What are the requirements for disclosure of financial information?

The requirements for disclosure of financial information in North Dakota depend on the type of entity. Generally, for-profit businesses must make public their financial reports, which typically include a balance sheet, income statement, and statement of cash flows. In addition to these standard documents, North Dakota businesses are also required to disclose dividends paid, operating expenses, and any capitalization changes. Non-profit organizations have different requirements for disclosure of financial information in North Dakota. Non-profits must present financial statements such as a quality comparison of revenue and expenses and a statement of net assets. Additionally, they must report all grants and fund allocations, inventory, and funding sources. In addition to the entity type, the size of the organization also affects its financial disclosure requirements. In North Dakota, the term “small business” is defined as any business with fewer than 500 employees or an annual revenue of less than $7 million. Small businesses must disclose less detailed information than larger corporations, but they must still report income, expenses, and any changes in capital structure. In North Dakota, all businesses are required to submit their financial information to the State Tax Department for review and to obtain a statutory financial review from a Certified Public Accountant. The CPA must also provide an opinion on the financial statements of the entity. Depending on the entity type, other financial documents may also be required. For all entities, the level of disclosure may vary depending on the situation and the organization.

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