Accounting in Greece
- Accounting Standards
- Community accounting legislation is mainly based on two Directives « Company Law »: the fourth directive (78/660/CEE) which obliges all limited liability companies to draw up annual accounts; its aim is not to achieve complete harmonization of accounting rules but rather to ensure better comparison of financial information; the seventh directive (83/149/CEE) which obliges parent companies to prepare consolidated accounts and a consolidated annual report which detail the financial situation of the group.
- Accounting Regulation Bodies
International accounting standards
- Accounting Law
- Law. 2238/1994 is the Greek Income Tax Code.
- Accounting News
EIN Central Europe Accounting news
- Tax Year
- The tax year begins on 1 January and finishes on 31 December of the same year.
- Accounting Reports
Rules for evaluating the accounts which appear in the annual accounts are founded on principles such as the principle of caution, the principle of the invariability of methods of evaluation, etc.
The annual report must contain a faithful presentation of the evolution of business and the situation of the company. In addition, it must contain information about the important events which have occurred since the closing of the financial year, the foreseeable evolution of the company and the company’s research and development activities.
- Publication Requirements
Every year companies are bound to publish a financial statement including a balance sheet, an annual report, a table of profit distribution and notes. It must be audited, sent to the register of public limited companies and published in the official government journal.
In addition, the European Directive of 19 July 2002 obliges all European companies listed on the Stock Exchange to draw up, starting with the 2005 financial year, their consolidated annual accounts on the basis of IAS standards. Concretely, the company councils of Greek listed firms and consolidated Greek subsidiaries of listed Greek firms or listed firms under the jurisdiction of the law of another member State have been confronted systematically, since 2006, with consolidated accounts drawn up in compliance with IAS/IFRS standards and which are therefore different in their form and content from those which had been sent to them up to now.
- The Greek Institute of authorized auditors (SOE: Soma Orkoton Elekton) is the official organ of the auditor’s profession. It has 420 members.
- Professional Accountancy Bodies
Soma Orkoton Elekton, Association of Accountants (in greek only).
- Member of the International Federation of Accountants (IFAC)
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