The growth of the Israeli accounting profession is closely related to greater and more complex legal requirements concerning financial enterprises and the establishment of a complex tax structure. A public company in Israel is required to present a yearly Balance Sheet inspected and confirmed by an authorized auditor. A company with share capital must issue a yearly Return containing a list of shareholders in the company, showing the number of shares held by each of them, the sum of the share capital of the company and the manner of payment by shareholders on the account of their shares. The above reports are presented to the Registrar of Companies. All companies are required to keep proper accounts and in addition prepare a yearly set of financial statements. It is a company's directors' responsibility to prepare the aforementioned financial statements. The tax structure in Israel has also contributed to the growth of the accounting profession. The income tax system closely parallels that of federal tax structure in the U.S.