What is the General Accounting Plan?

As its name indicates, the concept of General Accounting Plan refers to the current legal regulations on accounting that govern companies in the same country. He General accounting plan It is an exhaustive text that defines the set of rules related to financial operations. In the case of Spain, the current plan has been updated since 2007 and is adapted to international and European regulations.

In addition, the principles of the General Accounting Plan include the criteria applied in each country, for example the Generally Accepted Accounting Principles, which establish the practices to be followed for each commercial operation.

Structure of the General Accounting Plan

  1. Conceptual framework: contains the records and the practical guide to be followed by each organization
  2. Registration rules: they are like a breakdown of the accounting framework in which the accounting principles are contemplated
  3. Annual accounts: they are made up of:
    • Accounting memory
    • Situation balance
    • Cash Flow
    • Profit and loss account
    • Net worth
  4. Chart of accounts: it is not mandatory and includes financing channels, current assets, inventories, relationships contracted with debtors y creditors, bills, cats, sales, purchases or income.
  5. Accounting relations: it is not mandatory either. It is used to collect the accounts of the items related to the net worth or the elements included in the balance sheet and the profit and loss account.

General accounting plan for SMEs

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