THE PUBLIC ACCOUNTING SYSTEM IN SPAIN

1

THE PUBLIC ACCOUNTING SYSTEM IN SPAINTHE PUBLIC ACCOUNTING SYSTEM IN SPAIN

Belén HernándezBelén Herná[email protected]@igae.meh.es

EU TWINNING PROYECTEU TWINNING PROYECT

IMPROVING DATA QUALITY IN IMPROVING DATA QUALITY IN

PUBLIC ACCOUNTSPUBLIC ACCOUNTS

ISTAMBUL, 4ISTAMBUL, 4--OCTOBEROCTOBER--20112011

http://www.meh.es/

2

SPANISH TERRITORIAL SPANISH TERRITORIAL

ORGANIZATIONORGANIZATION

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SPANISH PUBLIC SECTORSPANISH PUBLIC SECTOR

THREE LAYERS IN THE SPANISH PUBLIC SECTOR:THREE LAYERS IN THE SPANISH PUBLIC SECTOR:

PUBLIC STATE SECTORPUBLIC STATE SECTOR

PUBLIC REGIONAL SECTORPUBLIC REGIONAL SECTOR

PUBLIC LOCAL SECTORPUBLIC LOCAL SECTOR

TWO GROUPS OF ENTITIES IN EACH PUBLIC SECTOR:TWO GROUPS OF ENTITIES IN EACH PUBLIC SECTOR:

ADMINISTRATIVE ENTITIESADMINISTRATIVE ENTITIES

PUBLIC ENTERPRISESPUBLIC ENTERPRISES

PUBLIC SECTOR FRAMEWORKPUBLIC SECTOR FRAMEWORK

4

SPANISH ACCOUNTING REGULATIONSPANISH ACCOUNTING REGULATION

ADMINISTRATIVE ENTITIESADMINISTRATIVE ENTITIES: Subject to the Public : Subject to the Public

accounting regulation which is different in each public accounting regulation which is different in each public

sector:sector:

PUBLICPUBLIC STATESTATE SECTORSECTOR ENTITIESENTITIES applyapply thethe newnew

publicpublic accountingaccounting standardsstandards (based(based onon IPSAS)IPSAS)

sincesince 20112011

PUBLICPUBLIC REGIONALREGIONAL SECTORSECTOR ENTITIESENTITIES couldcould applyapply

thethe newnew publicpublic accountingaccounting standardsstandards fromfrom 20112011

PUBLICPUBLIC LOCALLOCAL SECTORSECTOR ENTITIESENTITIES willwill applyapply thethe

newnew publicpublic accountingaccounting standardsstandards inin thethe futurefuture

(probably(probably fromfrom 20132013))

PUBLIC ENTERPRISESPUBLIC ENTERPRISES: Subject to the Business : Subject to the Business

accounting regulation since 2008 (based on IASaccounting regulation since 2008 (based on IAS--IFRS) IFRS)

which is the same for every public and private which is the same for every public and private

enterprise.enterprise.

5

SPANISH ACCOUNTING REGULATIONSPANISH ACCOUNTING REGULATION

ACCOUNTINGACCOUNTING

REGULATIONREGULATION

PUBLIC PUBLIC

STATESTATE


REGULATIONREGULATIONPGCPPGCP’’19941994

PUBLIC STATEPUBLIC STATEPUBLIC STATEPUBLIC STATE



PGCP’2010PGCP’2010

PUBLICPUBLIC

REGIONALREGIONAL

SECTORSECTOR



PUBLIC PUBLIC PUBLIC PUBLIC

LOCALLOCAL

SECTORSECTOR



IAS IFRSIAS-IFRS

BUSINESS*BUSINESS*

ACCOUNTING

REGULATION

PGC’2007

IPSAS

ACCOUNTING

REGULATION

BUSINESS*

ACCOUNTING

REGULATION

PGC’1990

PUBLIC STATEPUBLIC STATE


PUBLIC STATEPUBLIC STATE



PGCP’1983PGCP’1983

ACCOUNTING

REGULATION

BUSINESS*

ACCOUNTING

REGULATION

PGC’1973

5

COMPULSORY

OPTIONAL

*SCOPE OF APLICATION:

STATE, REGIONAL AND

LOCAL PUBLIC ENTERPRISES

6

PUBLIC STATE ACCOUNTING PUBLIC STATE ACCOUNTING


PUBLICPUBLIC ACCOUNTINGACCOUNTING REGULATIONREGULATION PROVIDESPROVIDES TWOTWO

RECORDINGRECORDING SYSTEMSSYSTEMS COMPLETELYCOMPLETELY INTEGRATEDINTEGRATED::

BUDGETARYBUDGETARY ACCOUNTANCYACCOUNTANCY

FINANCIALFINANCIAL ACCOUNTANCYACCOUNTANCY

BUDGETARYBUDGETARY ACCOUNTANCYACCOUNTANCY ((SingleSingle entry)entry) almostalmost appliesapplies aa

CASHCASH BASEDBASED SYSTEMSYSTEM..

FINANCIALFINANCIAL ACCOUNTANCYACCOUNTANCY ((DoubleDouble entry)entry) appliesapplies aa FULLFULL

ACCRUALACCRUAL BASEDBASED SYSTEMSYSTEM..

ACCOUNTING RECORDING SYSTEMS

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EXPENDITUREEXPENDITURE BUDGETARY BUDGETARY

ACCOUNTANCY (SINGLE ENTRY)ACCOUNTANCY (SINGLE ENTRY)

BUDGET BUDGET

ITEMITEM

BUDGETBUDGET BUDGET BUDGET

EXECUTION= EXECUTION=

RECOGNIZED RECOGNIZED

OBLIGATIONSOBLIGATIONS

(4)(4)

PAYMENTSPAYMENTS

(5) (5)

UNPAID UNPAID



(7=4(7=4--5)5)

UNEXECUTED UNEXECUTED

BUDGETBUDGET

(8=3(8=3--5)5)ORIGINALORIGINAL

(1)(1)

CHANGES CHANGES

(2)(2)

FINALFINAL

(3=1+2) (3=1+2)

TOTALTOTAL

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COMPARISON OF BUDGET AND

ACTUAL AMOUNTS

8

INCOME BUDGETARY INCOME BUDGETARY

ACCOUNTANCY (SINGLE ENTRY)ACCOUNTANCY (SINGLE ENTRY)

BUDGET BUDGET

ITEMITEM

BUDGETBUDGETBUDGET BUDGET



RIGHTS RIGHTS

(4)(4)

CASH IN CASH IN

FLOWFLOW

(5)(5)

UNPAID UNPAID


RIGHTSRIGHTS

(6=4(6=4--5)5)


BUDGETBUDGET


(1)(1)

CHANGESCHANGES

(2)(2)

FINALFINAL

(3=1+2)(3=1+2)

TOTALTOTAL

8

COMPARISON OF BUDGET AND COMPARISON OF BUDGET AND

ACTUAL AMOUNTSACTUAL AMOUNTS

9

FINANCIAL ACCOUNTANCYFINANCIAL ACCOUNTANCY

ACCRUAL STANDARD:ACCRUAL STANDARD:

“Transactions and other events should be recognized “Transactions and other events should be recognized

when they occur (and not as cash or its equivalent is when they occur (and not as cash or its equivalent is

received or paid) and they are recorded in the received or paid) and they are recorded in the

accounting records and reported in the Financial accounting records and reported in the Financial

Statements of the periods to which they relate.”Statements of the periods to which they relate.”

Financial statements prepared on the accrual Financial statements prepared on the accrual

basis inform users not only of past transactions basis inform users not only of past transactions

involving the payment and receipt of cash but also involving the payment and receipt of cash but also

of obligations to pay cash in the future and of of obligations to pay cash in the future and of

resources that represent cash to be received in the resources that represent cash to be received in the

future.future.

FULL ACCRUAL BASED SYSTEM (I)

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Economic revenues and expenses deriving from Economic revenues and expenses deriving from

budget execution can be recorded at the same time budget execution can be recorded at the same time

as the correlative budgetary rights and obligations, as the correlative budgetary rights and obligations,

that is, when the Administrative act is dictated.that is, when the Administrative act is dictated.

In this case, at least at the end of the year, those In this case, at least at the end of the year, those

revenues and expenses accrued during the revenues and expenses accrued during the

accounting year, should be recognized in the accounting year, should be recognized in the

Statement of financial performance and in the Statement of financial performance and in the

Statement of changes in equityStatement of changes in equity even if the even if the

administrative act hasn’t been dictated yet.administrative act hasn’t been dictated yet.

FULL ACCRUAL BASED SYSTEM (II)

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TWO KIND OF ADJUSTMENTS should be made at the TWO KIND OF ADJUSTMENTS should be made at the

end of the year:end of the year:

All the revenues and expenses already recorded All the revenues and expenses already recorded

and assigned to budget but not totally accrued and assigned to budget but not totally accrued

must be corrected through the accrual must be corrected through the accrual

adjustments.adjustments.

All the revenues and expenses accrued in the All the revenues and expenses accrued in the

financial sphere but not assigned to budget yet financial sphere but not assigned to budget yet

must be recorded.must be recorded.

FULL ACCRUAL BASED SYSTEM (III)

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(DOUBLE ENTRY)(DOUBLE ENTRY)

GROUP 0GROUP 0

BUDGETARY CONTROL ACCOUNTSBUDGETARY CONTROL ACCOUNTS

GROUP 0GROUP 0

BUDGETARY CONTROL ACCOUNTSBUDGETARY CONTROL ACCOUNTS

GROUP 9GROUP 9

INCOMES RECOGNIZEDINCOMES RECOGNIZED

DIRECTLY IN EQUITYDIRECTLY IN EQUITY

GROUP 9GROUP 9

INCOMES RECOGNIZEDINCOMES RECOGNIZED


STATEMENT OF STATEMENT OF STATEMENT OF STATEMENT OF

CHANGES IN CHANGES IN

EQUITYEQUITY

GROUP 1GROUP 1

BASIC FINANCIATION BASIC FINANCIATION

GROUP 1GROUP 1

BASIC FINANCIATION BASIC FINANCIATION

GROUP 2 NON CURRENT ASSETSGROUP 2 NON CURRENT ASSETSGROUP 2 NON CURRENT ASSETSGROUP 2 NON CURRENT ASSETS

GROUP 3GROUP 3

INVENTORY ANDINVENTORY AND

OTHER CURRENT ASSETSOTHER CURRENT ASSETS

GROUP 3GROUP 3

INVENTORY ANDINVENTORY AND

OTHER CURRENT ASSETSOTHER CURRENT ASSETS

GROUP 4GROUP 4

CREDITORS AND DEBTORSCREDITORS AND DEBTORS

GROUP 4GROUP 4

CREDITORS AND DEBTORSCREDITORS AND DEBTORS

GROUP 5GROUP 5

FINANCIAL ACCOUNTSFINANCIAL ACCOUNTS

GROUP 5GROUP 5

FINANCIAL ACCOUNTSFINANCIAL ACCOUNTS

GROUP 6GROUP 6

BUYS & EXPENDITURESBUYS & EXPENDITURES

GROUP 6GROUP 6

BUYS & EXPENDITURESBUYS & EXPENDITURES

GROUP 7GROUP 7

SALES & INCOMESSALES & INCOMES

GROUP 7GROUP 7

SALES & INCOMESSALES & INCOMES

GROUP 8GROUP 8

EXPENDITURES RECOGNIZEDEXPENDITURES RECOGNIZED


GROUP 8GROUP 8

EXPENDITURES RECOGNIZEDEXPENDITURES RECOGNIZED


STATEMENT OF STATEMENT OF

FINANCIAL FINANCIAL

PERFORMANCEPERFORMANCE

STATEMENT OF STATEMENT OF STATEMENT OF STATEMENT OF

FINANCIAL FINANCIAL

POSITIONPOSITION

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CASH FLOW CASH FLOW CASH FLOW CASH FLOW

STATEMENTSTATEMENT

13

THE IPSAS IMPLEMENTATION IN SPAINTHE IPSAS IMPLEMENTATION IN SPAIN

Belén HernándezBelén Herná[email protected]@igae.meh.es

EU TWINNING PROYECTEU TWINNING PROYECT

IMPROVING DATA QUALITY IN IMPROVING DATA QUALITY IN

PUBLIC ACCOUNTSPUBLIC ACCOUNTS

ISTAMBUL, 4ISTAMBUL, 4--OCTOBEROCTOBER--20112011

http://www.meh.es/

14

WHY A NEW PUBLIC ACCOUNTING WHY A NEW PUBLIC ACCOUNTING

REGULATION IN SPAIN?REGULATION IN SPAIN?

AdaptationAdaptation toto thethe InternationalInternational PublicPublic SectorSectorAccountingAccounting StandardsStandards (IPSAS)(IPSAS) developeddeveloped bybyIPSASBIPSASB

HarmonizingHarmonizing withwith thethe newnew SpanishSpanish businessbusinessaccountingaccounting regulationregulation ((20072007)) adaptedadapted toto secondarysecondaryCommunityCommunity legislationlegislation;; directivesdirectives onon accountingaccounting andandregulationsregulations issuedissued byby thethe EuropeanEuropean CommissionCommissionadoptingadopting InternationalInternational AccountingAccounting StandardsStandards..

SuplyingSuplying informationinformation aboutabout newnew transationstransations whichwhichwerenweren´́tt analyzedanalyzed inin thethe currentcurrent publicpublic accountingaccountingregulationregulation..

FaithfulFaithful imageimage ofof FinancialFinancial StatementsStatements..

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SPANISH PUBLIC ACCOUNTING SPANISH PUBLIC ACCOUNTING

REGULATION: STRUCTUREREGULATION: STRUCTURE

INTRODUCTIONINTRODUCTION

CONCEPTUALCONCEPTUAL FRAMEWORKFRAMEWORK

RECOGNITION AND MEASUREMENT RULESRECOGNITION AND MEASUREMENT RULES

FINANCIALFINANCIAL STATEMENTSSTATEMENTS

CHARTCHART OFOF ACCOUNTSACCOUNTS

ACCOUNTINGACCOUNTING DEFINITIONSDEFINITIONS ANDAND RELATIONSRELATIONS

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TheThe ConceptualConceptual FrameworkFramework setssets outout thethe conceptsconcepts thatthat

undelieundelie thethe preparationpreparation andand presentationpresentation ofof FinancialFinancial

StatementsStatements forfor externalexternal usersusers..

FAITHFULFAITHFUL IMAGEIMAGE OFOF FINANCIALFINANCIAL STATEMENTSSTATEMENTS

QUALITATIVEQUALITATIVE CHARACTERISTICSCHARACTERISTICS OFOF THETHE

INFORMATIONINFORMATION PROVIDEDPROVIDED ININ THETHE FINANCIALFINANCIAL

STATEMENTSSTATEMENTS

PUBLICPUBLIC ACCOUNTINGACCOUNTING STANDARDSSTANDARDS

ELEMENTSELEMENTS OFOF FINANCIALFINANCIAL STATEMENTSSTATEMENTS

RECOGNITIONRECOGNITION OFOF THETHE ELEMENTSELEMENTS OFOF THETHE FINANCIALFINANCIAL


MEASUREMENTMEASUREMENT OFOF THETHE ELEMENTSELEMENTS OFOF THETHE FINANCIALFINANCIAL


I. I. CONCEPTUAL FRAMEWORKCONCEPTUAL FRAMEWORK

17

FinancialFinancial StatementsStatements provideprovide informationinformation thatthat isis usefuluseful toto aa

widewide rangerange ofof usersusers inin makingmaking economiceconomic decisionsdecisions andand toto

accountaccount forfor allall thethe operationsoperations toto thethe CourtCourt ofof AuditorsAuditors..

TheThe objectiveobjective ofof FinancialFinancial StatementsStatements isis toto showshow aa faithfulfaithful

imageimage ofof thethe assets,assets, financialfinancial situation,situation, resultsresults andand

budgetarybudgetary performanceperformance ofof thethe entityentity

TransationsTransations mustmust bebe accountedaccounted forfor andand presentedpresented inin

accordanceaccordance withwith theirtheir substancesubstance andand economiceconomic realityreality andand

notnot merelymerely theirtheir legallegal formform..

I.I. CONCEPTUAL FRAMEWORKCONCEPTUAL FRAMEWORK

FAITHFUL IMAGE OF FINANCIAL STATEMENTSFAITHFUL IMAGE OF FINANCIAL STATEMENTS

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UNDERSTANDABILITY:UNDERSTANDABILITY: Information must be readily understable Information must be readily understable by users.by users.

RELEVANCE:RELEVANCE: Information must influence the economic decisions Information must influence the economic decisions of users by helping them evaluate past, present or future events of users by helping them evaluate past, present or future events or confirming or correcting their past evaluationsor confirming or correcting their past evaluations

RELIABITY:RELIABITY: The information is free from material errors and bias The information is free from material errors and bias and can be depended upon by users to represent faithfully that and can be depended upon by users to represent faithfully that which it purports to represent.which it purports to represent.

COMPARABILITY:COMPARABILITY: Users must be able to compare the Financial Users must be able to compare the Financial Statements of an entity Statements of an entity through timethrough time in order to identify trends in in order to identify trends in its financial position and performance and to compare the its financial position and performance and to compare the Financial Statements Financial Statements of different entitiesof different entities in order to evaluate in order to evaluate their relative financial position, performance and changes in their relative financial position, performance and changes in financial position.financial position.

QUALITATIVE CHARACTERISTICS OF THE INFORMATION QUALITATIVE CHARACTERISTICS OF THE INFORMATION PROVIDED IN THE FINANCIAL STATEMENTSPROVIDED IN THE FINANCIAL STATEMENTS

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ECONOMIC STANDARDS:ECONOMIC STANDARDS:

GOING CONCERNGOING CONCERN

ACCRUAL BASISACCRUAL BASIS

CONSISTENCY OVER TIMECONSISTENCY OVER TIME

PRUDENCEPRUDENCE

NO COMPENSATIONNO COMPENSATION

MATERIALITYMATERIALITY

BUDGETARY STANDARS:BUDGETARY STANDARS:

BUDGETARY ALLOCATIONBUDGETARY ALLOCATION

USE OF RESOURCES FOR GENERIC PURPOSESUSE OF RESOURCES FOR GENERIC PURPOSES


PUBLIC ACCOUNTING STANDARS

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ELEMENTS RELATED TO THE MEASUREMENT OF FINANCIAL ELEMENTS RELATED TO THE MEASUREMENT OF FINANCIAL

POSITION :POSITION :

a)a) AssetsAssets

b)b) LiabilitiesLiabilities

c)c) EquityEquity

ELEMENTS RELATED TO THE MEASUREMENT OF PERFORMANCE:ELEMENTS RELATED TO THE MEASUREMENT OF PERFORMANCE:

a)a) IncomeIncome

b)b) ExpensesExpenses

ELEMENTS RELATED TO BUDGET EXECUTION:ELEMENTS RELATED TO BUDGET EXECUTION:

a)a) Budgetary incomeBudgetary income

b)b) Budgetary expensesBudgetary expenses

ELEMENTS RELATED TO CASH FLOW:ELEMENTS RELATED TO CASH FLOW:

a)a) Cash inCash in

b)b) Cash outCash out


ELEMENTS OF THE FINANCIAL STATEMENTSELEMENTS OF THE FINANCIAL STATEMENTS

21

RECOGNITIONRECOGNITION isis thethe processprocess ofof incorporatingincorporating inin thethe

FinancialFinancial StatementsStatements anan itemitem thatthat meetsmeets thethe definitiondefinition

ofof anan elementelement andand satisfiessatisfies thethe criteriacriteria forfor recognitionrecognition..

AnAn itemitem thatthat meetsmeets thethe definitiondefinition ofof anan elementelement shouldshould

bebe recognizedrecognized ifif::

ItIt isis probableprobable thatthat anyany futurefuture economiceconomic benefitbenefit oror

serviceservice potencialpotencial associatedassociated withwith thethe itemitem willwill flowflow

toto oror fromfrom thethe entity,entity, andand

thethe itemitem hashas aa costcost oror valuevalue thatthat cancan bebe measuredmeasured

withwith reliabityreliabity..


RECOGNITION OF THE ELEMENTS OF THE RECOGNITION OF THE ELEMENTS OF THE

FINANCIAL STATEMENTSFINANCIAL STATEMENTS

22

MEASUREMENTMEASUREMENT isis thethe processprocess ofof determiningdetermining thethe monetarymonetary

amountsamounts atat whichwhich thethe elementselements ofof thethe FinancialFinancial StatementsStatements areare

toto bebe recognizedrecognized andand carriedcarried inin thethe FinancialFinancial StatementsStatements..

AA numbernumber ofof differentdifferent measurementmeasurement basesbases areare employedemployed totodifferentdifferent degreesdegrees andand inin varyingvarying combinationscombinations inin FinancialFinancialStatementsStatements.. TheyThey includeinclude thethe followingfollowing::

HISTORICALHISTORICAL COSTCOST

FAIRFAIR VALUEVALUE

NETNET REALISABLEREALISABLE VALUEVALUE

PRESENTPRESENT VALUEVALUE

ENTITYENTITY SPECIFICSPECIFIC VALUEVALUE

RECOVERABLERECOVERABLE AMOUNTAMOUNT

RESIDUALRESIDUAL VALUEVALUE

VALUEVALUE ININ USEUSE


MEASUREMENT OF THE ELEMENTS OF THE FINANCIAL MEASUREMENT OF THE ELEMENTS OF THE FINANCIAL


23

STATEMENTSTATEMENT OFOF FINANCIALFINANCIAL POSITIONPOSITION

STATEMENTSTATEMENT OFOF FINANCIALFINANCIAL PERFORMANCEPERFORMANCE

STATEMENTSTATEMENT OFOF CHANGESCHANGES ININ EQUITYEQUITY

CASHCASH FLOWFLOW STATEMENTSTATEMENT

COMPARISONCOMPARISON OFOF BUDGETBUDGET ANDAND ACTUALACTUAL AMOUNTSAMOUNTS

NOTESNOTES

III. FINANCIAL STATEMENTSIII. FINANCIAL STATEMENTS

FINANCIAL STATEMENTSFINANCIAL STATEMENTS

24

A) NONA) NON--CURRENT ASSETSCURRENT ASSETS NOTESNOTES NN NN--11

I. Intangible assets

II. Property, plant, and equipment

III. Investment property

IV. Financial assets in controlled entities, joint

ventures and associates.

V. Financial assets (in the rest of entities)

B) CURRENT ASSETSB) CURRENT ASSETS

I. Available-for-sale-non-financial assets

II. Inventories

III. Recoverables

IV. Financial assets in controlled entities, joint

ventures and associates

V. Financial assets (in the rest of entities)

VI. Accrual adjustements

VII.Cash and cash equivalents

STATEMENT OF FINANCIAL POSITION (I)STATEMENT OF FINANCIAL POSITION (I)

ASSETSASSETS

24

25

STATEMENT OF FINANCIAL POSITION (II)STATEMENT OF FINANCIAL POSITION (II)

EQUITY AND LIABIILITIESEQUITY AND LIABIILITIES

A) EQUITYA) EQUITY NOTESNOTES NN NN--11

I. Contributed capital

II. Accumulated surpluses or deficits and reserves

III. Changes in fair value recognized in equity

IV. Another equity increases

B) NON CURRENT LIABILITIESB) NON CURRENT LIABILITIES

I. Provisions

II. Financial liabilities (in the rest of entities)

III. Financial liabilities in controlled entities, joint


C) CURRENT LIABILITIESC) CURRENT LIABILITIES

I. Provisions

II. Financial liabilities

III. Financial liabilities in controlled entities, joint


IV. Payables

V. Accrual adjustements

25

26

NOTESNOTES NN NN--11

1. Taxes and contributions to National insurance

2. Transfers

3. Sales and rendering of services

4. Inventory turnover & disposals

5. Other revenue from ordinary activities

6. Increase in provisions

A) TOTAL REVENUE FROM ORDINARY ACTIVITIES (1+2+3+4+5+6)A) TOTAL REVENUE FROM ORDINARY ACTIVITIES (1+2+3+4+5+6)

7. Wages, salaries, and employee benefits

8. Grants and other transfer payments

9. Acquisitions

10. Other expenses from ordinary activities

11. Depreciation and amortization expense

B) TOTAL EXPENSE FROM ORDINARY ACTIVITIES (8+9+10+11B) TOTAL EXPENSE FROM ORDINARY ACTIVITIES (8+9+10+11))

II. SURPLUS/DEFICIT FROM ORDINARY ACTIVITIES (A. SURPLUS/DEFICIT FROM ORDINARY ACTIVITIES (A--B)B)

12. Impairment and disposals of items of property, plant, and equipment

13. Non ordinary items

II. NON FINANCIAL SURPLUS/DEFICIT (I+12+13)II. NON FINANCIAL SURPLUS/DEFICIT (I+12+13)

STATEMENT OF FINANCIAL STATEMENT OF FINANCIAL

PERFORMANCE (I)PERFORMANCE (I)

26

27

STATEMENT OF FINANCIAL STATEMENT OF FINANCIAL

PERFORMANCE (II)PERFORMANCE (II)


14. Finance revenues

15. Finance expenses

16. Changes in fair value recognized in surplus or deficit

17. Changes in foreign exchange rates

18. Impairment and disposals of financial assets and liabilities

III. FINANCIAL SURPLUS/DEFICIT RESULT (14+15+16+17+18)III. FINANCIAL SURPLUS/DEFICIT RESULT (14+15+16+17+18)

IV. SURPLUS OR DEFICIT FOR THE PERIOD (II + III)IV. SURPLUS OR DEFICIT FOR THE PERIOD (II + III)

27

1.1. STATEMENT OF CHANGES IN EQUITYSTATEMENT OF CHANGES IN EQUITY

2.2. STATEMENT OF REVENUES AND EXPENSESSTATEMENT OF REVENUES AND EXPENSES

3.3. STATEMENT OF TRANSACTIONS WITH OWNERS STATEMENT OF TRANSACTIONS WITH OWNERS

ACTING IN THEIR CAPACITY AS OWNERSACTING IN THEIR CAPACITY AS OWNERS

A. EQUITY TRANSACTIONS WITH OWNERS ACTING IN

THEIR CAPACITY AS OWNERS

B. ANOTHER TRANSACTIONS WITH OWNERS ACTING

IN THEIR CAPACITY AS OWNERS

STATEMENT OF CHANGES IN EQUITY: STATEMENT OF CHANGES IN EQUITY:

STRUCTURESTRUCTURE

29

1.1. STATEMENT OF CHANGES IN EQUITYSTATEMENT OF CHANGES IN EQUITY

NOTESNOTES

I. I.

Contributed Contributed

capitalcapital

II. II.

Accumulated Accumulated

surpluses or surpluses or

deficits and deficits and

reservesreserves

III. III. Changes Changes

in fair value in fair value

recognized recognized

in equityin equity

IV. IV.

Another Another

equity equity

increasesincreases

TOTAL TOTAL

A. EQUITY AT THE END OF THE A. EQUITY AT THE END OF THE

PERIOD NPERIOD N--1 1

B. CHANGES IN ACCOUNTING B. CHANGES IN ACCOUNTING

POLICIES AND CORRECTIONS POLICIES AND CORRECTIONS

OF ERRORS OF ERRORS

C. EQUITY AT THE BEGINNING C. EQUITY AT THE BEGINNING

OF THE PERIOD N (A+B) OF THE PERIOD N (A+B)

D. CHANGES IN EQUITY FOR D. CHANGES IN EQUITY FOR

THE PERIOD THE PERIOD

1. Total revenue and expense 1. Total revenue and expense

for the period for the period

2. Transactions with owners 2. Transactions with owners

acting in their capacity as acting in their capacity as

ownersowners

3. 3. Another equity increasesAnother equity increases

E. EQUITY AT THE END OF THE E. EQUITY AT THE END OF THE

PERIOD N (C+D) PERIOD N (C+D)

29

30

2. STATEMENT OF REVENUES AND 2. STATEMENT OF REVENUES AND

EXPENSESEXPENSES


I. SURPLUS OR DEFICIT FOR THE PERIODI. SURPLUS OR DEFICIT FOR THE PERIOD

II. REVENUE AND EXPENSE FOR THE PERIOD THAT IS II. REVENUE AND EXPENSE FOR THE PERIOD THAT IS

RECOGNIZED DIRECTLY IN EQUITYRECOGNIZED DIRECTLY IN EQUITY

1. Property, plant, and equipment & Investment property

2. Financial assets and liabilities

3. Hedge accounting

4. Another equity increases

III. TRANSFERS TO THE STATEMENT OF FINANCIAL III. TRANSFERS TO THE STATEMENT OF FINANCIAL

PERFORMANCEPERFORMANCE

1. Property, plant, and equipment & Investment property

2. Financial assets and liabilities

3. Hedge accounting

4. Another equity increases

IV. IV. TOTAL REVENUE AND EXPENSE FOR THE PERIODTOTAL REVENUE AND EXPENSE FOR THE PERIOD ((I+II+III)I+II+III)30

31

3. STATEMENT OF3. STATEMENT OF TRANSACTIONS WITH OWNERS TRANSACTIONS WITH OWNERS


A) EQUITYA) EQUITY TRANSACTIONS WITH TRANSACTIONS WITH

OWNERS ACTING IN THEIR CAPACITY AS OWNERS ACTING IN THEIR CAPACITY AS

OWNERSOWNERS


1. CASH1. CASH--CONTRIBUTEDCONTRIBUTED--CAPITALCAPITAL

2. IN2. IN--KINDKIND--CONTRIBUTEDCONTRIBUTED--CAPITALCAPITAL

3. DEBT RELIEF OR ASSUMPTION OF 3. DEBT RELIEF OR ASSUMPTION OF

FINANCIAL LIABILITIES FINANCIAL LIABILITIES

4. ANOTHER CONTRIBUTED CAPITAL4. ANOTHER CONTRIBUTED CAPITAL

5. (5. (--) IN) IN--KINDKIND--DEVOLUTIONS TO OWNERSDEVOLUTIONS TO OWNERS

6. (6. (--) ANOTHER DEVOLUTIONS TO OWNERS) ANOTHER DEVOLUTIONS TO OWNERS

TOTALTOTAL31

32

3. STATEMENT OF TRANSACTIONS WITH OWNERS 3. STATEMENT OF TRANSACTIONS WITH OWNERS


B)B) ANOTHER TRANSACTIONS WITH ANOTHER TRANSACTIONS WITH

OWNERS ACTING IN THEIR OWNERS ACTING IN THEIR

CAPACITY AS OWNERSCAPACITY AS OWNERS


REVENUES AND EXPENSES REVENUES AND EXPENSES

RECOGNIZED IN THE STATEMENT OF RECOGNIZED IN THE STATEMENT OF

FINANCIAL PERFORMANCEFINANCIAL PERFORMANCE

REVENUES AND EXPENSES REVENUES AND EXPENSES

RECOGNIZED IN THE RECOGNIZED IN THE STATEMENT OF STATEMENT OF

CHANGES IN EQUITYCHANGES IN EQUITY

TOTALTOTAL

32

33


II.. CASHCASH FLOWSFLOWS FROMFROM OPERATINGOPERATING ACTIVITIESACTIVITIES

IIII.. CASHCASH FLOWSFLOWS FROMFROM INVESTINGINVESTING ACTIVITIESACTIVITIES

IIIIII.. CASHCASH FLOWSFLOWS FROMFROM FINANCINGFINANCING ACTIVITIESACTIVITIES

IVIV.. OTHEROTHER CASHCASH FLOWSFLOWS

V. EFFECTS OF EXCHANGE RATE CHANGESV. EFFECTS OF EXCHANGE RATE CHANGES

VI. NET INCREASE/(DECREASE) IN CASH AND CASH VI. NET INCREASE/(DECREASE) IN CASH AND CASH

EQUIVALENTS (I+II+III+IV+V)EQUIVALENTS (I+II+III+IV+V)

Cash and cash equivalents Cash and cash equivalents at the beginning of the periodat the beginning of the period

Cash and cash equivalents Cash and cash equivalents at the end of the periodat the end of the period

CASH FLOW STATEMENTCASH FLOW STATEMENT

33

34

COMPARISON OF COMPARISON OF EXPENDITUREEXPENDITURE BUDGET BUDGET

AND ACTUAL AMOUNTSAND ACTUAL AMOUNTS

BUDGET BUDGET

ITEMITEM

BUDGETBUDGET BUDGET BUDGET




(4)(4)

PAYMENTSPAYMENTS

(5) (5)

UNPAID UNPAID



(7=4(7=4--5)5)


BUDGETBUDGET


(1)(1)

CHANGES CHANGES

(2)(2)

FINALFINAL

(3=1+2) (3=1+2)

TOTALTOTAL

34

35

COMPARISON OF INCOME BUDGET AND COMPARISON OF INCOME BUDGET AND

ACTUAL AMOUNTSACTUAL AMOUNTS

BUDGET BUDGET

ITEMITEM

BUDGETBUDGETBUDGET BUDGET



RIGHTS RIGHTS

(4)(4)

CASH IN CASH IN

FLOWFLOW

(5)(5)

UNPAIDUNPAID


RIGHTSRIGHTS

(6=4(6=4--5)5)


BUDGETBUDGET


(1)(1)

CHANGESCHANGES

(2)(2)

FINALFINAL

(3=1+2)(3=1+2)

TOTALTOTAL

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COMPARISON OF BUDGET AND ACTUAL COMPARISON OF BUDGET AND ACTUAL

AMOUNTS:AMOUNTS: BUDGETARY RESULTBUDGETARY RESULT

BUDGET BUDGET



RIGHTS RIGHTS

BUDGET BUDGET




BUDGETARY BUDGETARY

RESULTRESULT

a. Current operations

b. Non current operations

c. Comercial operations

1. Non financial operations (a+b+c)1. Non financial operations (a+b+c)

d. Financial assets

e. Financial liabilities

2. Financial operations (d+e)2. Financial operations (d+e)

I. BUDGETARY RESULT FROM THE PERIOD (1+2)I. BUDGETARY RESULT FROM THE PERIOD (1+2)

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THE PUBLIC ACCOUNTING SYSTEM THE PUBLIC ACCOUNTING SYSTEM

IN SPAININ SPAIN

MORE INFORMATION ABOUT SPANISH ACCOUNTING MORE INFORMATION ABOUT SPANISH ACCOUNTING


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THE PUBLIC ACCOUNTING SYSTEM IN SPAIN

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