It is known that recently adopted new Guidelines for the Preparation of Consolidated Financial Statements (NOFCAC), Royal Decree 1159/2010 of 17 September, which also modifies the General Accounting Plan (PGC) and the General Plan Accounting for Small and Medium Enterprises (SMEs PGC).
In relation to amendments to the PGC we focus in this entry, the inclusion of new rule (10) in the Development Standards of the Annual Accounts 5. Ned Common rules for balance sheet, income statement, the statement of changes in equity and cash flow statement included in the third part of the PGC, as follows:
The financial statements resulting from a reverse acquisition under the criteria in the standard of recording and valuation on business combinations will be developed by the acquired business. Consequently, the social capital that should look in equity will be that the acquired business. However it is considered a continuation of the acquirer, and therefore:
- the comparative information for periods prior to the combination will be referred to the acquirer. To this end, the equity of the acquired company should be adjusted retrospectively to show that theoretically would have accrued to the acquirer. This adjustment will be made considering the relative variation of social capital should match that had occurred on the assumption that the acquirer, legal and economic, was the same company.
- In the year they are making the acquisition, the profit and loss account and statement of changes in equity include the revenue and expenses of the acquiring company for that year to the income and expenses of the acquired company from the date on which the transaction occurs until closing. The same criteria were applied in preparing the cash flow statement.
[...] General Plan Accounting for Small and Medium Enterprises [...]
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