Accounting in Spain
- 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
- 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.
- 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.
Auditors 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.
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