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Accounting in Greece

Accounting in Greece

Foreign individuals and companies can discuss with our accountants in Greece if they need different financial services tailored in accordance with their needs. This includes the bookkeeping of corporate documents, preparing financial statements, submitting tax returns and forms with the Greek institutions, etc.  

For the accounting procedures that have to be implemented in your new company, it is recommended to address to accounting firms in Greece, especially if you plan to set up a large company. 

In the case in which you want to open a small company, the services of an accountant in Greece should be sufficient. 

Provided that you want to set up other types of organizations, such as a non-profit organization, you can rely on the services of a CPA in Greece, who is also qualified to provide accounting services to public institutions. 

As a member state of the European Union (EU), the Greek state has to follow many European regulations when it comes to accounting. This is why accounting in Greece is done in accordance with the EU laws. 

Currently, there are 2 main types of accounting procedures to be followed by Greek companies and other legal entities developing commercial and non-commercial activities: 

  1. the International Financial Reporting Standards (IFRS);
  2. the Greek General Accepted Accounting Principles (GAAP)

If you need accounting services for your company, our team of Greek lawyers can assist you and put you in contact with their partner accountants in Greece.  

What institution regulates accounting in Greece? 

All legal entities recognized under the Greek law are required to submit financial documents to Greek institutions, following the accounting standards that they use and in accordance with their type of company. 

Currently, accounting matters fall under the supervision of 2 main institutions: 

  1. the National Accounting Council;
  2. the Institute of Certified Public Accountants, which is also in charge with the authorization of a CPA in Greece

The main rule of law which prescribes legal and procedural matters concerning accounting in Greece is given by the Greek General Chart of Accounts. This was created as per the Presidential Decree 1123/1980. 

Additional regulations concerning accounting can be found in the Codified Company Law 2190/1920. Our accountants in Greece can offer more details. 

What is the law on accounting in Greece? 

Besides the regulations mentioned above, Greece applies other rules of law, which implement the EU’s policies to a unified accounting system that is applied by all EU member states. 

Thus, accounting services that can be offered by accountants in Greece will always include the national policies and the EU’s policies. Concerning the latter, Greece has already implemented the EU 1606/2002 Regulation on the Application of International Accounting Standards.  

What accounting system should companies in Greece choose? 

The accounting system that a local or foreign company should use depends on the nature of the company and the size of the company. In the list below, our accountant in Greece prepared a list of few important matters related to the Greek accounting system

  • the Greek accounting year is based on a 12 months calendar system;
  • the accounting year can end on 31 December or 30 June, depending on the company’s choice (foreign companies can have a financial year that differs from the calendar year);
  • most companies apply the new Greek GAAP, implemented since 1 January 2015 (this new GAAP is similar with the IFRS);
  • accounting rules for limited liability companies in Greece derive from 78/660/CEE, applied at a EU level; 
  • for parent companies there is the 83/149/CEE. 

If you want to open a company in Greece, we highly recommend you to address to our team of Greek lawyers for legal representation during the company formation procedures. 

Our accountants in Greece can also assist individuals and foreigners who have to prepare their tax forms. For any other matter concerning legal aspects, you can contact our team of Greek lawyers

Please contact us if you want to know about other tax obligations you can have in certain scenarios. For instance, our team can offer information on the taxes due if you want to buy a property in Greece

You can learn about the property transfer taxes, as well as on the taxes you are required to pay on yearly basis as the owner of a Greek propertyOur accountants can provide the necessary tax advice.