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SPANISH GENERAL ACCOUNTING PLAN

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SPANISH GENERAL ACCOUNTING PLAN (PLAN GENERAL DE CONTABILIDAD ESPAÑOL – ENGLISH TRANSLATION)

1. INTRODUCTION ..................................................................................

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2. ACCOUNTING FRAMEWORK .......................................................... 27

3. RECOGNITION AND MEASUREMENT STANDARDS ................. 364. ANNUAL ACCOUNTS .......................................................................... 98

5. STANDARD ANNUAL ACCOUNTS ................................................... 113

6. ABREVIATED FORMAT FOR ANNUAL ACCOUNTS .................. 161

7. CHART OF ACCOUNTS ...................................................................... 179

8. DEFINITIONS AND ACCOUNTING ENTRIES............................... 205

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SPANISH GENERAL ACCOUNTING PLAN (PLAN GENERAL DE CONTABILIDAD ESPAÑOL – ENGLISH TRANSLATION) 1

1. INTRODUCTION

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2. ACCOUNTING FRAMEWORK 1) Annual Accounts. Fair presentation 2) Disclosure requirements in annual accounts 3) Accounting principles 4) Components of the annual accounts 5) Recognition criteria for elements of annual accounts 6) Measurementcriteria 7) Generally accepted accounting principles 3. RECOGNITION AND MEASUREMENT STANDARDS 1st Application of the Accounting Framework 2 Property, plant and equipment 3rd Specific standards on property, plan and equipment 4th Investment property 5th Intangible assets 6th Specific standards on intangible assets 7th Non-current assets and disposal groups held for sale 8 Leases and similartransactions 9th Financial instruments 10th Inventories 11th Foreign currency 12th Value added tax (VAT), Canary Island tax (IGIC) and other
th nd

27 27 27 28 29 30 31 34 36 36 36 39 40 40 41 42 44 47 65 67

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Approved by Royal Decree 1514/2007 of 16th November 2007

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indirect taxes 13 Income tax 14th Revenue from sales and the rendering of services 15th Provisions and contingencies 16thLiabilities arising from long-term employee benefits 17th Share-based payment transactions 18th Grants, donations and bequests received 19 Business combinations 20th Joint ventures 21st Transactions between group companies 23rd Events after the balance sheet date
th th

69 70 74 76 76 78 79 80 92 93

22nd Changes in accounting criteria, errors and accounting estimates 96 97

4. ANNUALACCOUNTS 1st Document comprising the annual accounts 2nd Preparation of annual accounts 3rd Structure of the annual accounts 4th Abbreviated annual accounts 5 Standards commonly applicable to the balance sheet, the income statement, the statement of changes in equity and the statement of Cash Flows 6th Balance sheet 7th Income statement 8th Statement of change in equity 9 Statement of cash flows 10thNotes 11th Revenue for the period 12th Average number of employees 13th Group companies, jointly controlled entities and associates 14th Interim financial statements 15 Related parties
th th th

98 98 98 98 99

100 101 104 106 107 109 110 110 110 111 111

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5. STANDARD ANNUAL ACCOUNTS 5.1 Standard format for annual accounts 5.2 Content of the notes to the annual accounts

113 113 1236. ABREVIATED FORMAT FOR ANNUAL ACCOUNTS 6.1 Abbreviated format for annual accounts 6.2 Content of the notes to the abbreviated annual accounts

161 161 167

7. CHART OF ACCOUNTS

179

8. DEFINITIONS AND ACCOUNTING ENTRIES

205

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INTRODUCTION

I 1.- With the approval of the General Accounting Plan through Decree 530/1973 of 22 February 1973, Spain embarked upon the modern-daytrend of accounting standardisation. Spain’s subsequent entry into what is now the European Union entailed harmonising its accounting standards with European Community accounting legislation, hereinafter the Accounting Directives (Fourth Council Directive 78/660/EEC of 25 July 1978 related to the annual accounts of certain types of companies, and Seventh Council Directive 83/349/EEC of 13 June...
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