Septiembre 2011

Which chart of accounts can I apply?

Coinciding with the approval of the Spanish National Chart of Accounts in 2007 was the approval of a Chart of Accounts for Small and Medium- sized Companies (SNCA for SMEs), of optional application for companies that have certain characteristics. Also, the Chart of Accounts for SMEs contains the specific accounting rules for micro companies.


Schematically, the application of each of the Charts of Account in force is as follows:
Which chart of accounts can I apply?

Spanish National Chart of Accounts
Obligatory for all companies, whatever their legal form, except for those that may apply the SNCA for SMEs.

Chart of Accounts for SMEs

Companies that meet the requirements to prepare an abridged balance sheet and statement of changes in equity may voluntarily apply this Chart of Accounts; that is to say, companies that for two successive years, at each year-end, are below at least two of the following thresholds:

• 
  Total assets do not exceed EUR 2,850,000.
  
• 
  Revenue does not exceed EUR 5,700,000.
  
• 
  The average number of employees in the year does not exceed 50.
  

If the company forms part of a corporate group, the amount of the foregoing thresholds must be taken to be the total for all the companies that make up the group.

It may not be applied in any circumstances if the company is in any of the following situations:

• 
  It has securities admitted to trading on an EU regulated market.
  
• 
  It forms part of a corporate group that prepares or should prepare consolidated financial statements.
  
• 
  Its functional currency is a currency other than the euro.
  
• 
  It is a bank.
  

20