Section 2

The general accounts shall record, in chronological order using the double entry method, all events and operations which affect the economic and financial situation and the assets and liabilities of the Union body. Balances and movements in the general accounts shall be entered in the accounting ledgers. All accounting entries, including adjustments to the accounts, shall be based on supporting documents, to which the entries shall refer. The accounting system shall be such as to leave a clear audit trail for all accounting entries. The accounting officer of the Union body shall, after the close of the financial year and up to the date of presentation of the final accounts, make any adjustments which, without involving disbursement or collection in respect of that year, are necessary for a true and fair presentation of the accounts. Such adjustments shall comply with the accounting rules referred to in Article 101. The budgetary accounts shall provide a detailed record of the implementation of the budget of the Union body. For the purposes of paragraph 1, the budgetary accounts shall record all budgetary revenue and expenditure operations provided for in Title IV. The Union body shall keep inventories showing the quantity and value of all the tangible, intangible and financial assets constituting Union property in accordance with a model drawn up by the accounting officer of the Commission. The Union body shall check that entries in the inventory correspond to the actual situation. The sale of the Union body’s tangible assets shall be suitably advertised.

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Source: EUR-Lex (Cellar) · retrieved 2026-11-01 · Text as adopted (Official Journal); later amendments are not incorporated in this text.