10

Candidates must prepare financial statements for their campaign, listing all donations and costs in accordance with generally accepted accounting principles. The statements must be endorsed by an auditor or an examiner familiar with accounting practices. The accounting period must be based on the date when the candidate's campaign begins. In the event of primary elections, the accounting period must be based on the date when the primary is advertised unless the candidate's campaign begins earlier. In the event of presidential elections, the accounting period must be based on the date when the candidature is submitted to the Ministry of Justice unless the candidate's campaign begins earlier. The end of the accounting period must be based on the date when the financial statements are submitted to the Icelandic National Audit Office pursuant to Article 11. The Icelandic National Audit Office shall issue guidelines for preparing financial statements for election campaigns and on the duty to provide information on the statements.
The Icelandic National Audit Office may at any time call for all documents in order to verify that campaign costs and donations by individuals and legal entities to the candidate have remained within the limitations stated in Chapter III.
Candidates are exempt from the duty to provide financial statements if the total income or total cost of her/his election campaign does not exceed ISK 400,000.