Septiembre 2011

Which chart of accounts can I apply?

Specific rules for MICROCOMPANIES
These rules may be applied by companies which, having opted to apply the Spanish
National Chart of Accounts for SMEs, meet at least two of the following conditions at year-end for two consecutive years:

• 
  Total assets do not exceed EUR 1,000,000.
  
• 
  Revenue does not exceed EUR 2,000,000.
  
• 
  The average number of employees in the year does not exceed 10.
  

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.

Spanish National Chart of Accounts

The Spanish National Chart of Accounts is divided into five sections:

Obligatory	Section One: Accounting conceptual framework Section Two: Recognition and measurement standards Section Three: Financial statements Rules for the preparation of financial statements Standard models of financial statements and notes thereto Abridged models of financial statements and notes thereto
Voluntary^1	Section four: Chart of accounts Section five: Definitions and accounting relationships

¹ Application of sections four and five is not mandatory, except where they relate to or contain recognition and measurement bases.