFA.

67.02

Annual financial statements, including comparative amounts for the prior period, must be prepared in accordance with International Financial Reporting Standards or national accounting standards (as applicable) and must include:

1. a balance sheet as at the end of the reporting period;

2. a profit and loss account/income statement for the reporting period;

3. a cash flow statement for the reporting period;

4. a statement of changes in equity over the reporting period;

5. notes, comprising a summary of significant accounting policies and other explanatory notes; and

6. a financial review by management.

67.03

The annual financial statements must be audited by an independent auditor as defined in Annex E.

67.04

If the auditor’s report is qualified and the qualification is quantified, this amount must be taken into account when assessing club licensing and club monitoring requirements.

67.05

If the annual financial statements do not meet the minimum disclosure requirements set out in Annex F, then the licence applicant must also submit to the licensor:

1. supplementary information to meet the minimum disclosure requirements set out in Annex F; and

2. an assessment report provided by the same auditor that signs the annual financial statements by way of agreed-upon procedures prescribed by the licensor to confirm the completeness and accuracy of the supplementary information.

67.06

If the annual financial statements do not comply with the accounting requirements set out in Annex G, then the licence applicant must also submit to the licensor:

1. restated financial information that meets the accounting requirements set out in Annex G, covering the same reporting period and including comparative amounts for the previous comparative reporting period;

2. a declaration by the licence applicant’s management that the restated financial information is complete, accurate and in compliance with the regulations; and

3. an assessment report provided by the same auditor that signs the annual financial statements by way of agreed-upon procedures prescribed by the licensor in respect of the completeness and accuracy of the restated financial information.

67.07

Restated financial information must include, as a minimum:

1. a restated balance sheet as at the end of the period;

2. a restated profit and loss account/income statement for the period;

3. a reconciliation of the balance sheet and profit and loss account/income statement between the restated financial information and the relevant annual financial statements with an explanation of all differences.