Section 19: Public enterprises to keep accounting records.

(1) Notwithstanding anything to the contrary contained in any law or enactment, every public enterprise shall cause accounting records to be kept in accordance with the provisions of this Part of this Decree.
(2) The accounting records shall be sufficient to show and explain the transactions of the public enterprise and shall be such as to -
(a) disclose with reasonable accuracy, the financial position of the public enterprise; and
(b) enable the directors of the public enterprise to ensure that any financial statement prepared under this Part of this Act complies with the requirements of this Act as to the form and content of the financial statement of the public enterprise.
(3) The accounting records shall be in accordance with standards set by the Nigerian Accounting Standard Board and in addition shall contain -
(a) entries from day-to-day of all sums of money received and expended by the public enterprise and the matters in respect of which the money was received and expended; and
(b) a record of the assets and liabilities of the public enterprise.
(4) Where the activities of the public enterprise involves dealing in goods, the accounting records shall contain -
(a) statements of stocks held by the public enterprise at the end of each year;
(b) all statements of stocktaking from which any statement of stock as is mentioned in paragraph (a) of this subsection has been or is to be prepared; and
(c) except in the case of goods sold by way of ordinary retail trade, statements of all goods sold and purchased, showing the goods, the buyers and sellers in sufficient detail to provide easy identification.