This body is responsible for carrying out the necessary work related to the preparation and proposal of the General Accounting Plan adapted to the derived Community Law and accounting Directives and Regulations of the European Commission by which international accounting standards are adopted.
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It is also responsible for adapting the General Accounting Plan to the different sectors of economic activity . It analyses and proposes regulations establishing accounting principles and coordinates and cooperates with other institutions issuing accounting pronouncements, among other things.
Currently, the Accounting Plan that governs small and medium-sized companies dates back to 2007, although it was partially modified in 2010. It is time for its renewal at the request of the European Union, through European Directive 2013/34, and Spain has until July 20 of this year to adapt the standard so that it comes into force in 2016.
Professor Gregorio Labatut , PhD in Economics and Business Administration and Professor at the Faculty of Economics at the University of Valencia, summarises some of the possible changes in five aspects:
The balance sheet and profit and loss account are simplified . Indeed, the European directive allows Member States to "exempt small companies from the obligation to publish their profit and loss accounts and management reports".
The Memory will be reduced and will be called 'Notes' again, a much simpler document.
There will be changes in loan accounting . Instead of following the amortized cost criterion, loans will be accounted for at the nominal value of the accrued amounts.
Goodwill will be amortized normally, excluding the impairment test.
The costs of setting up companies may be incurred over five years.
Ultimately, the aim is to facilitate the growth of small and medium-sized businesses by simplifying cumbersome but mandatory procedures in their annual management.
Law firms and consultancies will play a key role , once the law comes into force, in bringing their clients up to date. We have already spoken on occasion about the need to be prepared for legal changes. It is essential.