Annex III. Accounting and audit issues

This chapter contains details of the main accounting, commercial bookkeeping and audit obligations to be observed by Spanish enterprises. According to Spanish legislation, all enterprises are required to keep orderly accounts, in keeping with their business, including a book of inventories and balance sheets book and a journal.

Companies must also keep one or more minutes books in which all the resolutions adopted by the annual and special shareholders’ meeting and other collective bodies of the company must be recorded.

The Spanish National Chart of Accounts approved by Royal Decree 1514/2007, of November 16, 2007, establishes, in accordance with the European Union’s accounting convergence process, the accounting principles that aim to ensure that financial statements, prepared clearly, present fairly a company’s equity, financial position and results of operations, incorporating the accounting criteria contained in the International Accounting Standards.