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Update on accounting regulations


New Greek regulations introduced by law 4308/2014 has been issued which sets out new accounting rules and principles. Taxand Greece provides an overview of the new revisions.

The main objective of the new legislation is to simplify and modernise Greek accounting rules as well as enhance the transparency, reliability and comparability of the financial information of Greek undertakings. The new law abolishes the following existing accounting and bookkeeping legislation:

  • The Greek Code of Tax Depiction of Transactions
  • The Greek Chart of Accounts and the Chart of Accounts applicable to Insurance Enterprises and Banks
  • Specific provision of Law 2065/1992
  • Specific provision of Corporate Laws 2190/1920, 3190/1955 and 4072/2012
  • Law 1809/1988 governing the use and functions of special cash or tax machines for the issuance of fiscal documents (except for retail sales documents)

The new legislation also allows the optional application of either the IFRS or of the new applicable Greek accounting standards, from each of which direct transition to tax results is now permitted subject to the application of the relevant provisions of the Income Tax Law (Law 4172/2013)

Discover more: New Greek accounting standards

Your Taxand contact for further queries is:
Yerassimos C. Yannopoulos
T. +30 210 69 85 005

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Taxand's Take

The new guidelines came into force on 1 January 2015. Multinationals and nationals should take note of the legislative changes to ensure they remain compliant.

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