Accounting in Portugal
- Accounting Standards
- The official accounting plan (Plano Oficial de Contabilidade - POC) and accounting standards (Directrizes Contabilísticas - DC) DC 1 to DC 29.
- Accounting Regulation Bodies
Ministry of Finance
CNC, Portuguese Accounting Standards Board
- Accounting Law
- The legal system is based on the civil law system. Portugal accepts compulsory jurisdiction of the International Court of Justice with reservations. In January 2010, the decree-law that enacts the Accounting Standardisation System and repeals the Official Chart of Accounts (POC) entered into force. This legislation was passed as part of a reform that is intended to be structural in nature and apply horizontally across the national accounting system. The reform takes shape in four different legislative instruments: the legislation that enacts the Accounting Standardisation System, the one that amends the IRC (Corporate Tax) Code, the one that sets up the new Accounting Standardisation Committee and the one that sets up the Accountants’ Association.
- Difference Between National and International Standards (IAS/IFRS)
IFRS standards are authorized for the consolidated accounts of companies that are not listed on the stock exchange. They are obligatory for the corporate financial statements of subsidiaries of groups which are quoted on the stock exchange.
European companies listed on the stock exchange must establish their annual consolidated accounts on the basis of the IAS/IFRS standards.
- Accounting News
RTP Accounting News
- Tax Year
- From 1 January to 31 December.
- Accounting Reports
- Company financial statements must include a balance sheet (simple or detailed presentation), a profit and loss account (drawn up as a table), notes to the accounts and an annual report (called D.O.G. « Documento de Orgão de Gestão»).
- Publication Requirements
- There are three types of company which must legally publish their financial statements: public companies, limited liability companies and companies listed on the stock exchange (according to European norms). Company financial statements are published once a year.
- There are 3 categories of accountant:
- the «Contabilista» : an accountant, with 3 years of higher studies, but with no capacity to sign the financial statements of the company;
- the «T.O.C » (técnico oficial de contas) : a chartered accountant, with 3 or even 5 years of higher studies in accountancy, and who has taken an examination to be a member of the Chamber of TOCs. He has the capacity to sign the financial statements;
- the «R.O.C.» (Revisor Oficial de Contas) : a statutory auditor, with 3 to 5 years of higher studies in accountancy, economy, management or audit. Either they take an examination to join the Order of ROCs, or the Studies Institution is recognized by them and by the government. There are individual ROCs (more than 1 300 are registered) and ROC Societies (SROC), with more than 200 registered companies.
- Professional Accountancy Bodies
CTOC, Chamber of Chartered Accountants
APOTEC, Accountants' Association
APPC, Accountants' Association
OROC, Order of Auditors
- Member of the International Federation of Accountants (IFAC)
- Member of Other Federation of Accountants
Member of the European Federation of Accountants and Auditors for SMEs (EFAA)
Member of The European Federation of Accountants (FEE)
Member of the Federation of Latin American 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: Mazars ; Ernst&Young ; KPMG ; PwC ; D.F.K e ; Associados ; Moore Stephens
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