Opening and Closing necessity in any jurisdiction

[Wm]

As far as I know the opening, closing and re-opening of accounts on an 
annual basis isn't a formal requirement anywhere.

If I am wrong I'd like to know as I think it disagrees with 
international accounting principles which mainly say you should report 
honestly and that may involve restating previous periods.

gnc's natural, ever running, is natural to me from an accounting pov but 
clearly an anathema to others, is the notion of running accounts 
indefinitely and reporting honestly actually illegal anywhere ?

I wouldn't ask except some people suggest accounts must be closed where 
they live but when questioned about details they tend to say, "well, 
actually ..."

So, is there anywhere in the world where accounts must be closed and 
opened each year?  I think the answer is no but I'm curious to find out 
if I'm wrong.

-- 
Wm...