Invertir en el País Vasco

Guía básica sobre normativa laboral, mercantil, contable y fiscal

Accounting books and requirements2020-08-07T08:59:34+02:00


In accordance with the regulations in force in the region, all entrepreneurs must keep an orderly accounting system, appropriate to the activity of their company, which makes it possible to monitor their transactions chronologically and prepare balance sheets and inventories periodically.

This means that companies must keep a journal in which to record the accounting details of their economic and financial transactions. As a consequence of recording these economic and financial transactions, they will obtain ledgers for inventories and balance and subsequently be able to prepare the entity’s annual accounts. The frequency of these annual accounts shall be understood as the company’s financial year, which shall, as a general rule, be twelve months, usually coinciding with the calendar year, although not necessarily.

All accounting books and records must be kept clearly, regardless of the procedure used, in date order, with no empty spaces, interpolations, crossings out or deletions. Abbreviations whose meaning is not precise under the Law or general commercial practice may not be used.

The accounting shall be done by expressing values in euros.

In accordance with the provisions of Article 30 of the Commercial Code, entrepreneurs shall keep books, correspondence, documentation and supporting documents that relate to their business, duly ordered, for SIX YEARS, starting from the last entry made in the books, except as established by general or special provisions.

Company directors are required to prepare their annual accounts within a maximum period of three months after the end of the financial year.

Trading companies are also obliged to keep a book of minutes, in which all the resolutions adopted by the general and extraordinary meetings and the other constituent bodies of the company will be recorded.

Legalisation of books.

The commercial legislation, in articles 25 to 41 of the Commercial Code, obliges all companies, whether they are companies, individual entrepreneurs or communities of goods, to legalise their registered office (which may not be the same as the address for tax purposes) and the accounting books in the Mercantile Register.

Entrepreneurs must submit the books to be kept by the Mercantile Register from the place where they have their registered office for legalisation, and, obligatorily by telematic means, within a maximum of four months following the closing date of the financial year. In general, the deadline shall be April 30.

  • Accounting journal
  • Inventory and Annual Accounts
    • Trial Balance (Inventory) Balance Sheet
    • Profit and Loss Account
    • Annual Report
    • Statement of Changes in Equity (*)
    • Cash Flow Statement (*)
    • (*) Voluntary for SMEs and Abridged Accounts.

Non-accounting books (minutes book, register of shareholders, register of nominal shares, etc.) must also be legalised by telematic means.

Filing the annual accounts

A company’s annual accounts include: the balance sheet, the profit and loss account, the statement of changes in equity, the cash flow statement and the annual report The statement of changes in equity and the statement of cash flows are voluntary in those cases in which the GCA for SMEs is applied or, in those case in which, by applying the GCA, the company has opted to present its annual accounts in abridged form. In order to be able to present them in this abridged format, companies must comply with the same limits in terms of the amount of total asset items, annual turnover and average number of employees as for the SMEs mentioned above.

In accordance with the provisions of art. 279 of the revised text of the Law on Capital Companies, the company’s directors shall submit the annual accounts for filing at the Mercantile Register, and, where appropriate, the consolidated accounts of the group, within one month of their approval by the Shareholders’ Meeting. Managers shall also submit the Management Report if required, including, where appropriate, the Non-Financial Information Statement (NFIS). The directors shall also present the Management Report, if mandatory, and the auditor’s report, when the company is obliged to audit its accounts.