The new General Accounting Plan, which will go into effect as of January 1, 2008, will apply to the fiscal years commencing after January 1, 2008 and to all companies, regardless of their legal status – individual or company- that opt for this regime and meet at least two of the following requirements at the end of each fiscal year for at least two consecutive fiscal years:
a) Total asset items must not exceed two million eight hundred and fifty thousand Euros.
b) Net amount of business revenue cannot exceed five million seven hundred thousand Euros.
c) Average number of employees during the fiscal year cannot exceed fifty.
Once a PYME opts for the new PYME General Accounting Plan, they must follow this plan for a minimum of three consecutive fiscal years unless the company is otherwise obligated to adhere to the General Accounting Plan.
For further information, please contact Victor Manzanares Saínz:[email protected]