Best Accounting & Auditing Lawyers in Kos

About Accounting & Auditing Law in Kos, Greece

Accounting and auditing in Kos, like the rest of Greece, operate under Greek corporate and tax law with EU alignment. Companies must maintain proper accounting records and prepare annual financial statements in line with applicable standards. The system also requires independent audits for certain entity types and sizes, with penalties for non-compliance.

In practice, residents and businesses on Kos interact with local accountants and lawyers to ensure statements, audits, and tax filings meet Greek and EU requirements. The process involves coordination between company bookkeeping, the statutory auditor or business advisor, and tax authorities. Clear documentation and timely filings reduce the risk of penalties and disputes.

Given Kos’s status as part of the Greek legal system, individuals should rely on local counsel for jurisdiction-specific steps, deadlines, and filings. Greek law emphasizes transparency, accuracy, and timely reporting to maintain good standing with tax authorities and regulatory bodies. For EU-aligned requirements, authorities reference EU directives implemented into Greek law.

Relevant sources provide the overarching framework. European directives on financial reporting guide national practices, while Greek authorities administer tax collection, reporting obligations, and auditing requirements. Directive 2013/34/EU and the Greek Ministry of Finance outline key responsibilities for businesses operating in Kos.

Directive 2013/34/EU establishes the framework for annual financial statements and consolidated statements across member states.

EU adoption of International Financial Reporting Standards (IFRS) aims to improve comparability and reliability of financial reporting in the EU.

For practical guidance and official procedures, refer to Ministry of Finance Greece and Independent Authority for Public Revenue (AADE).

Why You May Need a Lawyer

• Starting a tourism business on Kos requires compliant financial reporting. A lawyer can help set up the correct accounting framework, select the right entity type, and ensure initial financial statements align with Greek law and EU directives.
• Facing a tax audit or dispute with AADE. A legal professional can guide you through the audit process, preserve rights, interpret tax penalties, and negotiate settlements.
• Restructuring or merging Kos-based businesses. A lawyer can handle corporate reorganizations, ensure consistency of financial statements, and address cross-border implications within the EU framework.
• Contracting with local auditors or accounting firms. Legal counsel can review engagement terms, fee structures, and compliance obligations to avoid conflicts of interest or improper billing.
• Handling cross-border transactions with EU partners. You may need advice on transfer pricing, IFRS reporting, and documentation to satisfy both Greek authorities and EU regulators.
• Responding to regulatory changes or penalties for non-compliance. A lawyer helps interpret new directives, file appeals, and implement timely procedural changes.

Local Laws Overview

• Directive 2013/34/EU on annual financial statements - This EU directive governs the content and format of annual and consolidated financial statements for certain undertakings. It is implemented in Greece through national law to standardize reporting across member states. EU Directive text.
• Regulation (EC) No 1606/2002 on the application of International Financial Reporting Standards - This regulation requires IFRS for EU-listed companies and guides financial reporting practices across Greece. IFRS Regulation.
• Greek transposition of EU accounting directives (national laws such as Law 4308/2014) - Greece transposes EU rules into national statute to regulate the preparation of financial statements and related auditing. Always verify the latest Greek text and amendments with official sources. Ministry of Finance Greece.

Recent changes emphasize greater transparency and standardized reporting for Greek entities with EU alignment. Businesses should monitor updates to ensure ongoing compliance, especially for small and medium enterprises and listed companies. For authoritative texts, consult EUR-Lex and Ministry of Finance Greece.

Frequently Asked Questions

What is the role of a lawyer in accounting and auditing matters in Kos?

A lawyer assists with regulatory compliance, audit planning, and tax disputes. They help interpret Greek and EU requirements, review engagement terms, and represent clients in disputes with tax authorities or regulators.

How do I know if my Kos business needs an audit this year?

Audit requirements depend on company type and size. In Greece, certain entities must appoint a statutory auditor; a local attorney can confirm obligations and assist with scheduling the audit.

When must a Greek company appoint a statutory auditor in Kos?

Statutory audits are required for many Greek companies based on size, turnover, and legal form. An attorney can determine if your entity falls under mandatory auditing and coordinate with the auditor.

Where can I find reliable information about Greek accounting standards for Kos businesses?

Official guidance is available from the Greek Ministry of Finance and relevant EU sources. Start with Ministry of Finance Greece and the EU EUR-Lex portal.

Why is IFRS important for Kos, and who should care?

IFRS provides standardized financial reporting, facilitating comparability with EU partners. It matters for listed companies and entities seeking external financing or cross-border investors.

Can I represent myself in a tax audit or should I hire counsel?

You can represent yourself, but a lawyer or tax advisor often improves outcomes. They can present arguments, gather supporting documents, and negotiate with authorities on your behalf.

Should I hire a local Kos-based attorney for accounting matters?

Yes, local counsel understands regional filing procedures and deadlines. They can coordinate with your accountant and auditors to ensure timely, compliant submissions.

Do I need an auditor for my small or medium enterprise in Kos?

Small SMEs may be exempt depending on turnover and legal form, but many still require audits or reviews. An attorney can verify obligations and help arrange an appropriate engagement with an auditor.

Is there a difference between IFRS and Greek GAAP in practice?

Yes. IFRS is used for external reporting in many EU contexts, while Greek GAAP may apply to certain non-listed or smaller entities. A lawyer can explain which framework applies to your business.

How long does a typical accounting dispute resolution in Kos take?

Timeline varies by complexity and authority. Simple tax queries may resolve in weeks, while formal appeals can take several months.

What is the typical cost range for accounting and auditing legal services in Kos?

Costs vary by firm and engagement scope. Expect consultation fees, hourly rates, or fixed-fee arrangements for specific tasks like audit support or regulatory appeals.

Can I appeal a decision by Greek tax authorities in Kos?

Yes, you can appeal through statutory channels and courts. A lawyer can help prepare the appeal, gather evidence, and represent you during process stages.

Should I gather documents before contacting a lawyer?

Yes, collect recent financial statements, tax returns, engagement letters, auditor reports, and relevant invoices. This helps the attorney assess your situation quickly and accurately.

Additional Resources

• - Official source for accounting standards, tax policy, and regulatory updates impacting Kos businesses. minfin.gr
• - Central authority for tax collection, VAT, and tax audits; provides forms, guidelines, and procedures for taxpayers in Kos. aade.gr
• - Portal for EU Directives including Directive 2013/34/EU and IFRS-related regulations; useful for understanding the EU framework backing Greek rules. eur-lex.europa.eu