Comptabilitat a Grècia

Accounting Rules

Tax Year

The accounting year has a 12-month period and ends on 31 December or 30 June. Subsidiaries of foreign groups may use other year-end dates.

Accounting Standards

IFRS or Greek GAAP. The application of IFRS is mandatory for corporations with listed shares or securities; and for corporations that are consolidated for accounting purposes with a company that uses IFRS if that company represents at least 5% of the consolidated turnover, consolidated assets or consolidated results (after minority rights). IFRS is optional for other corporations and limited liability companies. New Greek GAAP, which has many similarities with IFRS, applies as from 1 January 2015 in all other cases.

Community accounting legislation is primarily based on two directives. The first (78/660/CEE) obliges all limited liability companies to draw up annual accounts; its aim is not to achieve complete harmonisation of accounting rules but rather to ensure better comparison of financial information. The second (83/149/CEE) obliges parent companies to prepare consolidated accounts and a consolidated annual report, which detail the financial situation of the group.

Accounting Regulation Bodies

EU International Accounting Standards

Accounting Reports

The evaluation of accounts is focused on the principles of caution and invariability of methods of evaluation. The annual report must contain a faithful representation of the evolution of business and the financial situation of the company. In addition, it must contain information about important events that have occurred within the fiscal year, the foreseeable evolution of the company and the company's research and development activities. The financial statement must include: a balance sheet, an annual report, a table of profit distribution and notes.

Publication Requirements

Every year companies are bound to publish a financial statement including: a balance sheet, an annual report, a table of profit distribution and notes. It must be audited, sent to the register of public limited companies and published in the official government journal. In compliance with European directives, all companies listed on the stock exchange must also draw up their consolidated annual accounts on the basis of IAS standards. 

Professional Accountancy Bodies

Certification and Auditing

External control of accounts must be given to an auditing body chosen by the company. For more information, consult the Institute of Certified Public Accountants of Greece(SOEL).

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