Article 15 AccountingF1

The EIF shall keep separate Dedicated Window[s] Account[s]s for the activities related to each Financial Instrument in accordance with the rules and procedures of the EIF.

Financial transaction and financial statements with respect to a Dedicated Window shall be established in accordance with:

1. (a)

   the rules and procedures of the EIF as applicable to such Dedicated Window;

   and

2. (b)

   the accounting rules of the Union set by the Accounting Officer of the European Commission on the basis of the standards set by the Board for International Public Sector Accounting Standards (IPSAS), as may be amended from time to time and communicated in advance by the European Commission to the EIF pursuant to the terms of the Delegation Agreement(s) [Further conditions may be contractually specified if necessary].

The EIF shall keep financial and accounting documents concerning the MS Contribution Paid for a term of seven (7) years following the end of the Implementation Period or termination of this Funding Agreement or the closure of Operations under a Financial Instrument, whichever period is the longest.

The EIF shall submit to the Managing Authority the audited financial statements of a Dedicated Window annually.