This excerpt taken from the LPL 20-F filed Apr 11, 2005.
Article 13. Accounting Policies
The type of records and accounting books which the JVC shall maintain shall reflect generally accepted accounting principles as defined and implemented under the direction of the
accounting firm appointed as set forth below and shall also meet the requirements of applicable laws. The principal books and records of the JVC including, but not limited to, minute books and financial records shall be kept in Korean and Japanese.
NEG and LPL and their designated representatives will have full and complete access to the books and records of the JVC at any reasonable time for the purpose of inspection.
The fiscal year of the JVC shall begin on January 1st of each year and end on December 31st of the same year, except the first fiscal year of the JVC which shall begin on the date
of incorporation and end on first December 31st occurring thereafter.
At least thirty (30) days prior to the beginning of each fiscal year, annual investment and budgets and an annual business plan for the next succeeding fiscal year will be prepared
and submitted to and approved by the Board of Directors.
Within ninety (90) days after the end of each fiscal year, an annual audit of the JVCs operations and financial records shall be conducted at the JVCs expense by the
certified public accountants to be appointed by mutual agreement of the Parties hereto. The certified financial statements shall be prepared in accordance with the generally accepted accounting principles of Korea and copies thereof shall be
furnished to NEG and LPL promptly upon conclusion of such audit.
NEG and LPL shall cause that the JVC shall, on monthly, quarterly, semi-annually and annually basis, prepare its financial statements (e.g., sales report, profit and loss
statement, etc.) in such form and substance requested by NEG and LPL, and shall furnish them to NEG and LPL.