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Spain: New Accounting Considerations for 2021

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In brief

On 30 January 2021, Spain’s Official State Gazette published  Royal Decree 1/2021, which established certain amendments in Spain’s Generally Accepted Accounting Principles (El Plan General de Contabilidad or “PGC”), such as the GAAP for Small and Medium Sized Businesses (SMBs), the rules for preparing Consolidated Annual Financial Statements and the rules for adapting the GAAP to non-profit institutions

With regard to fiscal years starting after 1 January 2021, a number of amendments have been made to Spain’s domestic accounting regulations, mainly to align them with the most recent international accounting criteria for financial instruments and revenue recognition, as such are set out in International Financial Reporting Standards 9 and 15 (IFRS-EU 9 and IFRS- EU 15).

If you would like to know more about this accounting reform, please click here.

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Rodrigo Ogea is the managing partner of the Madrid office since October 2017. He joined the Firm in 2003 and became a partner in 2005. He heads the Tax Practice Group in Madrid since 2008. He also serves in the Steering Committee of the European Tax Planning and Transactions Group. Recognised as one of the most prestigious tax lawyers by Chambers, he is a trustee of the Foundation for Taxes and Competitiveness, member of the tax committees of CEOE (Spanish Trade Board), Círculo de Empresarios, the International Chamber of Commerce (ICC), the US Chamber of Commerce in Spain and the American Business Council. He has also been the Spanish representative to the European Commission Expert Group for the Removal of Tax Obstacles for cross-border European Private Equity Investments.

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Bruno Dominguez is the managing partner of Baker McKenzie's Barcelona office, head of the Tax practice in Barcelona and Chair of our Wealth Management Practice in EMEA region. Bruno has been coordinator of the Master of Laws in Taxation at the University of Barcelona, and associate professor at ESADE Business School. He has written several articles and regularly speaks at conferences and seminars on business restructuring, transfer pricing, wealth management and taxation of family businesses.

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Luis Canelo joined Baker McKenzie in 2015. He focuses his practice in the field of corporate taxation, with experience in tax planning, restructurings and wealth management. Luis has lectured in university and business conferences and has contributed to specialized publications.

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Ruben Lago is an Associate in Baker McKenzie Barcelona office.

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