Accounting Law

The Accounting Law Department is linked to Garrigues’ tax practice, although its scope of activity exceeds purely tax matters. We provide ongoing and specific advice on national and international accounting regulations to Spanish enterprises and multinational groups.

The multidisciplinary nature of the firm, combined with the quality and experience of our team, means the practice is ideally placed to offer the solutions required by businesses today.

We are able to adapt to our clients and call on the different specialist areas within the firm in order to deliver the best solution depending on the technical expertise required and the economic sector in which the client operates, as detailed below in the type of accounting law advisory services we offer.

Principles and standards of the spanish national chart of accounts

Analysis of the accounting treatment applicable to business transactions.

Interpretation of the scope of the recognition and valuation standards contained in the Spanish National Chart of Accounts.

Study on the criteria followed by external auditors.

Preparation of requests for rulings from the Spanish Accounting and Audit Institute (ICAC).

Assistance with accounting issues related to insolvency proceedings and other fields of law.

International financial reporting standards

Scope of the obligation to apply the IFRS and practical consequences of their application.

Differences between the IFRS and the Spanish National Chart of Accounts.

Interpretation of the Standards and Interpretations issued by the International Accounting Standards Board (IASB) and the International Financial Reporting Interpretations Committee (IFRIC).

Groups of companies and consolidation for accounting purposes

Scope of the obligation to prepare consolidated financial statements and exceptions.

Definition of the companies which form part of the consolidated group.

Applicable accounting legislation: Commercial Code vs. International Financial Reporting Standards.

Accounting treatment of intragroup transactions.

Rules for the preparation of consolidated financial statements.

Accounting treatment of mergers, acquisitions and reorganizations

Accounting treatment applicable to acquisitions.

Accounting treatment applicable to reorganizations.

Transactions between related companies.

Interpretation of the rules applicable to the preparation of individual and consolidated financial statements.

Differences between the IFRS and the Spanish National Chart of Accounts.

Audit rules

Scope of the statutory obligation to prepare financial statements.

Substance of formal accounting obligations.

Statutory audit obligation.

Interpretation of the substance and scope of audit standards.

Analysis and assistance regarding the contents and effects of the auditors’ report.