26.3.5 Account Settlement
The purpose of account settlement is to clarify the financial conditions and administrative performance at the end of each fiscal year through organizing accounting records of the fiscal year.
26.3.5.1 Monthly Settlement of Accounts
To clarify monthly financial conditions, the Accounting Supervisor shall create the documents prescribed by 26.3.5.2.
26.3.5.2 Monthly Report
The documents stipulated in 26.3.5.1shall be those stated in the following:
- Compound trial balance
- Documents required to be submitted to the Board of Audit in accordance with Article 69 of the Accounting Proof Rules (Board of Audit Ordinance No.3 of June 7, 1952)
26.3.5.3 Monthly Settlement of Accounts
The Accounting Supervisor must execute the steps stated in the following to prepare the monthly report stipulated in 26.3.5.1.
- Collating the compound trial balance and the Table of Budget Use Status
- Validation of details of receivables, payables, and suspense account
- Collating the fixed asset books and the fixed asset account ledger
26.3.5.4 Yearly Settlement of Accounts
The Accounting Supervisor shall perform required procedures for the yearly settlement of accounts, compile drafts of financial statements, etc. as prescribed by the Okinawa Institute of Science and Technology Act, and report them to the CEO/President.
26.3.5.4.1 The CEO/President shall determine such financial statements.
26.3.5.5 Financial Statements, etc.
The CEO/President shall submit to the Prime Minister the financial statements, etc., prescribed in 26.3.5.4 article along with the Auditor's opinions within three (3) months after the closing of each fiscal year.