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Glyfada is a vibrant suburb located in the Athenian Riviera and is home to a variety of businesses, ranging from small family-owned shops to large international companies. Accounting and auditing in Glyfada follow the framework set by Greek national laws, shaped by both European Union directives and local business needs. The focus of accounting law is to ensure transparent, accurate, and timely financial reporting that adheres to the Greek Chart of Accounts and International Financial Reporting Standards, where applicable. Auditing is a separate yet related function that involves the independent examination of financial statements to guarantee their reliability and compliance. Both disciplines are essential in building trust among stakeholders, supporting business growth, and fulfilling tax obligations.
Legal assistance in the field of accounting and auditing is often crucial for businesses and individuals in Glyfada. Lawyers specializing in this field help navigate the legal complexities of financial management, compliance, and reporting. Common scenarios where legal help may be necessary include:
Greek accounting and auditing laws are governed primarily by the Greek Commercial Code, Law 4308/2014 (Greek Accounting Standards), and Law 4449/2017 regarding the statutory audits of annual financial statements. All businesses in Glyfada are obligated to maintain accurate accounting books and records, submit annual financial statements, and comply with tax reporting. Medium and large businesses, as well as certain regulated industries, must have their accounts audited by certified auditors registered with the Hellenic Accounting and Auditing Standards Oversight Board (ELTE).
Key aspects of the local landscape include:
Auditors in Glyfada independently examine a company’s financial statements, verify their accuracy, and ensure compliance with Greek and international standards.
Certain thresholds related to revenue, assets, and number of employees dictate when an audit is mandatory. Most medium and large businesses, and companies in regulated sectors, must undergo annual audits.
The Greek Accounting Standards, supplemented by International Financial Reporting Standards (IFRS) for listed and larger entities, are primarily used.
Financial statements must be prepared annually and submitted according to deadlines set by the Greek tax authorities, typically within six months after the fiscal year-end.
Penalties can range from administrative fines to criminal proceedings, depending on the severity and intent of the non-compliance.
Yes, any company operating in Greece or registered in Glyfada must comply with Greek accounting and auditing requirements, regardless of ownership.
Most companies must align their financial year with the calendar year, although certain exceptions may apply with proper notification and approval.
Disputes can be handled through negotiation, administrative appeals, or, if necessary, litigation in Greek courts.
The Hellenic Accounting and Auditing Standards Oversight Board (ELTE) is responsible for qualifying, licensing, and supervising auditors in Greece.
While not always mandatory, hiring a local professional is strongly recommended due to the complexity of Greek laws and the importance of local expertise in compliance matters.
If you are seeking guidance or support regarding accounting and auditing legal matters in Glyfada, consider consulting the following:
If you suspect you need legal assistance with an accounting or auditing matter in Glyfada, the following steps can help you proceed:
Staying informed and seeking help early can help you avoid costly penalties and ensure the smooth operation of your business or personal finances in Glyfada.
