Accounting in Belgium

Overview by

Accounting System

Accounting Standards
Plan Comptable Minimum Normalisé (PCMN: only in French) or the Minimun Standardized Accounting Plan. Download this accounting plan (only available in French).
Accounting Regulation Bodies
Commission of the countable standards in Belgium, Website of the Commission of the countable standards in Belgium
Institute of Chartered Accountants, Website of the Institute of Chartered Accountants
Accounting Law
The Royal Decree of 18 January 2005 stipulate that for all companies, the board of directors of any parent company preparing consolidated financial statements can opt to prepare them using IFRS (International Financial Reporting Standards) as endorsed by the European Commission and applying on the balance sheet date. Once taken, this decision is irrevocable.


For listed companies there is an obligation to prepare consolidated financial statements under IFRS as endorsed by the European Commission on the balance sheet date for all financial years beginning on or after 1 January 2005.

Difference Between National and International Standards (IAS/IFRS)
Belgium apply International Accounting Standards (IAS / IFRS).
Accounting News
Ernst&Young News website
Ernst&Young News website on Belgium

Accounting Practices

Tax Year
From the 1st of January to the 31st of December.
Accounting Reports
Belgian accounting principles are promulgated by: the law of July 17, 1975, royal decrees and the recommendations of the Accounting principles Committee.
Publication Requirements
All Belgian companies have to present to shareholders an annual account according to a standard form; a complete plan for big companies and an abbreviated one for Small and Medium-Sized Companies.
This annual account must include: the balance sheet, the profit and loss account and the appendix.
The Brussels stock market allows companies to publish their accounts by referring to the IASC (International Accounting Standards Committee) norms.
The Belgian companies whose capital is foreign may also follow the IASC norms.

Accountancy Profession

Chartered accountants must belong to the Institut des Experts Comptables et des Conseils Fiscaux / Het Instituut van de Accountants en de Belastingconsulenten.
Professional Accountancy Bodies
Institute of Chartered Accountants and tax advice, Website of the Institute of Chartered Accountants and tax advice
The corporate auditors, Website of the corporate auditors
Member of the International Federation of Accountants (IFAC)
Member of Other Federation of Accountants
Belgium is a member of the European Accounting Association (EAA).
Audit Bodies
Companies have to seek a statutory auditor to conduct an annual audit of the financial health of their organization.
You can coontact an external auditor: Ernst&Young, KPMG, PricewaterhouseCoopers.

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