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About Accounting & Auditing Law in Athens, Greece

Accounting and auditing practices in Athens, Greece, are governed by a blend of national legislation and European Union directives, which aim to ensure transparency, accuracy, and integrity in financial reporting. The landscape of accounting is shaped by regulations such as the Greek Accounting Standards and International Financial Reporting Standards (IFRS), mandated for companies listed on the stock exchange. Auditing is regulated to ensure that company financial statements provide a true and fair view of the financial position and performance, typically performed by certified auditors who comply with stringent legal standards.

Why You May Need a Lawyer

Individuals and businesses may require legal assistance in accounting and auditing for various reasons. Common situations include ensuring compliance with ever-evolving accounting standards, managing disputes that arise from financial reporting discrepancies, navigating tax audits conducted by authorities, or dealing with corporate fraud investigations. Additionally, expanding businesses may need legal guidance on international accounting standards and cross-border financial operations.

Local Laws Overview

The key aspects of local laws concerning accounting and auditing in Athens include adherence to the Greek Accounting Standards for local businesses, compliance with IFRS for publicly traded companies, and the requirements under the Greek Tax Law that necessitate thorough documentation and precise financial reporting. The Hellenic Capital Market Commission (HCMC) oversees financial reporting for listed companies, ensuring compliance with regulations. Licensed auditors must follow professional conduct rules as outlined by the Greek Institute of Certified Public Accountants (SOEL).

Frequently Asked Questions

What are the Greek Accounting Standards?

The Greek Accounting Standards (GAS) are a set of guidelines that govern the preparation and presentation of financial statements by companies operating in Greece. They aim to align financial reporting with international practices while considering local legislation.

Who needs to comply with IFRS in Greece?

International Financial Reporting Standards (IFRS) are required for all companies listed on the Athens Stock Exchange. Non-listed companies may opt to use IFRS voluntarily or if required by particular financial stakeholders.

What is the Hellenic Accounting and Auditing Standards Oversight Board?

The Hellenic Accounting and Auditing Standards Oversight Board (HAASOB) is responsible for overseeing the auditing profession, ensuring public trust in financial reporting quality, and promoting adherence to established standards.

How often should companies conduct audits?

Audit frequency can vary, but companies typically conduct annual audits to evaluate financial performance, enhance internal control mechanisms, and ensure compliance with regulatory requirements.

What is the role of the Hellenic Capital Market Commission?

The HCMC supervises and regulates the Greek capital market, ensuring the transparency and integrity of stock market activities, which include overseeing corporate financial disclosures.

What is a tax audit?

A tax audit in Greece involves the examination of tax returns and financial documents by tax authorities to ensure compliance with the applicable tax laws, identifying any discrepancies or irregularities.

How can businesses prepare for an audit in Athens?

Businesses should maintain accurate and detailed financial records, implement robust accounting practices, regularly review internal controls, and seek assistance from certified professionals well-versed in local and international auditing standards.

What are the penalties for non-compliance in accounting and auditing?

Non-compliance can lead to financial penalties, legal liabilities, revocation of licenses, or reputational damage, depending significantly on the nature and severity of the violation.

Do foreign companies need to comply with Greek accounting laws?

Foreign companies with business operations or financial interests in Greece must adhere to local accounting laws and standards to the extent they apply to their activities within the country.

Where can I find certified accountants and auditors in Athens?

The Greek Institute of Certified Public Accountants (SOEL) maintains a registry of certified accountants and auditors who are qualified to provide accounting and auditing services in compliance with Greek laws.

Additional Resources

Several resources can guide individuals seeking legal advice in accounting and auditing:

• The Hellenic Accounting and Auditing Standards Oversight Board (HAASOB)
• The Hellenic Capital Market Commission (HCMC)
• Greek Institute of Certified Public Accountants (SOEL)
• The Ministry of Finance, Greece, for updated legal requirements and standards
• Local chambers of commerce and industry associations

Next Steps

If you require legal assistance in accounting and auditing, start by consulting with a lawyer specializing in financial law. It is advisable to gather all relevant documentation and financial records beforehand. Evaluate the lawyer's credentials, expertise in Greek accounting and auditing law, and understand their approach to addressing your specific concerns. Building a relationship with a local accounting professional can also provide ongoing support and ensure compliance with evolving regulations.