Accounting in the Netherlands
- Accounting Standards
- The Dutch Generally Accepted Accounting Principles (GAAP) consists out of the International Financial Reporting Standards (IFRS). All Dutch (and European) companies have to comply with these standards. The EU's Accounting Regulatory Committee (ARC) is responsible for checking the reports.
- Accounting Regulation Bodies
NIVRA, Dutch Institute of Accounting
Accounting Regulatory Committee
- Accounting Law
- As the standards are part of European law the approved standards and approved subsequent changes must be published in the Official Journal of the European Union. On October 13, 2003 the first publication of the standards was included in PB L 261. Changes to the earlier published IAS and IFRS can be monitored using the Web site of the Directorate Internal Market of the European Union on the implementation of the IAS in the European Union.
- Difference Between National and International Standards (IAS/IFRS)
- IAS / IFRS are in use.
- Tax Year
- The fiscal year begins on January 1st and ends on December 31st of the same year.
- Accounting Reports
- Financial statements, cash flow statement and additional information.
- Publication Requirements
Private companies, cooperatives, mutual insurance companies and general partnerships have to publish their accounts.
To be published, the annual report must be deposited in the trade register. Statements must be filled annually.
- There are two organizations of accountants : the Royal NIVRA with about 9600 members and the Netherlands Organization winnowing basket Accountants-Administratieconsulenten (NOVAA) with 4,300 members.
- Professional Accountancy Bodies
NIVRA, Dutch Institute of Certified Accountants.
NOVAA - Administratieconsulenten, Administration advisers.
- Member of the International Federation of Accountants (IFAC)
- NIVRA is a member of the IFAC
- Member of Other Federation of Accountants
- NIVRA is a member of The European Federation of Accountants.
- Audit Bodies
- Companies have to seek a statutory auditor to conduct an annual audit of the financial health of their organization. For more information, you can contact The Netherlands Court of Audit
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