La Ley 16/2007, de 4 de julio, de reforma y adaptación de la legislación mercantil en materia contable para su armonización internacional con base en la normativa de la Unión Europea

Abstract

This article analyses the Spanish Law 16/2007 on accounting reform, which aims at adapting Spanish accounting regulations to European Standards. The objective of this law is to harmonize with International Accounting Standards and International Financing Reporting Standards, in substantial aspects. Within the new accounting regulatory framework, the Commercial Code and the Public Limited Companies Act only address substantial accounting aspects. Thus, the system becomes more flexible, owing to the fact that those aspects related to the accounting technique shall be developed by a new General Accounting Plan, which can be modified more easily. Amendments to the Commercial Code affect only two sections: Annual Accounts and Filing of Accounts of Group Companies. Amendments to the Public Limited Companies Act affect Annual Accounts and other articles which are adapted to the new concept of net assets, in the same way regulations related to holding of own shares and distribution of benefits are modified. Finally, other amendments in other legal texts are analysed (State Law on Cooperatives and the Act on Auditing of Accounts).