ENG-21-22 - UB - FEE - ADE-ECO - ACCOUNTING 1st Course - B I - U 5

Degree:
Business Administration and Management (ADE)

Economy (ECO)
Subjects: 363655 ACCOUNTING I (ADE)

361827 ACCOUNTING (ECO)
Unit I – Sub-unit 5
Professors: J. Boria, J.A. del Castillo, P. Curós, A.

González, I. González, M. Losilla
Subject: ACCOUNTING I
Unit I – Sub-unit 5.- Legal regulation of Accounting

5.1.- Sources for the legal regulation of Accounting
5.2.- The Spanish General Accounting Plan (“PGC”): structure
5.3.- Conceptual framework and accounting principles
Sheet
Balance
5.4.- Recognition and measurement standards Statement

of cash
Statement
of changes
5.5.- Annual Accounts

flows in equity
ANNUALS
ACCOUNTS
5.6.- Chart of accounts

5.7.- Accounting definitions and relations between accounts
Notes to
Income
the annual
Statement
accounts
® Prof. J. Boria, J.A. del Castillo, P. Curós, A. González, I.

2
González, M. Losilla
5.1.- Sources for the legal regulation of Accounting
• Commercial Code A
C
• Capital Companies Law C
O
• General Accounting Plan and sectorial adaptations U
N
• ICAC Resolutions T
I
• Audit Law N
G
• Rest of commercial legislation with accounting relevance
• IAS – IFRS

3
Subjectivity Multiplicity
in of users
valuations A
C
C
Globalization O
and financial U
scandals N
T
I
N
G
NEED FOR INTERNATIONAL

ACCOUNTING HARMONIZATION

4
5.2.- The Spanish General Accounting Plan (“PGC”): structure
The PGC is divided into five parts:
 Part one: Conceptual framework A
C
 Part two: Recognition and measurement rules C
O
 Third part: Annual accounts U
N
 Fourth part: Chart of accounts T
I
 Part Five: Accounting definitions and relationships N
G
The first three parts are strictly mandatory. The other two do not, as
long as they do not imply an interpretation of the valuation standards
and that, finally, the information contained in the annual accounts is
mandatory.
5
The companies that during two consecutive years meet, at the closing date of each of them, at least
two of the following circumstances, may apply:
A
C
C
LIMITS SME (1) SGAP Micro-enterprises O
U
N
ASSETS <4.000.000 < 1.000.000 T
I
N
G
REVENUE < 8.000.000 < 2.000.000
EMPLOYEES < 50 < 10
(1) Small & Medium Entreprises

6
Consolidated Accounts IFRSEU
Listed companies
Individual Accounts PGC 2007
A
Two options: C
− IFRSEU C
O
Consolidated Accounts − Standards for the U
Unlisted companies Preparation of Consolidated N
T
Annual Accounts 2010 I
N
Individual Accounts PGC 2007 G
PGC SME (they can choose

SME Individual Accounts
PGC 2007)
Specific criteria (they can
Micro-enterprises Individual Accounts
choose the PGC 2007)
7
5.3.- Conceptual framework and accounting principles
The first part of the Plan develops the conceptual framework of accounting, which is
mandatory. It assumes the set of foundations, principles, and basic concepts whose A
compliance leads, in a logical deductive process, to the recognition and valuation of the annual C
accounts' elements. C
O
Said conceptual framework establishes the usefulness of financial information to make U
N
adequate economic decisions by its recipients. This utility is fundamentally based on the T
concept of a real image. Thus, the conceptual accounting framework provides that the I
company's annual accounts must be made up of the balance sheet, the profit and loss N
G
account, the statement of changes in equity (SCE), the statement of cash flows (SCF), and
notes. These documents form a unity.
However, the SCE and the SCF will not be mandatory for companies that formulate an
abbreviated balance sheet and report.
8
Set of structural elements and accounting fundamentals that must be
present in the preparation of accounting information
It includes A
C
C
1. Annual accounts. Fair presentation O
U
2. Information requirements to be included in the annual accounts N
T
3. Accounting principles I
N
4. Elements of the annual accounts G
5. Criteria for recognizing the elements of the annual accounts

6. Measurement criteria and related definitions
7. Generally accepted accounting principles and standards
9
Annual accounts. Fair presentation
• The annual accounts include: balance sheet, profit and loss account,
statement of changes in equity, statement of cash flow, and
memory.
• The annual accounts must be written clearly so that the information A
C
is understandable and useful for users when making their financial C
decisions. O
U
• The systematic and regular application of the accounting N
T
requirements, principles, and criteria included in the following I
sections of the PGC must lead to the annual accounts showing the N
G
fair presenttion of the assets, the financial situation, and the
company's results.
• To this end, the accounting of operations will consider their
economic reality and not only their legal form.
10
Balance Sheet
The companies that during two Notes
consecutive years meet, at the closing Exemption:
date of each of them, at least two of
Income statement
‒ Statement of changes in equity
the following circumstances: A
‒ Statement of cash flows
C
‒ Directors´ report
C
O
AUDIT ABBREVIATED FORMAT FOR ANNUAL ACCOUNTS
LIMITS (Art. 263 LSC) (Art. 257, 261, 262 LSC and art. 43 C. of Co.)
U
N
T
I
ASSETS < 2.850.000 < 4.000.000 < 11.400.000 N
G
REVENUE > 5.700.000 < 8.000.000 < 22.800.000
EMPLOYEES 50 < 50 < 250

11
OBJECTIVES OF THE INFORMATION

INFORMATION REQUIREMENTS
 A
C
ACCOUNTING PRINCIPLES C
 O
U
ELEMENTS OF THE ANNUAL ACCOUNTS N
 T
I
RECOGNITION CRITERIA N
 G
MEASUREMENT CRITERIA

ANNUAL ACCOUNTS
12
Information requirements to be included in the annual accounts
RELEVANT RELIABLE
A
 INTEGRATE  C
C
O
U

N
HELPFUL FOR DECISION RIGOR IN THE T
MAKING VALUATION I
N
G
FAIR PRESENTATION
COMPARABLE UNDERSTANDABLE

13
• Accounting principles:
• Going concern.
A
• Accrual C
C
• Consistency O
• Prudence (in the estimates and valuations under conditions of uncertainty) U
N
 [Consideration of all risks, including through subsequent events with T
I
obligatory nature, including the reformulation of Annual Accounts] N
G
• Offsetting, unless expressly stated otherwise
• Materiality

14
Fundamental objective Accounting principles Synthetic expression
• Unlimited duration A
ASSETS AND LIABILITIES management C
Going concern • No sale value
VALUATION C
O
• Application of other principles
U
• Prudence in estimates and N
valuations T
Prudence • Obtained profits
I
N
CALCULATION OF RESULTS • Recognition of all risks G
• Record of income and expenses
Accrual according to real flow, not the
monetary flow

15
Fundamental objective Accounting principles Synthetic expression
A
• Maintenance of registration C
Consistency and measurement criteria C
O
PRESENTATION OF ANNUAL • No compensation and separate U
ACCOUNTS valuation of: N
Offsetting o Assets / Liability
T
I
o Income/ Expense N
G
• No application if relative
EXCEPTION Materiality importance is low

16
Going concern. Unless there is evidence to the contrary, it shall be presumed that the
company will continue in operation in the foreseeable future. Therefore, the aim
when applying the accounting principles and criteria is not to determine the value of A
the company’s net equity with a view to disposing of part or the entire business of C
C
the company, or the amount that would be obtained in the event of liquidation. O
U
Where this principle is not applicable under the terms of the standards for N
implementation of this General Accounting Plan, the company shall apply the most T
I
appropriate measurement standards for fair presentation of the transactions carried N
G
out to realise assets, settle debts and, where applicable, distribute the resulting
equity. The company should include relevant information on the criteria applied in
the notes to the annual accounts.

17
Accrual. The effects of transactions and other economic events shall be recognised
when they occur. The related expenses and income shall be recognised in the
A
annual accounts for the reporting period to which they relate, irrespective of the C
C
payment or collection date. O
U
N
T
I
N
G

18
Consistency. Once a criterion has been selected from amongst the available options,
this should be maintained over time and applied consistently to other similar A
transactions, events and conditions, insofar as the circumstances that gave rise to its C
C
selection remain unchanged. Should the grounds for the original choice of a criterion O
U
change, a different policy could be applied and details of this situation should be N
T
disclosed in the notes, indicating the quantitative and qualitative effect of the variation I
on the annual accounts. N
G

19
Prudence. Prudent criteria should be applied when estimates and measurements are
made in conditions of uncertainty. However, prudence when measuring assets and
liabilities is not justified if the fair presentation of the annual accounts is affected.
Notwithstanding article 38 bis of the Commercial Code, only profits obtained before the
end of the reporting period shall be recognised. However, all risks arising during the A
current or prior reporting periods should be taken into consideration as soon as they C
C
become known, even if they only come to light between the balance sheet date and the O
date the annual accounts are officially drawn up by the directors. In such cases, details U
N
shall be duly disclosed in the notes to the annual accounts, as well as in other T
documents comprising the annual accounts when a liability or an expense has been I
N
incurred. In exceptional circumstances, should the risks come to light between the date G
the annual accounts are officially drawn up by the directors and their final approval by
the shareholders, and should such risks have a significant impact on fair presentation,
the annual accounts must be redrafted.
Asset amortisation, depreciation and impairment should be reflected, irrespective of
whether the result for the reporting period is a profit or a loss.
20
Offsetting. Assets and liabilities, and income and expenses, shall not be offset unless
expressly permitted by a standard. The components of the annual accounts shall be
measured separately. A
C
C
O
U
N
T
I
N
G

21
Materiality. Strict application of certain accounting principles and criteria may be
waived when the quantitative or qualitative materiality of the variation arising as
a result is of little significance and, therefore, does not affect fair presentation. A
C
When items or amounts are not material, these may be aggregated with other C
O
items of a similar nature or function. U
N
T
I
N
G

22
Elements of the annual accounts :
Assets • Statement
A
•Balance C
C
Liabilities of changes O
sheet U
Equity in equity N
T
I
N
G
• Statement
Income •Income
of cash
Expenses statement
flows
23
The following items are recognised in the balance sheet when they
meet the recognition criteria described below: A
C
C
O
• Assets: goods, rights and other resources controlled by the company U
as a result of past N
T
I
N
G

24
• Liabilities: present obligations of the company arising from past events,
the settlement of which is expected to result in an outflow of resources
from the company embodying future economic benefits. Liabilities shall A
C
include provisions. C
O
U
N
• Equity: the residual interest in the assets of the company after deducting T
I
all its liabilities. Equity includes contributions made by equity holders or N
owners upon incorporation of the company or subsequently that are not G
considered as liabilities, as well as retained earnings and cumulative

losses or other related variations.

25
The following items are recognised in the income statement, or in the
statement of changes in equity, as applicable, when they meet the
recognition criteria described below:
A
C
• Income: increases in the company’s equity during the reporting period C
O
in the form of inflows or enhancements of assets or decreases in U
liabilities, other than those relating to monetary or non-monetary N
T
contributions n the from equity holders or owners. I
N
• Expenses: decreases in equity during the reporting period in the for of G
outflows or depletions of assets or incurrences of liabilities, other than

those relating to monetary or non-monetary distributions to equity
holders or owners.
26
5.4.- Recognition and measurement standards
Recognition is the process of incorporating items that meet the definition of an element of the
annual accounts into the balance sheet, income statement or statement of changes in equity,
in accordance with the recognition standard applicable in each case, as set out in part two of
this General Accounting Plan.
A
An asset shall be recognised in the balance sheet when it is probable that the future economic C
C
benefits will flow to the company, and provided that the value of the asset can be reliably O
measured. U
N
T
Recognition of an asset entails simultaneous recognition of a liability, the decrease in another I
asset or recognition of income or other increases in equity. N
G
A liability shall be recognised in the balance sheet when it is probable that an outflow or
transfer of resources embodying future economic benefits will result from settlement of the
obligation, and provided that the value can be measured reliably. Recognition of a liability
entails simultaneous recognition of an asset, the decrease in another liability or recognition of
an expense or other reductions in® equity.
Prof. J. Boria, J.A. del Castillo, P. Curós, A. González, I.
27
Income shall be recognised when there is an increase in the company’s resources
that can be reliably measured. Recognition of income therefore occurs
simultaneously with the recognition or increase of an asset or the extinguishment or
decrease of a liability and, on occasions, the recognition of an expense. A
C
C
Expenses shall be recognised when there is a decrease in the company’s resources O
that can be measured reliably. Recognition of an expense therefore occurs U
N
simultaneously with the recognition or increase of a liability or the extinguishment T
or decrease of an asset and, on occasions, the recognition of income or an equity I
N
item. G
Income and expenses shall be recognised on an accrual basis, applying the matching
principle where appropriate. Under no circumstances may assets or liabilities be
recognised unless the qualifying conditions are met for definition as such.
28
Measurement criteria
• Historical cost or cost
• Fair value A
• Net realisable value C
C
• Present value O
U
• Value in use N
T
• Cost to sell (of an asset) I
N
• Amortized cost, for financial instruments (“effective interest rate”) G
• Transaction costs attributable to a financial asset or financial liability

• Carrying amount
• Residual value
29
5.5.- Annual Accounts
The third part of the Plan refers to the annual accounts, appearing the possibility for
companies to present the annual accounts in their regular or abbreviated model, the
latter very similar to those provided by the GAP for SMEs, under maximum limits A
allowed, and that are set to present abbreviated formats, linked to the figures of the C
C
total assets of the balance sheet, the turnover and the number of employees during O
the fiscal year. U
N
The balance sheet includes the elements that make up the business equity, divided T
I
into assets, equity, and liabilities, all of which refer to a specific moment, generally the N
year-end. The first includes all the company's assets and rights, and the second the G
sources of financing, own or others.

The balance sheet's ordering is done for assets from the lowest to the highest degree
of liquidity and the equity and liabilities from the lowest to the highest degree of
enforceability.
30
Income statement includes, as indicated, sales and income, purchases and expenses
by nature, establishing by successive algebraic differences different levels of results,
which are, mainly or basically: A
C
C
* Results from operating activities (profit or loss) O
* Net finance income/(expense) U
N
* Profit/(Loss) before income tax T
* Profit/(Loss) for the period. I
N
G
Notes to the annual accounts
This report complements and explains, in a very detailed manner, the information
contained in the rest of the annual accounts and the criteria applied to achieve them.

31
The statement of changes in equity is an annual account that, as its name indicates,
details the global movements that have occurred, throughout the year, in the
different sections or items of equity included in the balance sheet. A
C
Finally, the statement of cash flows discloses the origin and use of monetary assets C
O
representing cash and cash equivalents. Movements are classified by activity, U
indicating the net change in the balance for the reporting period. N
T
It is a useful instrument to project the company's good cash forecasts and is, I
N
therefore, the only annual account that is not formulated under the accrual principle. G

32
5.6.- Chart of accounts
The fourth part of the Plan comprises the chart of accounts, which includes the
accounts necessary to reflect the economic events taking place in the companies'
A
work. Seven primary groups of accounts are established, characterized by groupings C
with similar financial and accounting features. C
O
The first five groups include the accounts that are reflected in the balance sheet, U
N
and the last two the management accounts, which are reflected in the annual profit T
and loss account. I
N
There are also two more groups (8 and 9), foreseen for companies that cannot apply G
the GAP for SMEs. They include certain situations provided for by the regulations, in
which expenses and income should not be reflected in the profit and loss account
but are charged directly to equity.

33
The large groups established by the GAP are the following:
A
BALANCE SHEET ACCOUNTS PROFIT AND LOSS ACCOUNTS C
C
Group 1 Basic financing Group 6 Purchases and expenses O
Group 2 Non-current assets Group 7 Sales and income U
N
Group 3 Inventories T
Group 4 Trade payables and trade I
N
receivables G
Group 5 Financial accounts

34
Balance Sheet Accounts
ASSETS EQUITY and LIABILITY
(GROUP 2) (GROUP 1)
El análisis a corto plazo estudia
NON-CURRENT ASSETS BASIC FINANCING A
C
(Equity and Non-current liability)
la capacidad de la empresa para C
O
hacer frente
(GROUP 3) a sus deudas
GAINS &
a corto
(GROUPS 8 &9)
LOSSES RECOGNIZED IN EQUITY
U
N
INVENTORIES T
plazo. I
GROUP 4 N
G
TRADE PAYABLES TRADE RECEIVABLE
COMMERCIAL NATURE COMMERCIAL NATURE
GROUP 5
35
FINANCIAL ACCOUNTS
35
Profit and Loss Accounts
They will be presented in the Income Statement

A
Expenses (Group 6) C
Profit/(loss) for the period C
(129) O
Income (Group 7) U
N
T
I
N
They will be presented in the Statement of changes in equity
G
Expenses (Group 8) Equity
(13)
Income (Group 9)

36
GROUP 1: BASIC FINANCING
Subgroups
10. CAPITAL A
11. RESERVES AND OTHER EQUITY INSTRUMENTS C
C
12. PROFIT/LOSS PENDING DISTRIBUTION OR APPLICATION O
13. GRANTS, DONATIONS AND VALUATION ADJUSTMENTS U
N
14. PROVISIONS T
15. NON-CURRENT PAYABLES OF A SPECIAL NATURE I
N
16. NON-CURRENT PAYABLES TO RELATED PARTIES G
17. NON-CURRENT PAYABLES FOR LOANS, DEBENTURES AND OTHER
18. NON-CURRENT GUARANTEES, DEPOSITS AND OTHER LIABILITIES
19. TEMPORARY FINANCING

37
Accounts and subaccounts of subgroups
10. CAPITAL
100. Share capital
A
101. Assigned capital C
102. Capital C
O
103. Uncalled capital U
1030. Uncalled capital N
T
1034. Uncalled capital pending registration I
104. Uncalled non-monetary contributions N
G
1040. Uncalled non-monetary contributions, capital
1044. Uncalled non-monetary contributions, capital pending registration
108. Own shares or equity holdings in special situations
109. Own shares or equity holdings for reduction of capital
38
GROUP 2: NON-CURRENT ASSETS
20. INTANGIBLE ASSETS A
21. PROPERTY, PLANT AND EQUIPMENT C
22. INVESTMENT PROPERTY C
O
23. PROPERTY, PLANTAND EQUIPMENT UNDER CONSTRUCTION U
24. NON-CURRENT INVESTMENTS IN RELATED PARTIES N
T
25. OTHER NON-CURRENT INVESTMENTS I
26. NON-CURRENT GUARANTEES AND DEPOSITS EXTENDED N
G
28. ACCUMULATED AMORTISATION AND DEPRECIATION
29. IMPAIRMENT OF NON-CURRENT ASSETS

39
GROUP 3: INVENTORIES
30. GOODS FOR RESALE A
31. RAW MATERIALS C
32. OTHER SUPPLIES C
O
33. WORK IN PROGRESS U
34. SEMI-FINISHED GOODS N
T
35. FINISHED GOODS I
36. BY-PRODUCTS, WASTE AND RECOVERED MATERIALS N
G
39. IMPAIRMENT OF INVENTORIES

40
GROUP 4: TRADE PAYABLES AND TRADE RECEIVABLES
40. SUPPLIERS
A
41. OTHER PAYABLES C
43. TRADE RECEIVABLES C
O
44. OTHER RECEIVABLES U
46. PERSONNEL N
T
47. PUBLIC ENTITIES I
48. PREPAID EXPENSES AND DEFERRED INCOME N
G
49. IMPAIRMENT OF TRADE RECEIVABLES AND CURRENT PROVISIONS

41
GROUP 5: FINANCIAL ACCOUNTS
50. CURRENT DEBENTURES, PAYABLES OF A SPECIAL NATURE AND SIMILAR
ISSUANCES
51. CURRENT PAYABLES TO RELATED PARTIES A
C
52. CURRENT PAYABLES FOR LOANS AND OTHER C
53. CURRENT INVESTMENTS IN RELATED PARTIES O
U
54. OTHER CURRENT INVESTMENTS N
55. ACCOUNTS OTHER THAN BANK ACCOUNTS T
I
56. CURRENT GUARANTEES, DEPOSITS, PREPAID EXPENSES AND DEFERRED INCOME N
57. CASH G
58. NON-CURRENT ASSETS HELD FOR SALE AND ASSOCIATED ASSETS AND
LIABILITIES
59. IMPAIRMENT OF CURRENT INVESTMENTS AND NON-CURRENT ASSETS HELD
FOR SALE
42
GROUP 6: PURCHASES AND EXPENSES
60. PURCHASES
61. CHANGES IN INVENTORIES A
C
62. EXTERNAL SERVICES C
63. TAXES O
U
64. PERSONNEL EXPENSES N
65. OTHER EXPENSES T
I
66. FINANCE EXPENSES N
67. LOSSES ON NON-CURRENT ASSETS AND EXCEPTIONAL EXPENSES G
68. AMORTISATION AND DEPRECIATION
69. IMPAIRMENT LOSSES AND OTHER CHARGES

43
GROUP 7: SALES AND INCOME
70. SALES OF MERCHANDISE, WORK CARRIED OUT BY THE COMPANY FOR ASSETS,
SERVICES, ETC. A
C
71. CHANGES IN INVENTORIES C
73. WORK CARRIED OUT BY THE COMPANY FOR ASSETS O
U
74. GRANTS, DONATIONS AND BEQUESTS N
75. OTHER INCOME T
I
76. FINANCE INCOME N
77. GAINS ON NON-CURRENT ASSETS AND EXCEPTIONAL INCOME G
79. SURPLUS AND USE OF PROVISIONS AND IMPAIRMENT LOSSES

44
PROFIT AND LOSS ACCOUNTS (GROUP 6 AND 7 PGC)
SUBGROUP (60) TO (65) OPERATING EXPENSES AND LOSSES

SUBGROUP (70) TO (75) OPERATING INCOME AND PROFITS A
C
SUBGROUP 66 FINANCE EXPENSES C
O
SUBGROUP 76 FINANCE INCOME U
N
SUBGROUP (67)/(77) OPERATING AND FINANCIAL RESULT T
I
SUBGROUP (68) OPERATING INCOME N
SUBGROUP (69)/(79) OPERATING AND FINANCIAL IMPAIRMENTS G

45
5.7.- Accounting definitions and relations between accounts
GROUP 1: BASIC FINANCING

A
Basic financing comprises the company’s equity and its long-term third-party C
C
financing, generally used to fund non-current assets and to cover a reasonable O
margin of current assets. This also includes transitory financing situations. U
N
T
GROUP 2: NON-CURRENT ASSETS I
N
It comprises assets to be used over time in the company’s activity, including G
investments that will mature, be disposed of or sold in over one year.

46
GROUP 3: INVENTORIES
Inventories are assets held to be sold in the ordinary course of business, those under A
C
production, and materials or supplies to be used in the production process or in the C
rendering of services. O
U
N
Inventories comprise merchandise, raw materials, other supplies, work in progress, T
semi-finished goods, finished goods and by-products, waste and recovered materials. I
N
G

47
GROUP 4: TRADE PAYABLES AND TRADE RECEIVABLES
Financial instruments and accounts originating in the company’s ordinary business, as
well as balances with public entities, including balances maturing in over one year.
Companies may classify the latter balances in subgroups 42 or 45, or reclassify them A
C
within the same accounts. C
O
U
43. TRADE RECEIVABLES N
430. Trade receivables T
431. Trade receivables, trade bills receivable I
N
432. Trade receivables, factoring G
433. Trade receivables, group companies
434. Trade receivables, associates
435. Trade receivables, other related parties
436. Doubtful trade receivables
437. Containers and packaging returnable by customers
438. Advances from customers
48
430. Trade receivables
Receivables from purchasers of merchandise and other goods defined in group 3, as
well as recipients of services rendered by the company, providing they relate to a A
principal activity of the company. C
C
This account shall be classified under current assets in the balance sheet. O
U
Movements in this account are as follows: N
T
a) The account shall be debited: I
a1) For sales made, with a credit to accounts in subgroup 70. N
G
a2) For returnable containers and packaging charged in customer invoices, with a
credit to account 437.
a3) Where applicable, to recognise accrued finance income, generally with a credit
to account 762.
49
b) The account shall be credited:
b1) For arrangement of trade bills accepted by the customer, with a debit to account 431.
b2) For full or partial settlement of the receivable by the customer or the final transfer of
collection rights to third parties, generally with a debit to accounts in subgroup 57. A
b3) For classification as a doubtful trade receivable, with a debit to account 436. C
C
b4) For the irrecoverable part of a receivable, with a debit to account 650. O
b5) For volume discounts extended to customers, with a debit to account 709. U
N
b6) For prompt payment discounts not included in the customer invoice, with a debit to T
account 706. I
b7) For returns of items sold, with a debit to account 708. N
G
b8) For returned containers and packaging which were charged in customer invoices as
returnable containers and packaging, with a debit to account 437.
b9) For the transfer of collection rights in factoring operations in which the company
substantially retains the risks and rewards, with a debit to account 432.

50
GROUP 5: FINANCIAL ACCOUNTS
Financial instruments for non-trade operations, namely transactions outside the A
normal course of business which are expected to mature or to be sold or realised C
C
within one year, and available liquid resources. O
U
N
T
I
N
G

51
GROUP 6: PURCHASES AND EXPENSES
Supplies of merchandise and other goods acquired by the company for subsequent
resale, either making no changes to the form and substance of the goods or
A
submitting them to industrial adaptation, transformation or construction processes C
prior to resale. This group also comprises all expenses incurred during the reporting C
O
period, including acquisitions of services and consumable materials, the change in U
inventories acquired and other expenses and losses over the period. N
T
I
N
GROUP 7: SALES AND INCOME G
The sale of goods and rendering of services as part of the company’s trade
operations, including other revenue, changes in inventories and gains during the
reporting period.

52
A
C
Concordance between Bibliography and Syllabus of the Program of the subject C
GOXENS, LOSILLA, OSES y LOSILLA, MORENO y
LOSILLA RAMIREZ, M. MUÑOZ MERCHANTE MUÑOZ MERCHANTE GARCÍA y VICO SAEZ OCEJO OMÑACA GARCIA
RODRÍGUEZ RODRÍGUEZ
O
Prácticas de Introducción 277 ejercicios prácticos
Introducción a la
Contabilidad Financiera
a la Contabilidad
Financiera
de contabilidad. 1er
curso
Introducción a la
contabilidad
Prácticas de introducción
a la contabilidad
Introducción a la
Contabilidad Financiera
Fundamentos de
contabilidad financiera
Contabilidad General U
N
Tema Ed Garceta Ed Garceta Ed Librería Universitaria Ed Académicas Ed Académicas Ed CEF Ed Andavira Ed Deusto
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1.5.- La regulación legal de la
Contabilidad
Cap 4 Cap 2 n.a. Cap 14 Cap 14 U.D. 2 Cap 1, 5, 6 Cap 24 I
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ENG-21-22 - UB - FEE - ADE-ECO - ACCOUNTING 1st Course - B I - U 5

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ENG-21-22 - UB - FEE - ADE-ECO - ACCOUNTING 1st Course - B I - U 5

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Degree:

Business Administration and Management (ADE)

Subjects: 363655 ACCOUNTING I (ADE)

Professors: J. Boria, J.A. del Castillo, P. Curós, A.

Unit I – Sub-unit 5.- Legal regulation of Accounting

5.4.- Recognition and measurement standards Statement

5.5.- Annual Accounts

5.6.- Chart of accounts

® Prof. J. Boria, J.A. del Castillo, P. Curós, A. González, I.

® Prof. J. Boria, J.A. del Castillo, P. Curós, A. González, I.

NEED FOR INTERNATIONAL

® Prof. J. Boria, J.A. del Castillo, P. Curós, A. González, I.

EMPLOYEES < 50 < 10

(1) Small & Medium Entreprises

PGC SME (they can choose

5. Criteria for recognizing the elements of the annual accounts

REVENUE > 5.700.000 < 8.000.000 < 22.800.000

EMPLOYEES 50 < 50 < 250

® Prof. J. Boria, J.A. del Castillo, P. Curós, A. González, I.

® Prof. J. Boria, J.A. del Castillo, P. Curós, A. González, I.

® Prof. J. Boria, J.A. del Castillo, P. Curós, A. González, I.

® Prof. J. Boria, J.A. del Castillo, P. Curós, A. González, I.

® Prof. J. Boria, J.A. del Castillo, P. Curós, A. González, I.

® Prof. J. Boria, J.A. del Castillo, P. Curós, A. González, I.

® Prof. J. Boria, J.A. del Castillo, P. Curós, A. González, I.

® Prof. J. Boria, J.A. del Castillo, P. Curós, A. González, I.

® Prof. J. Boria, J.A. del Castillo, P. Curós, A. González, I.

® Prof. J. Boria, J.A. del Castillo, P. Curós, A. González, I.

® Prof. J. Boria, J.A. del Castillo, P. Curós, A. González, I.

considered as liabilities, as well as retained earnings and cumulative

® Prof. J. Boria, J.A. del Castillo, P. Curós, A. González, I.

outflows or depletions of assets or incurrences of liabilities, other than

• Transaction costs attributable to a financial asset or financial liability

sources of financing, own or others.

® Prof. J. Boria, J.A. del Castillo, P. Curós, A. González, I.

® Prof. J. Boria, J.A. del Castillo, P. Curós, A. González, I.

® Prof. J. Boria, J.A. del Castillo, P. Curós, A. González, I.

® Prof. J. Boria, J.A. del Castillo, P. Curós, A. González, I.

They will be presented in the Income Statement

® Prof. J. Boria, J.A. del Castillo, P. Curós, A. González, I.

® Prof. J. Boria, J.A. del Castillo, P. Curós, A. González, I.

® Prof. J. Boria, J.A. del Castillo, P. Curós, A. González, I.

® Prof. J. Boria, J.A. del Castillo, P. Curós, A. González, I.

® Prof. J. Boria, J.A. del Castillo, P. Curós, A. González, I.

® Prof. J. Boria, J.A. del Castillo, P. Curós, A. González, I.

® Prof. J. Boria, J.A. del Castillo, P. Curós, A. González, I.

SUBGROUP (60) TO (65) OPERATING EXPENSES AND LOSSES

® Prof. J. Boria, J.A. del Castillo, P. Curós, A. González, I.

GROUP 1: BASIC FINANCING

investments that will mature, be disposed of or sold in over one year.

® Prof. J. Boria, J.A. del Castillo, P. Curós, A. González, I.

® Prof. J. Boria, J.A. del Castillo, P. Curós, A. González, I.

® Prof. J. Boria, J.A. del Castillo, P. Curós, A. González, I.

® Prof. J. Boria, J.A. del Castillo, P. Curós, A. González, I.

® Prof. J. Boria, J.A. del Castillo, P. Curós, A. González, I.

® Prof. J. Boria, J.A. del Castillo, P. Curós, A. González, I.

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