New accounting rules take effect for accounting periods beginning on or after January 1, 2008. The rules for long-term employee benefits liabilities may, on the surface, seem similar to international standards. However, a few differences could force employers to explore whether their accounts will qualify as equivalent under the new rules and could affect the valuation and accounting of their defined benefit pension liabilities.
Key Details
The new accounting rules, enacted on November 16, 2007, in effect introduce a Spanish set of Generally Accepted Accounting Principles (GAAP). They are called Plan General de Contabilidad (PGC) and require:
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