The document announces new mandatory accounting record requirements for British Virgin Islands (BVI) companies according to the BVI Mutual Legal Assistance (Tax Matters) (Amendment) Act, 2012. BVI companies are now required to keep reliable accounting records with sufficient information to explain transactions and financial position for a minimum of five years. Registered agents like Intuit must maintain records of where client accounting records are kept. BVI companies that do not comply could face fines of $10,000. Intuit offers accounting and bookkeeping services to help clients meet these new requirements.