Accounting in France

Overview by

Accounting System

Accounting Standards
Official accounting plan (PCG)
Accounting Regulation Bodies
CNC, National Accounting Council
ANC, French Accounting norms Authority
Accounting Law
The main source of accounting regulations in France is the accountancy law (Act 83-353 of 30 April 1983) integrated in the Code of Commerce (articles 8 to 17, become articles L 123-12 to L123-28 in the new Code of Commerce) and completed by the decree 2002-312 of the 26th of February 2002 relative to the simplification of accounting obligations for small companies. The accountancy law has incorporated the recommendations of the 4th Community Directive at the national level.

The second major source of French accountancy law is the Act 85-11 of 3/01/1985 which incorporates into national law the provisions of the 7th Community Directive for groups of companies (directive 83/349/EEC of the Council concerning consolidated accounts).
Difference Between National and International Standards (IAS/IFRS)
European companies listed on the stock exchange must establish their annual consolidated accounts on the basis of the IAS/IFRS standards.
Accounting News
France accounting news

Accounting Practices

Tax Year
From January 1 to December 31 .
Accounting Reports
Annual accounts: the balance sheet, the profit and loss account and the notes to the accounts.
The annual report
The statement of source and application of funds (compulsory for large companies)
Publication Requirements
There are three levels of reporting: The basic system (Normal), an abridged system (for small companies), a developed system. They depend on the legal form and size of the companies (defined in relation to the total of the balance sheet, the turnover and the number of employees).
The reporting is annual, except for listed companies for whom reporting is quarterly.

Accountancy Profession

The comptable (accountant) is responsible for the legal obligations of the company in regards to accounting.
The expert-comptable (chartered accountant) certifies company accounts.
The commissaire aux comptes (auditor) certifies the accounts carried out by the chartered accountant (for companies with more than 50 employees, joint-stock companies and public limited companies).
Professional Accountancy Bodies
OEC, The Higher Council of the Order of Chartered Accountants
CNCC, The National Company of Auditors (in English)
IFAC, The International Federation of accountants
Member of the International Federation of Accountants (IFAC)
The CNCC and the OEC are members.
Member of Other Federation of Accountants
Federation of European chartered accountants
Audit Bodies
Companies have to seek a statutory auditor to conduct an annual audit of the financial health of their organization. You can contact an external auditor: KPMG, Ernest & Young, PricewaterhouseCoopers.

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