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The time has come for the accounts departments of all Spanish companies, with the exception of the 300 companies that are listed on the Stock Exchange, to adapt to the new commercial and accounting rules.
As of 1 January 2008, a new era begins for Spanish companies. The Mercantile Reform Act 16/2007, published in July, started the race towards compliance, which will culminate with the final approval of the Draft New General Accounting Plan, at the end of 2007.
The new regulations bring Spain closer to the Generally Accepted Accounting Principles in the United States (USGAAP), which, although not exactly the same, are very close to IFRS.
To find out more about the new commerical and accounting rules, please download the article below.
Need more information?
Please contact Santiago Alio at Spanish accounting firm Audalia
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