In brief

On 30 January 2021, Spain’s Official State Gazette published Royal Decree 1/2021, which established certain amendments in Spain’s Generally Accepted Accounting Principles (El Plan General de Contabilidad or “PGC”), such as the GAAP for Small and Medium Sized Businesses (SMBs), the rules for preparing Consolidated Annual Financial Statements and the rules for adapting the GAAP to non-profit institutions

With regard to fiscal years starting after 1 January 2021, a number of amendments have been made to Spain’s domestic accounting regulations, mainly to align them with the most recent international accounting criteria for financial instruments and revenue recognition, as such are set out in International Financial Reporting Standards 9 and 15 (IFRS-EU 9 and IFRS- EU 15).

If you would like to know more about this accounting reform, please click here.

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