Accounting rules

Tax year

The tax year generally corresponds to the calendar year, although a different tax year is possible for resident companies and non-resident companies with a permanent establishment in Portugal. Once selected, the same tax accounting period must be maintained for at least five years.

Accounting standards

IFRS Standards apply to all domestic and foreign public companies. SMEs may choose between IFRS Standards as adopted by the EU and Portuguese national accounting standards. Subsidiaries of foreign non-IFRS companies must use Portuguese accounting standards.

Accounting regulation bodies

CNC

Accounting reports

Company financial statements must include a balance sheet (simple or detailed presentation), a profit and loss account (drawn up as a table), notes to the accounts and an annual report (called D.O.G. 'Documento de Orgão de Gestão').

Publication

There are three types of companies which are required to publish their financial statements: public companies, limited liability companies and companies listed on the stock exchange.

A company's financial statements are to be published once a year.

National professional accountancy bodies

OCC , Order of Chartered Accountants
APOTEC , Portuguese Association of Accounting Technicians
APC , Portuguese Association of Accountants

Certification and auditing

Companies have to seek a statutory auditor to conduct an annual audit of the financial health of their organisation.

Some external auditors that can be utilised include: Mazars, Ernst&Young, KPMG, PwC, D.F.K e Associados and Moore Stephens

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