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Accounts - Portugal

Updated 02/2011

Legal requirements

In Portugal, the Commission for Accounting Standards (CNC) is responsible for accounting standards and procedures in accordance with relevant international and European standards. The CNC website provides access to the legislation on the National Plan of Accounts (POC) as well as the various European directives and technical guidelines on the subject.

  • Commission for Accounting Standards português
  • National Plan of Accounts pdf [159 KB] português
  • Accounting Guidelines português

According to the National Plan of Accounts (POC), ‘financial statements should provide information on the financial position, changes in this position and operating results, which may be useful to investors, creditors and other users in terms of making rational investments, providing credit and taking decisions. In this way they contribute to the efficient functioning of the financial markets’.

Accounting rules

Within the Portuguese legislative framework, the usefulness of accounts is specifically indicated in the conceptual structure set out in the National Plan of Accounts (POC) and in the Accounting Guidelines (DC), particularly Accounting Guideline No 18 entitled ‘Objectives of financial statements and generally accepted accounting principles’.

  • Accounting Guideline No 18 (2005 revision) – Objectives of financial statements and generally accepted accounting principles pdf [61 KB] português

The target public of this financial information is investors, financers, employees, suppliers and other creditors, public authorities and the general public.

Administrative procedures

Accounts

Businesses operating in Portugal must present two documents at least once a year: balance sheet (table showing the financial situation) and profit and loss statement (itemised and summary).

  • Balance sheet template pdf [18 KB] português
  • Itemised profit and loss statement template pdf [11 KB] português
  • Summary profit and loss statement template português

Business accounts must be prepared by a Chartered Accountant (TOC), who is a professional responsible for planning, calculating and preparing business accounts and for technically coordinating all accounting operations. These professionals must be registered with the Association of Chartered Accountants.

The accounts prepared by the Chartered Accountant must be reviewed by a Statutory Auditor (ROC), who is responsible for all the checks and verifications needed to audit and certify the accounts. Only these professionals are authorised to carry out statutory audits of the accounts of companies or other entities.

The guide ‘Ten steps to starting up a business’ summarises the accounting procedures for all types of business.

  • Ten steps to starting up a business português

Resources

The website of the Commission for Accounting Standards (CNC) has a question and answer service.

  • Question and answer service of the Commission for Accounting Standards português

At EU level, an Expert Group (which included a member of the CNC), set up within the Directorate-General for Enterprise and Industry of the European Commission, has produced a report on good accounting practices for small enterprises.

  • Accounting systems for small enterprises – Recommendations and good practices pdf [151 KB] português

This report aims to give guidance on how to improve the accounting systems of small and medium-sized enterprises (SMEs) so that they can provide the owners, managers  and other stakeholders with appropriate financial information. This can be achieved through the identification and exchange of good practices between SMEs in the European Union.

Check also the legislation on this topic in:

  • References

    Legal texts

    • Decree-Law No 410/89 of 21 November 1989 – adopting the National Plan of Accounts português
    • Decree-Law No 238/91 of 2 July 1991 – adopting rules on the consolidation of accounts português
    • Decree-Law No 44/99 of 12 February 1999 – adopting the perpetual inventory method and summary profit and loss statement português
    • Decree-Law No 79/2003 of 23 April 2003 – amending Decree-Law No 44/99 of 12 February 1999 and also certain sections and chapters of the National Plan of Accounts português
    • Decree-Law No 88/2004 of 20 April 2004 – transposing Directive 2001/65/EC of the European Parliament and of the Council of 27 September 2001 as regards the valuation rules for the annual and consolidated accounts of certain types of companies as well as of banks and other financial institutions português
    • Decree-Law No 35/2005 of 17 February 2005 – transposing Directive 2003/51/EC of the European Parliament and of the Council of 18 June 2003 amending Council Directives 78/660/EEC, 83/349/EEC, 86/635/EEC and 91/674/EEC on the annual and consolidated accounts of certain types of companies, banks and other financial institutions and insurance undertakings, and permitting companies not required to use the International Accounting Standards (IAS) to apply these pursuant to Regulation (EC) No 1606/2002 of the European Parliament and of the Council of 19 July 2002 português

    Key documents

    • Accounting Guidelines português
    • Ten steps to starting up a business português

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