Accounting in Spain

Overview by

Accounting System

Accounting Standards
Accounting in Spain is based on the General Accounting Plan.
Accounting Regulation Bodies
ICAC, Institute of Accounting and Auditing
Accounting Law
Law 16/2007 of July 4 (and its partial modification by Law 34/2007 of November 15) reconstitutes and adapts the mercantile legislation related to accounting and modifies, among other things, the Commercial Law and the recasting of the text of the Limited Company (Listed Company or Public Limited Company) Law. The primary modifications concern the annual accounting reports, the evaluation criteria of certain items and the financial consolidation system.
Difference Between National and International Standards (IAS/IFRS)
Spain as adapted its accounting standards (NIIF/NIC) to the International Financial Reporting Standards (IAS/IFRS).
Accounting News
EIN Website on Spain

Accounting Practices

Tax Year
From January 1 to December 31 of the same year.
Accounting Reports
The annual accounts consist of the balance sheet, income statement, (cuenta de perdidas y ganancias), net assets modification statement, cash flow statement and the schedule (memoria). Summary annual accounts can be used under certain conditions of amount and staff for the SME and micro-enterprises.
Publication Requirements
The publication of accounts to regulatory authorities is annual and compulsory. 

Accountancy Profession

The profession is highly developed due to the complexity of the law and the administrative paperwork.
The accountant (censor jurado de cuentas) certifies, verifies, assesses and organizes the company's accounting books and balance sheet.
are also numerous.
Professional Accountancy Bodies
ICCAC, Accounting and Auditing Institute
ICJCE, Institute of Certified Public Accountants of Spain
AECE, Professional Association of Certified Public Accountants and Certified Tax Experts of Spain
Spanish Association of Tax Consultants
AECA, Spanish Association of Company Accounting and Administration
Member of the International Federation of Accountants (IFAC)
Spain is an active member of the IFAC.
Member of Other Federation of Accountants
Spain is a member of the Federation of European Accountants.
Audit Bodies
Companies have to seek a statutory auditor to conduct an annual audit of the financial health of their organization. You can consult the Association of public auditors of Spain.

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