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Accounting and accounting rules in France

Accounting Rules

Tax Year
Calendar year unless the taxpayer opts for a different end date or a different tax period.
Accounting Standards
The French accounting system is based on French GAAP. As a member of the EU, French law is in accordance with European Commission (EC) Regulation No. 1606/2002, which requires the application of IFRS in the preparation of consolidated financial statements of listed companies.
Accounting Regulation Bodies
Accounting Reports
All SAs must publish annual financial data and deposit two copies of the approved balance sheet and profit and loss (P&L) statement with the local commercial court within seven months of the end of the financial year and within one month of approval of the accounts.

A listed SA must publish its annual balance sheet, P&L statement, quarterly sales figures for each branch of activity and a semi-annual provisional balance sheet. Subsidiaries of these companies with a balance sheet of EUR 3 million or more, or portfolios of EUR 300,000 or more, are individually subject to these disclosure requirements.

The statement of source and application of funds is compulsory for large companies.
Publication Requirements
There are three levels of reporting: the basic system (normal), an abridged system (for small companies) and a developed system. They depend on the legal form and size of the companies (defined in relation to the total of the balance sheet, the turnover and the number of employees).

The reporting is annual, except for listed companies for whom reporting is quarterly.
Professional Accountancy Bodies
OEC , The Higher Council of the Order of Chartered Accountants
CNCC , The National Company of Auditors
IFAC , International Federation of Accountants
Certification and Auditing
Companies have to seek a statutory auditor to conduct an annual audit of the financial health of their organisation. You can contact an external auditor: KPMG, Ernest & Young, PricewaterhouseCoopers.
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Latest Update: June 2024

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