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Portuguese Accounting
Member rating: No Rating | Words: | Submitted: Tue Jun 20 2006
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Portuguese Accounting The Portuguese standard setting process started almost 40 years ago with the establishment of tax laws. As a member of EU, the Portuguese accounting system is strongly influenced by Fourth and Seventh Directives and the most recent standards are very similar to IASs, revealing a harmonization effort. The Portuguese Accounting Standards Board (CNC - Comissão de Normalização Contabilística) was set up in 1974 by law and has revised several times since, the last being in 1999. Global Harmonisation As in many others continental European countries, Portuguese accounting consists on a codified system of law. The first significant attempt to harmonize accounting practices occurred in 1963 with a profound tax reform, which contained some implicit accounting regulations. Only in 1977 an accounting regulation was established with the promulgation of the first Official Plan (POC - Plano Oficial de Contabilidade). Recent changes Portugal only recently started to realise the crucial importance of a comprehensive set of...
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