National Accounting Plan, 2007

Spain Current 2007

Law 16/2007 authorised government to approve the General Accounting Plan (“Plan General de Contabilidad”) by Royal Decree, to set up a new legal regulatory framework compliant with European Community Directives considering the IAS/IFRS adopted under European Union Regulations. Developed by the Accounting and Auditing Institute (ICAC), the Plan includes requirements from previous resolutions of the ICAC. Thes include information about environmental assets, provisions, investments and expenses in financial statements. The requirements include how to measure and proceed with accounting, and which information should be included in the annual report. The Plan also includes obligations for information about social practices that are covered under article 260 of the “Ley de Sociedades de Capital”. Furthermore, Royal Decree 1159/2010 states that the annual reports following the Accounting Plan should include information about employees with disabilities that are part of the total workforce.

Scope

Environmental & Social & Governance

Industry sectors covered by the instrument

All/none specified

Organizations covered by the instrument

All organizations except those in the public sector

Type of instrument

Code of conduct or guideline

Mandatory or voluntary

Mandatory

The geographical scope

National/federal

Project Partners