Article 68 Interim financial statements - Club Licensing

UEFA Club Licensing and Financial Sustainability Regulations

Content Type
Technical Regulations
Category
Specific Regulations
Subject
Club Licensing
Edition
2022
Language
English
Enforcement Date
25 January 2023
68.01

If the licence applicant’s annual financial statements under Article 66 are for a reporting period ending more than six months before the deadline for submission of the list of licensing decisions to UEFA, then additional financial statements covering the interim period must be prepared and submitted.

68.02

The interim period starts the day immediately after the annual accounting reference date and ends on the 31 December preceding the deadline for submission of the list of licensing decisions to UEFA.

68.03

Exceptionally, if a licence applicant has an annual accounting reference date of 31 May, then it may prepare and submit interim financial statements for a six-month period ending 30 November.

68.04

The interim financial statements, including comparative amounts for the prior interim period, must be prepared in accordance with the same accounting policies as the annual financial statements with the exception of accounting policy changes made after the date of the previous annual financial statements that are to be reflected in the next annual financial statements.

68.05

The interim financial statements must include:

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

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

  3. a cash flow statement for the interim period;

  4. a statement of changes in equity for the interim period; and

  5. explanatory notes.

68.06

If the licence applicant did not have to prepare interim financial statements for the prior interim period, then the comparative figures may instead be from the annual financial statements for the immediately preceding reporting period.

68.07

Interim financial statements must be reviewed or audited by an independent auditor as defined in Annex E.

68.08

If the interim financial statements do not meet the minimum disclosure requirements as 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 in respect of the completeness and accuracy of the supplementary information.

68.09

If the interim 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 statements that meet the accounting requirements set out in Annex G, covering the same period and including comparative amounts for the previous comparative period;

  2. a declaration by the licence applicant’s management that the restated financial statements are 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 statements.