the public accounting system in spain
TRANSCRIPT
1
THE PUBLIC ACCOUNTING SYSTEM IN SPAINTHE PUBLIC ACCOUNTING SYSTEM IN SPAIN
Belén HernándezBelén Herná[email protected]@igae.meh.es
EU TWINNING PROYECTEU TWINNING PROYECT
IMPROVING DATA QUALITY IN IMPROVING DATA QUALITY IN
PUBLIC ACCOUNTSPUBLIC ACCOUNTS
ISTAMBUL, 4ISTAMBUL, 4--OCTOBEROCTOBER--20112011
2
SPANISH TERRITORIAL SPANISH TERRITORIAL
ORGANIZATIONORGANIZATION
3
SPANISH PUBLIC SECTORSPANISH PUBLIC SECTOR
THREE LAYERS IN THE SPANISH PUBLIC SECTOR:THREE LAYERS IN THE SPANISH PUBLIC SECTOR:
PUBLIC STATE SECTORPUBLIC STATE SECTOR
PUBLIC REGIONAL SECTORPUBLIC REGIONAL SECTOR
PUBLIC LOCAL SECTORPUBLIC LOCAL SECTOR
TWO GROUPS OF ENTITIES IN EACH PUBLIC SECTOR:TWO GROUPS OF ENTITIES IN EACH PUBLIC SECTOR:
ADMINISTRATIVE ENTITIESADMINISTRATIVE ENTITIES
PUBLIC ENTERPRISESPUBLIC ENTERPRISES
PUBLIC SECTOR FRAMEWORKPUBLIC SECTOR FRAMEWORK
4
SPANISH ACCOUNTING REGULATIONSPANISH ACCOUNTING REGULATION
ADMINISTRATIVE ENTITIESADMINISTRATIVE ENTITIES: Subject to the Public : Subject to the Public
accounting regulation which is different in each public accounting regulation which is different in each public
sector:sector:
PUBLICPUBLIC STATESTATE SECTORSECTOR ENTITIESENTITIES applyapply thethe newnew
publicpublic accountingaccounting standardsstandards (based(based onon IPSAS)IPSAS)
sincesince 20112011
PUBLICPUBLIC REGIONALREGIONAL SECTORSECTOR ENTITIESENTITIES couldcould applyapply
thethe newnew publicpublic accountingaccounting standardsstandards fromfrom 20112011
PUBLICPUBLIC LOCALLOCAL SECTORSECTOR ENTITIESENTITIES willwill applyapply thethe
newnew publicpublic accountingaccounting standardsstandards inin thethe futurefuture
(probably(probably fromfrom 20132013))
PUBLIC ENTERPRISESPUBLIC ENTERPRISES: Subject to the Business : Subject to the Business
accounting regulation since 2008 (based on IASaccounting regulation since 2008 (based on IAS--IFRS) IFRS)
which is the same for every public and private which is the same for every public and private
enterprise.enterprise.
5
SPANISH ACCOUNTING REGULATIONSPANISH ACCOUNTING REGULATION
ACCOUNTINGACCOUNTING
REGULATIONREGULATION
PUBLIC PUBLIC
STATESTATE
ACCOUNTINGACCOUNTING
REGULATIONREGULATIONPGCPPGCP’’19941994
PUBLIC STATEPUBLIC STATEPUBLIC STATEPUBLIC STATE
ACCOUNTINGACCOUNTING
REGULATIONREGULATION
PGCP’2010PGCP’2010
PUBLICPUBLIC
REGIONALREGIONAL
SECTORSECTOR
ACCOUNTINGACCOUNTING
REGULATIONREGULATION
PUBLIC PUBLIC PUBLIC PUBLIC
LOCALLOCAL
SECTORSECTOR
ACCOUNTINGACCOUNTING
REGULATIONREGULATION
IAS IFRSIAS-IFRS
BUSINESS*BUSINESS*
ACCOUNTING
REGULATION
PGC’2007
IPSAS
ACCOUNTING
REGULATION
BUSINESS*
ACCOUNTING
REGULATION
PGC’1990
PUBLIC STATEPUBLIC STATE
ACCOUNTINGACCOUNTING
PUBLIC STATEPUBLIC STATE
ACCOUNTINGACCOUNTING
REGULATIONREGULATION
PGCP’1983PGCP’1983
ACCOUNTING
REGULATION
BUSINESS*
ACCOUNTING
REGULATION
PGC’1973
5
COMPULSORY
OPTIONAL
*SCOPE OF APLICATION:
STATE, REGIONAL AND
LOCAL PUBLIC ENTERPRISES
6
PUBLIC STATE ACCOUNTING PUBLIC STATE ACCOUNTING
REGULATIONREGULATION
PUBLICPUBLIC ACCOUNTINGACCOUNTING REGULATIONREGULATION PROVIDESPROVIDES TWOTWO
RECORDINGRECORDING SYSTEMSSYSTEMS COMPLETELYCOMPLETELY INTEGRATEDINTEGRATED::
BUDGETARYBUDGETARY ACCOUNTANCYACCOUNTANCY
FINANCIALFINANCIAL ACCOUNTANCYACCOUNTANCY
BUDGETARYBUDGETARY ACCOUNTANCYACCOUNTANCY ((SingleSingle entry)entry) almostalmost appliesapplies aa
CASHCASH BASEDBASED SYSTEMSYSTEM..
FINANCIALFINANCIAL ACCOUNTANCYACCOUNTANCY ((DoubleDouble entry)entry) appliesapplies aa FULLFULL
ACCRUALACCRUAL BASEDBASED SYSTEMSYSTEM..
ACCOUNTING RECORDING SYSTEMS
7
EXPENDITUREEXPENDITURE BUDGETARY BUDGETARY
ACCOUNTANCY (SINGLE ENTRY)ACCOUNTANCY (SINGLE ENTRY)
BUDGET BUDGET
ITEMITEM
BUDGETBUDGET BUDGET BUDGET
EXECUTION= EXECUTION=
RECOGNIZED RECOGNIZED
OBLIGATIONSOBLIGATIONS
(4)(4)
PAYMENTSPAYMENTS
(5) (5)
UNPAID UNPAID
RECOGNIZED RECOGNIZED
OBLIGATIONSOBLIGATIONS
(7=4(7=4--5)5)
UNEXECUTED UNEXECUTED
BUDGETBUDGET
(8=3(8=3--5)5)ORIGINALORIGINAL
(1)(1)
CHANGES CHANGES
(2)(2)
FINALFINAL
(3=1+2) (3=1+2)
TOTALTOTAL
7
COMPARISON OF BUDGET AND
ACTUAL AMOUNTS
8
INCOME BUDGETARY INCOME BUDGETARY
ACCOUNTANCY (SINGLE ENTRY)ACCOUNTANCY (SINGLE ENTRY)
BUDGET BUDGET
ITEMITEM
BUDGETBUDGETBUDGET BUDGET
EXECUTION= EXECUTION=
RECOGNIZED RECOGNIZED
RIGHTS RIGHTS
(4)(4)
CASH IN CASH IN
FLOWFLOW
(5)(5)
UNPAID UNPAID
RECOGNIZED RECOGNIZED
RIGHTSRIGHTS
(6=4(6=4--5)5)
UNEXECUTED UNEXECUTED
BUDGETBUDGET
(7=3(7=3--4)4)ORIGINALORIGINAL
(1)(1)
CHANGESCHANGES
(2)(2)
FINALFINAL
(3=1+2)(3=1+2)
TOTALTOTAL
8
COMPARISON OF BUDGET AND COMPARISON OF BUDGET AND
ACTUAL AMOUNTSACTUAL AMOUNTS
9
FINANCIAL ACCOUNTANCYFINANCIAL ACCOUNTANCY
ACCRUAL STANDARD:ACCRUAL STANDARD:
“Transactions and other events should be recognized “Transactions and other events should be recognized
when they occur (and not as cash or its equivalent is when they occur (and not as cash or its equivalent is
received or paid) and they are recorded in the received or paid) and they are recorded in the
accounting records and reported in the Financial accounting records and reported in the Financial
Statements of the periods to which they relate.”Statements of the periods to which they relate.”
Financial statements prepared on the accrual Financial statements prepared on the accrual
basis inform users not only of past transactions basis inform users not only of past transactions
involving the payment and receipt of cash but also involving the payment and receipt of cash but also
of obligations to pay cash in the future and of of obligations to pay cash in the future and of
resources that represent cash to be received in the resources that represent cash to be received in the
future.future.
FULL ACCRUAL BASED SYSTEM (I)
10
FINANCIAL ACCOUNTANCYFINANCIAL ACCOUNTANCY
Economic revenues and expenses deriving from Economic revenues and expenses deriving from
budget execution can be recorded at the same time budget execution can be recorded at the same time
as the correlative budgetary rights and obligations, as the correlative budgetary rights and obligations,
that is, when the Administrative act is dictated.that is, when the Administrative act is dictated.
In this case, at least at the end of the year, those In this case, at least at the end of the year, those
revenues and expenses accrued during the revenues and expenses accrued during the
accounting year, should be recognized in the accounting year, should be recognized in the
Statement of financial performance and in the Statement of financial performance and in the
Statement of changes in equityStatement of changes in equity even if the even if the
administrative act hasn’t been dictated yet.administrative act hasn’t been dictated yet.
FULL ACCRUAL BASED SYSTEM (II)
11
FINANCIAL ACCOUNTANCYFINANCIAL ACCOUNTANCY
TWO KIND OF ADJUSTMENTS should be made at the TWO KIND OF ADJUSTMENTS should be made at the
end of the year:end of the year:
All the revenues and expenses already recorded All the revenues and expenses already recorded
and assigned to budget but not totally accrued and assigned to budget but not totally accrued
must be corrected through the accrual must be corrected through the accrual
adjustments.adjustments.
All the revenues and expenses accrued in the All the revenues and expenses accrued in the
financial sphere but not assigned to budget yet financial sphere but not assigned to budget yet
must be recorded.must be recorded.
FULL ACCRUAL BASED SYSTEM (III)
12
FINANCIAL ACCOUNTANCYFINANCIAL ACCOUNTANCY
(DOUBLE ENTRY)(DOUBLE ENTRY)
GROUP 0GROUP 0
BUDGETARY CONTROL ACCOUNTSBUDGETARY CONTROL ACCOUNTS
GROUP 0GROUP 0
BUDGETARY CONTROL ACCOUNTSBUDGETARY CONTROL ACCOUNTS
GROUP 9GROUP 9
INCOMES RECOGNIZEDINCOMES RECOGNIZED
DIRECTLY IN EQUITYDIRECTLY IN EQUITY
GROUP 9GROUP 9
INCOMES RECOGNIZEDINCOMES RECOGNIZED
DIRECTLY IN EQUITYDIRECTLY IN EQUITY
STATEMENT OF STATEMENT OF STATEMENT OF STATEMENT OF
CHANGES IN CHANGES IN
EQUITYEQUITY
GROUP 1GROUP 1
BASIC FINANCIATION BASIC FINANCIATION
GROUP 1GROUP 1
BASIC FINANCIATION BASIC FINANCIATION
GROUP 2 NON CURRENT ASSETSGROUP 2 NON CURRENT ASSETSGROUP 2 NON CURRENT ASSETSGROUP 2 NON CURRENT ASSETS
GROUP 3GROUP 3
INVENTORY ANDINVENTORY AND
OTHER CURRENT ASSETSOTHER CURRENT ASSETS
GROUP 3GROUP 3
INVENTORY ANDINVENTORY AND
OTHER CURRENT ASSETSOTHER CURRENT ASSETS
GROUP 4GROUP 4
CREDITORS AND DEBTORSCREDITORS AND DEBTORS
GROUP 4GROUP 4
CREDITORS AND DEBTORSCREDITORS AND DEBTORS
GROUP 5GROUP 5
FINANCIAL ACCOUNTSFINANCIAL ACCOUNTS
GROUP 5GROUP 5
FINANCIAL ACCOUNTSFINANCIAL ACCOUNTS
GROUP 6GROUP 6
BUYS & EXPENDITURESBUYS & EXPENDITURES
GROUP 6GROUP 6
BUYS & EXPENDITURESBUYS & EXPENDITURES
GROUP 7GROUP 7
SALES & INCOMESSALES & INCOMES
GROUP 7GROUP 7
SALES & INCOMESSALES & INCOMES
GROUP 8GROUP 8
EXPENDITURES RECOGNIZEDEXPENDITURES RECOGNIZED
DIRECTLY IN EQUITYDIRECTLY IN EQUITY
GROUP 8GROUP 8
EXPENDITURES RECOGNIZEDEXPENDITURES RECOGNIZED
DIRECTLY IN EQUITYDIRECTLY IN EQUITY
STATEMENT OF STATEMENT OF
FINANCIAL FINANCIAL
PERFORMANCEPERFORMANCE
STATEMENT OF STATEMENT OF STATEMENT OF STATEMENT OF
FINANCIAL FINANCIAL
POSITIONPOSITION
12
CASH FLOW CASH FLOW CASH FLOW CASH FLOW
STATEMENTSTATEMENT
13
THE IPSAS IMPLEMENTATION IN SPAINTHE IPSAS IMPLEMENTATION IN SPAIN
Belén HernándezBelén Herná[email protected]@igae.meh.es
EU TWINNING PROYECTEU TWINNING PROYECT
IMPROVING DATA QUALITY IN IMPROVING DATA QUALITY IN
PUBLIC ACCOUNTSPUBLIC ACCOUNTS
ISTAMBUL, 4ISTAMBUL, 4--OCTOBEROCTOBER--20112011
14
WHY A NEW PUBLIC ACCOUNTING WHY A NEW PUBLIC ACCOUNTING
REGULATION IN SPAIN?REGULATION IN SPAIN?
AdaptationAdaptation toto thethe InternationalInternational PublicPublic SectorSectorAccountingAccounting StandardsStandards (IPSAS)(IPSAS) developeddeveloped bybyIPSASBIPSASB
HarmonizingHarmonizing withwith thethe newnew SpanishSpanish businessbusinessaccountingaccounting regulationregulation ((20072007)) adaptedadapted toto secondarysecondaryCommunityCommunity legislationlegislation;; directivesdirectives onon accountingaccounting andandregulationsregulations issuedissued byby thethe EuropeanEuropean CommissionCommissionadoptingadopting InternationalInternational AccountingAccounting StandardsStandards..
SuplyingSuplying informationinformation aboutabout newnew transationstransations whichwhichwerenweren´́tt analyzedanalyzed inin thethe currentcurrent publicpublic accountingaccountingregulationregulation..
FaithfulFaithful imageimage ofof FinancialFinancial StatementsStatements..
15
SPANISH PUBLIC ACCOUNTING SPANISH PUBLIC ACCOUNTING
REGULATION: STRUCTUREREGULATION: STRUCTURE
INTRODUCTIONINTRODUCTION
CONCEPTUALCONCEPTUAL FRAMEWORKFRAMEWORK
RECOGNITION AND MEASUREMENT RULESRECOGNITION AND MEASUREMENT RULES
FINANCIALFINANCIAL STATEMENTSSTATEMENTS
CHARTCHART OFOF ACCOUNTSACCOUNTS
ACCOUNTINGACCOUNTING DEFINITIONSDEFINITIONS ANDAND RELATIONSRELATIONS
16
TheThe ConceptualConceptual FrameworkFramework setssets outout thethe conceptsconcepts thatthat
undelieundelie thethe preparationpreparation andand presentationpresentation ofof FinancialFinancial
StatementsStatements forfor externalexternal usersusers..
FAITHFULFAITHFUL IMAGEIMAGE OFOF FINANCIALFINANCIAL STATEMENTSSTATEMENTS
QUALITATIVEQUALITATIVE CHARACTERISTICSCHARACTERISTICS OFOF THETHE
INFORMATIONINFORMATION PROVIDEDPROVIDED ININ THETHE FINANCIALFINANCIAL
STATEMENTSSTATEMENTS
PUBLICPUBLIC ACCOUNTINGACCOUNTING STANDARDSSTANDARDS
ELEMENTSELEMENTS OFOF FINANCIALFINANCIAL STATEMENTSSTATEMENTS
RECOGNITIONRECOGNITION OFOF THETHE ELEMENTSELEMENTS OFOF THETHE FINANCIALFINANCIAL
STATEMENTSSTATEMENTS
MEASUREMENTMEASUREMENT OFOF THETHE ELEMENTSELEMENTS OFOF THETHE FINANCIALFINANCIAL
STATEMENTSSTATEMENTS
I. I. CONCEPTUAL FRAMEWORKCONCEPTUAL FRAMEWORK
17
FinancialFinancial StatementsStatements provideprovide informationinformation thatthat isis usefuluseful toto aa
widewide rangerange ofof usersusers inin makingmaking economiceconomic decisionsdecisions andand toto
accountaccount forfor allall thethe operationsoperations toto thethe CourtCourt ofof AuditorsAuditors..
TheThe objectiveobjective ofof FinancialFinancial StatementsStatements isis toto showshow aa faithfulfaithful
imageimage ofof thethe assets,assets, financialfinancial situation,situation, resultsresults andand
budgetarybudgetary performanceperformance ofof thethe entityentity
TransationsTransations mustmust bebe accountedaccounted forfor andand presentedpresented inin
accordanceaccordance withwith theirtheir substancesubstance andand economiceconomic realityreality andand
notnot merelymerely theirtheir legallegal formform..
I.I. CONCEPTUAL FRAMEWORKCONCEPTUAL FRAMEWORK
FAITHFUL IMAGE OF FINANCIAL STATEMENTSFAITHFUL IMAGE OF FINANCIAL STATEMENTS
18
I.I. CONCEPTUAL FRAMEWORKCONCEPTUAL FRAMEWORK
UNDERSTANDABILITY:UNDERSTANDABILITY: Information must be readily understable Information must be readily understable by users.by users.
RELEVANCE:RELEVANCE: Information must influence the economic decisions Information must influence the economic decisions of users by helping them evaluate past, present or future events of users by helping them evaluate past, present or future events or confirming or correcting their past evaluationsor confirming or correcting their past evaluations
RELIABITY:RELIABITY: The information is free from material errors and bias The information is free from material errors and bias and can be depended upon by users to represent faithfully that and can be depended upon by users to represent faithfully that which it purports to represent.which it purports to represent.
COMPARABILITY:COMPARABILITY: Users must be able to compare the Financial Users must be able to compare the Financial Statements of an entity Statements of an entity through timethrough time in order to identify trends in in order to identify trends in its financial position and performance and to compare the its financial position and performance and to compare the Financial Statements Financial Statements of different entitiesof different entities in order to evaluate in order to evaluate their relative financial position, performance and changes in their relative financial position, performance and changes in financial position.financial position.
QUALITATIVE CHARACTERISTICS OF THE INFORMATION QUALITATIVE CHARACTERISTICS OF THE INFORMATION PROVIDED IN THE FINANCIAL STATEMENTSPROVIDED IN THE FINANCIAL STATEMENTS
19
ECONOMIC STANDARDS:ECONOMIC STANDARDS:
GOING CONCERNGOING CONCERN
ACCRUAL BASISACCRUAL BASIS
CONSISTENCY OVER TIMECONSISTENCY OVER TIME
PRUDENCEPRUDENCE
NO COMPENSATIONNO COMPENSATION
MATERIALITYMATERIALITY
BUDGETARY STANDARS:BUDGETARY STANDARS:
BUDGETARY ALLOCATIONBUDGETARY ALLOCATION
USE OF RESOURCES FOR GENERIC PURPOSESUSE OF RESOURCES FOR GENERIC PURPOSES
I.I. CONCEPTUAL FRAMEWORKCONCEPTUAL FRAMEWORK
PUBLIC ACCOUNTING STANDARS
20
ELEMENTS RELATED TO THE MEASUREMENT OF FINANCIAL ELEMENTS RELATED TO THE MEASUREMENT OF FINANCIAL
POSITION :POSITION :
a)a) AssetsAssets
b)b) LiabilitiesLiabilities
c)c) EquityEquity
ELEMENTS RELATED TO THE MEASUREMENT OF PERFORMANCE:ELEMENTS RELATED TO THE MEASUREMENT OF PERFORMANCE:
a)a) IncomeIncome
b)b) ExpensesExpenses
ELEMENTS RELATED TO BUDGET EXECUTION:ELEMENTS RELATED TO BUDGET EXECUTION:
a)a) Budgetary incomeBudgetary income
b)b) Budgetary expensesBudgetary expenses
ELEMENTS RELATED TO CASH FLOW:ELEMENTS RELATED TO CASH FLOW:
a)a) Cash inCash in
b)b) Cash outCash out
I.I. CONCEPTUAL FRAMEWORKCONCEPTUAL FRAMEWORK
ELEMENTS OF THE FINANCIAL STATEMENTSELEMENTS OF THE FINANCIAL STATEMENTS
21
RECOGNITIONRECOGNITION isis thethe processprocess ofof incorporatingincorporating inin thethe
FinancialFinancial StatementsStatements anan itemitem thatthat meetsmeets thethe definitiondefinition
ofof anan elementelement andand satisfiessatisfies thethe criteriacriteria forfor recognitionrecognition..
AnAn itemitem thatthat meetsmeets thethe definitiondefinition ofof anan elementelement shouldshould
bebe recognizedrecognized ifif::
ItIt isis probableprobable thatthat anyany futurefuture economiceconomic benefitbenefit oror
serviceservice potencialpotencial associatedassociated withwith thethe itemitem willwill flowflow
toto oror fromfrom thethe entity,entity, andand
thethe itemitem hashas aa costcost oror valuevalue thatthat cancan bebe measuredmeasured
withwith reliabityreliabity..
I.I. CONCEPTUAL FRAMEWORKCONCEPTUAL FRAMEWORK
RECOGNITION OF THE ELEMENTS OF THE RECOGNITION OF THE ELEMENTS OF THE
FINANCIAL STATEMENTSFINANCIAL STATEMENTS
22
MEASUREMENTMEASUREMENT isis thethe processprocess ofof determiningdetermining thethe monetarymonetary
amountsamounts atat whichwhich thethe elementselements ofof thethe FinancialFinancial StatementsStatements areare
toto bebe recognizedrecognized andand carriedcarried inin thethe FinancialFinancial StatementsStatements..
AA numbernumber ofof differentdifferent measurementmeasurement basesbases areare employedemployed totodifferentdifferent degreesdegrees andand inin varyingvarying combinationscombinations inin FinancialFinancialStatementsStatements.. TheyThey includeinclude thethe followingfollowing::
HISTORICALHISTORICAL COSTCOST
FAIRFAIR VALUEVALUE
NETNET REALISABLEREALISABLE VALUEVALUE
PRESENTPRESENT VALUEVALUE
ENTITYENTITY SPECIFICSPECIFIC VALUEVALUE
RECOVERABLERECOVERABLE AMOUNTAMOUNT
RESIDUALRESIDUAL VALUEVALUE
VALUEVALUE ININ USEUSE
I.I. CONCEPTUAL FRAMEWORKCONCEPTUAL FRAMEWORK
MEASUREMENT OF THE ELEMENTS OF THE FINANCIAL MEASUREMENT OF THE ELEMENTS OF THE FINANCIAL
STATEMENTSSTATEMENTS
23
STATEMENTSTATEMENT OFOF FINANCIALFINANCIAL POSITIONPOSITION
STATEMENTSTATEMENT OFOF FINANCIALFINANCIAL PERFORMANCEPERFORMANCE
STATEMENTSTATEMENT OFOF CHANGESCHANGES ININ EQUITYEQUITY
CASHCASH FLOWFLOW STATEMENTSTATEMENT
COMPARISONCOMPARISON OFOF BUDGETBUDGET ANDAND ACTUALACTUAL AMOUNTSAMOUNTS
NOTESNOTES
III. FINANCIAL STATEMENTSIII. FINANCIAL STATEMENTS
FINANCIAL STATEMENTSFINANCIAL STATEMENTS
24
A) NONA) NON--CURRENT ASSETSCURRENT ASSETS NOTESNOTES NN NN--11
I. Intangible assets
II. Property, plant, and equipment
III. Investment property
IV. Financial assets in controlled entities, joint
ventures and associates.
V. Financial assets (in the rest of entities)
B) CURRENT ASSETSB) CURRENT ASSETS
I. Available-for-sale-non-financial assets
II. Inventories
III. Recoverables
IV. Financial assets in controlled entities, joint
ventures and associates
V. Financial assets (in the rest of entities)
VI. Accrual adjustements
VII.Cash and cash equivalents
STATEMENT OF FINANCIAL POSITION (I)STATEMENT OF FINANCIAL POSITION (I)
ASSETSASSETS
24
25
STATEMENT OF FINANCIAL POSITION (II)STATEMENT OF FINANCIAL POSITION (II)
EQUITY AND LIABIILITIESEQUITY AND LIABIILITIES
A) EQUITYA) EQUITY NOTESNOTES NN NN--11
I. Contributed capital
II. Accumulated surpluses or deficits and reserves
III. Changes in fair value recognized in equity
IV. Another equity increases
B) NON CURRENT LIABILITIESB) NON CURRENT LIABILITIES
I. Provisions
II. Financial liabilities (in the rest of entities)
III. Financial liabilities in controlled entities, joint
ventures and associates
C) CURRENT LIABILITIESC) CURRENT LIABILITIES
I. Provisions
II. Financial liabilities
III. Financial liabilities in controlled entities, joint
ventures and associates
IV. Payables
V. Accrual adjustements
25
26
NOTESNOTES NN NN--11
1. Taxes and contributions to National insurance
2. Transfers
3. Sales and rendering of services
4. Inventory turnover & disposals
5. Other revenue from ordinary activities
6. Increase in provisions
A) TOTAL REVENUE FROM ORDINARY ACTIVITIES (1+2+3+4+5+6)A) TOTAL REVENUE FROM ORDINARY ACTIVITIES (1+2+3+4+5+6)
7. Wages, salaries, and employee benefits
8. Grants and other transfer payments
9. Acquisitions
10. Other expenses from ordinary activities
11. Depreciation and amortization expense
B) TOTAL EXPENSE FROM ORDINARY ACTIVITIES (8+9+10+11B) TOTAL EXPENSE FROM ORDINARY ACTIVITIES (8+9+10+11))
II. SURPLUS/DEFICIT FROM ORDINARY ACTIVITIES (A. SURPLUS/DEFICIT FROM ORDINARY ACTIVITIES (A--B)B)
12. Impairment and disposals of items of property, plant, and equipment
13. Non ordinary items
II. NON FINANCIAL SURPLUS/DEFICIT (I+12+13)II. NON FINANCIAL SURPLUS/DEFICIT (I+12+13)
STATEMENT OF FINANCIAL STATEMENT OF FINANCIAL
PERFORMANCE (I)PERFORMANCE (I)
26
27
STATEMENT OF FINANCIAL STATEMENT OF FINANCIAL
PERFORMANCE (II)PERFORMANCE (II)
NOTESNOTES NN NN--11
14. Finance revenues
15. Finance expenses
16. Changes in fair value recognized in surplus or deficit
17. Changes in foreign exchange rates
18. Impairment and disposals of financial assets and liabilities
III. FINANCIAL SURPLUS/DEFICIT RESULT (14+15+16+17+18)III. FINANCIAL SURPLUS/DEFICIT RESULT (14+15+16+17+18)
IV. SURPLUS OR DEFICIT FOR THE PERIOD (II + III)IV. SURPLUS OR DEFICIT FOR THE PERIOD (II + III)
27
1.1. STATEMENT OF CHANGES IN EQUITYSTATEMENT OF CHANGES IN EQUITY
2.2. STATEMENT OF REVENUES AND EXPENSESSTATEMENT OF REVENUES AND EXPENSES
3.3. STATEMENT OF TRANSACTIONS WITH OWNERS STATEMENT OF TRANSACTIONS WITH OWNERS
ACTING IN THEIR CAPACITY AS OWNERSACTING IN THEIR CAPACITY AS OWNERS
A. EQUITY TRANSACTIONS WITH OWNERS ACTING IN
THEIR CAPACITY AS OWNERS
B. ANOTHER TRANSACTIONS WITH OWNERS ACTING
IN THEIR CAPACITY AS OWNERS
STATEMENT OF CHANGES IN EQUITY: STATEMENT OF CHANGES IN EQUITY:
STRUCTURESTRUCTURE
29
1.1. STATEMENT OF CHANGES IN EQUITYSTATEMENT OF CHANGES IN EQUITY
NOTESNOTES
I. I.
Contributed Contributed
capitalcapital
II. II.
Accumulated Accumulated
surpluses or surpluses or
deficits and deficits and
reservesreserves
III. III. Changes Changes
in fair value in fair value
recognized recognized
in equityin equity
IV. IV.
Another Another
equity equity
increasesincreases
TOTAL TOTAL
A. EQUITY AT THE END OF THE A. EQUITY AT THE END OF THE
PERIOD NPERIOD N--1 1
B. CHANGES IN ACCOUNTING B. CHANGES IN ACCOUNTING
POLICIES AND CORRECTIONS POLICIES AND CORRECTIONS
OF ERRORS OF ERRORS
C. EQUITY AT THE BEGINNING C. EQUITY AT THE BEGINNING
OF THE PERIOD N (A+B) OF THE PERIOD N (A+B)
D. CHANGES IN EQUITY FOR D. CHANGES IN EQUITY FOR
THE PERIOD THE PERIOD
1. Total revenue and expense 1. Total revenue and expense
for the period for the period
2. Transactions with owners 2. Transactions with owners
acting in their capacity as acting in their capacity as
ownersowners
3. 3. Another equity increasesAnother equity increases
E. EQUITY AT THE END OF THE E. EQUITY AT THE END OF THE
PERIOD N (C+D) PERIOD N (C+D)
29
30
2. STATEMENT OF REVENUES AND 2. STATEMENT OF REVENUES AND
EXPENSESEXPENSES
NOTESNOTES NN NN--11
I. SURPLUS OR DEFICIT FOR THE PERIODI. SURPLUS OR DEFICIT FOR THE PERIOD
II. REVENUE AND EXPENSE FOR THE PERIOD THAT IS II. REVENUE AND EXPENSE FOR THE PERIOD THAT IS
RECOGNIZED DIRECTLY IN EQUITYRECOGNIZED DIRECTLY IN EQUITY
1. Property, plant, and equipment & Investment property
2. Financial assets and liabilities
3. Hedge accounting
4. Another equity increases
III. TRANSFERS TO THE STATEMENT OF FINANCIAL III. TRANSFERS TO THE STATEMENT OF FINANCIAL
PERFORMANCEPERFORMANCE
1. Property, plant, and equipment & Investment property
2. Financial assets and liabilities
3. Hedge accounting
4. Another equity increases
IV. IV. TOTAL REVENUE AND EXPENSE FOR THE PERIODTOTAL REVENUE AND EXPENSE FOR THE PERIOD ((I+II+III)I+II+III)30
31
3. STATEMENT OF3. STATEMENT OF TRANSACTIONS WITH OWNERS TRANSACTIONS WITH OWNERS
ACTING IN THEIR CAPACITY AS OWNERSACTING IN THEIR CAPACITY AS OWNERS
A) EQUITYA) EQUITY TRANSACTIONS WITH TRANSACTIONS WITH
OWNERS ACTING IN THEIR CAPACITY AS OWNERS ACTING IN THEIR CAPACITY AS
OWNERSOWNERS
NOTESNOTES NN NN--11
1. CASH1. CASH--CONTRIBUTEDCONTRIBUTED--CAPITALCAPITAL
2. IN2. IN--KINDKIND--CONTRIBUTEDCONTRIBUTED--CAPITALCAPITAL
3. DEBT RELIEF OR ASSUMPTION OF 3. DEBT RELIEF OR ASSUMPTION OF
FINANCIAL LIABILITIES FINANCIAL LIABILITIES
4. ANOTHER CONTRIBUTED CAPITAL4. ANOTHER CONTRIBUTED CAPITAL
5. (5. (--) IN) IN--KINDKIND--DEVOLUTIONS TO OWNERSDEVOLUTIONS TO OWNERS
6. (6. (--) ANOTHER DEVOLUTIONS TO OWNERS) ANOTHER DEVOLUTIONS TO OWNERS
TOTALTOTAL31
32
3. STATEMENT OF TRANSACTIONS WITH OWNERS 3. STATEMENT OF TRANSACTIONS WITH OWNERS
ACTING IN THEIR CAPACITY AS OWNERSACTING IN THEIR CAPACITY AS OWNERS
B)B) ANOTHER TRANSACTIONS WITH ANOTHER TRANSACTIONS WITH
OWNERS ACTING IN THEIR OWNERS ACTING IN THEIR
CAPACITY AS OWNERSCAPACITY AS OWNERS
NOTESNOTES NN NN--11
REVENUES AND EXPENSES REVENUES AND EXPENSES
RECOGNIZED IN THE STATEMENT OF RECOGNIZED IN THE STATEMENT OF
FINANCIAL PERFORMANCEFINANCIAL PERFORMANCE
REVENUES AND EXPENSES REVENUES AND EXPENSES
RECOGNIZED IN THE RECOGNIZED IN THE STATEMENT OF STATEMENT OF
CHANGES IN EQUITYCHANGES IN EQUITY
TOTALTOTAL
32
33
NOTESNOTES NN NN--11
II.. CASHCASH FLOWSFLOWS FROMFROM OPERATINGOPERATING ACTIVITIESACTIVITIES
IIII.. CASHCASH FLOWSFLOWS FROMFROM INVESTINGINVESTING ACTIVITIESACTIVITIES
IIIIII.. CASHCASH FLOWSFLOWS FROMFROM FINANCINGFINANCING ACTIVITIESACTIVITIES
IVIV.. OTHEROTHER CASHCASH FLOWSFLOWS
V. EFFECTS OF EXCHANGE RATE CHANGESV. EFFECTS OF EXCHANGE RATE CHANGES
VI. NET INCREASE/(DECREASE) IN CASH AND CASH VI. NET INCREASE/(DECREASE) IN CASH AND CASH
EQUIVALENTS (I+II+III+IV+V)EQUIVALENTS (I+II+III+IV+V)
Cash and cash equivalents Cash and cash equivalents at the beginning of the periodat the beginning of the period
Cash and cash equivalents Cash and cash equivalents at the end of the periodat the end of the period
CASH FLOW STATEMENTCASH FLOW STATEMENT
33
34
COMPARISON OF COMPARISON OF EXPENDITUREEXPENDITURE BUDGET BUDGET
AND ACTUAL AMOUNTSAND ACTUAL AMOUNTS
BUDGET BUDGET
ITEMITEM
BUDGETBUDGET BUDGET BUDGET
EXECUTION= EXECUTION=
RECOGNIZED RECOGNIZED
OBLIGATIONSOBLIGATIONS
(4)(4)
PAYMENTSPAYMENTS
(5) (5)
UNPAID UNPAID
RECOGNIZED RECOGNIZED
OBLIGATIONSOBLIGATIONS
(7=4(7=4--5)5)
UNEXECUTED UNEXECUTED
BUDGETBUDGET
(8=3(8=3--5)5)ORIGINALORIGINAL
(1)(1)
CHANGES CHANGES
(2)(2)
FINALFINAL
(3=1+2) (3=1+2)
TOTALTOTAL
34
35
COMPARISON OF INCOME BUDGET AND COMPARISON OF INCOME BUDGET AND
ACTUAL AMOUNTSACTUAL AMOUNTS
BUDGET BUDGET
ITEMITEM
BUDGETBUDGETBUDGET BUDGET
EXECUTION= EXECUTION=
RECOGNIZED RECOGNIZED
RIGHTS RIGHTS
(4)(4)
CASH IN CASH IN
FLOWFLOW
(5)(5)
UNPAIDUNPAID
RECOGNIZED RECOGNIZED
RIGHTSRIGHTS
(6=4(6=4--5)5)
UNEXECUTED UNEXECUTED
BUDGETBUDGET
(7=3(7=3--4)4)ORIGINALORIGINAL
(1)(1)
CHANGESCHANGES
(2)(2)
FINALFINAL
(3=1+2)(3=1+2)
TOTALTOTAL
35
36
COMPARISON OF BUDGET AND ACTUAL COMPARISON OF BUDGET AND ACTUAL
AMOUNTS:AMOUNTS: BUDGETARY RESULTBUDGETARY RESULT
BUDGET BUDGET
EXECUTION= EXECUTION=
RECOGNIZED RECOGNIZED
RIGHTS RIGHTS
BUDGET BUDGET
EXECUTION= EXECUTION=
RECOGNIZED RECOGNIZED
OBLIGATIONSOBLIGATIONS
BUDGETARY BUDGETARY
RESULTRESULT
a. Current operations
b. Non current operations
c. Comercial operations
1. Non financial operations (a+b+c)1. Non financial operations (a+b+c)
d. Financial assets
e. Financial liabilities
2. Financial operations (d+e)2. Financial operations (d+e)
I. BUDGETARY RESULT FROM THE PERIOD (1+2)I. BUDGETARY RESULT FROM THE PERIOD (1+2)
36
37
THE PUBLIC ACCOUNTING SYSTEM THE PUBLIC ACCOUNTING SYSTEM
IN SPAININ SPAIN
MORE INFORMATION ABOUT SPANISH ACCOUNTING MORE INFORMATION ABOUT SPANISH ACCOUNTING
REGULATIONREGULATION
www. igae.pap.meh.esLegislation and reports
Public accounting