New Accounting Standards System has been saved
New Accounting Standards System
Financial reporting seen in a new light
The financial reporting in Portugal is witnessing an important and comprehensive transformation process. In 2005 it became mandatory for the consolidated financial statements of listed entities, to report in accordance with International Financial Reporting Standards as adopted by the European Union ("IFRS"). On that date, this form of reporting still remained optional for other entities` consolidated financial statements and for the separate financial statements of entities adopting IFRS in preparation for its consolidated financial statements and its subsidiaries. Currently Portugal is transitioning into the new Accounting Standards System ("CNS"), which will advocate the widespread adoption of a financial reporting framework in which a large measure coincides with IFRS.
This publication aims to summarize the essence of the new accounting standards in Portugal, materialized through the new Accounting Standards System ("CNS") and is intended as a guide in the understanding and application of new Portuguese normative for accounting professionals in Portugal and those who use financial statements in general.