Importance of the Annual Approval of Financial Statements

2 February, 2024

In Peru, as in many other countries, companies must keep their financial statements updated and approved by the general shareholders’ meeting. This practice is not only a legal requirement but also plays a crucial role in the transparency, financial management, and tax compliance of the company.

Corporate Regulations

According to Law No. 26887, the General Law of Corporations of Peru, companies must prepare and file their financial statements annually. These must be approved by the general shareholders’ meeting and accurately reflect the economic and financial situation of the company. The updating and approval of these documents ensure the proper management of the company under the law and good corporate practices.

Importance in Decision-Making

Financial Statements are a fundamental tool for internal and external decision-making. For administrators, they provide a solid basis for strategic planning and resource management. For shareholders and potential investors, they are an indication of corporate health and performance, influencing their investment decisions.

Tax Compliance

In the tax area, the updating and approval of financial statements are essential. The SUNAT (Superintendencia Nacional de Aduanas y de Administración Tributaria – National Superintendency of Customs and Tax Administration) requires companies to file these documents to verify compliance with their tax obligations. An up-to-date and accurate record of financial statements eases the audit process and reduces the risk of penalties or fines from tax authorities.

Transparency and Credibility in the Market

Keeping updated and approved financial statements increases the company’s transparency to third parties. In addition to improving the company’s image and credibility in the market, this also strengthens the confidence of investors, customers, and suppliers.


In conclusion, keeping updated and approved financial statements is a fundamental task for any company in Peru, not only to comply with legal regulations but also to ensure its sustainability and transparency in the market.

In this context, financial and legal experts’ support is essential. Hence, VAG GLOBAL can be the difference for its customers. VAG GLOBAL is perfectly positioned to assist companies, along with a highly qualified team of professionals and a deep understanding of Peruvian corporate and tax regulations, to assist them in the regularization of their financial statements and the management of their approval during the general shareholders’ meeting.

The cooperation of VAG GLOBAL not only ensures compliance with current regulations but also provides confidence and a solid basis for the future growth of your company. If your company requires assistance in these crucial matters, do not hesitate to contact us. We can work together to ensure your company not only complies with legal requirements but also stands out in the marketplace for its integrity and financial transparency.


For further information or to schedule a consultation, please see Vag Global or contact us at (01) 4364612. We will be glad to assist you in surfing these complex waters and ensure your company’s ongoing success.