Presentation on the new Law 4308/24.11.2014 "Gree... - KPMG Greece
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Presentation on the new Law 4308/24.11.2014 "Greek Accounting Principles, relevant regulations and other provisions"

Presentation on the new Law 4308/24.11.2014 "Gree...

The changes affecting businesses by the application of the Greek Accounting Standards (N.4308 / 2014) were presented at special KPMG events held at Athens and Thessaloniki.


Partner, Tax

KPMG in Greece


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The new law primarily covers four sections:


  • The first section abolishes as of 1 January 2015 the Greek General Chart of Accounts, the Sectoral Accounting Plans for Banks and Insurance Companies, the Code of Tax Reporting of Transactions (KFAS) and all relevant provisions, circulars, guidance or Ministerial Decisions that have been issued in relation to such Code or the previously applicable Code of Books and Records (CBR). 
  • The second section prescribes in detail the accounting principles to be used in preparing annual financial statements for publication when required by law (i.e. for corporations) as well as for filing with the tax authorities in order to determine income tax obligations. 
  • The third section generally incorporates the provisions of European Directive 2013/34/EU on annual financial statements.  Inherent in this directive, for the purposes of the preparation of financial statements there is a separation of entities in four categories namely, “very small”, “small”, “medium” and “large”. 
  • Finally, there is a fourth section where guidance is provided as to how books and records are to be kept and the formats of the financial statements as well as a glossary of accounting terms.

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