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New changes in the reservoir and advertising of the Annual Accounts

The Capital Companies Act, LSC, provides the roadmap of the Annual Accounts as follows:

In relation to the phases of the deposit and advertising annual accounts, the current wording of the LSC provides:

• Deposit accounts.

Within one month following approval of annual accounts will be submitted for deposit in the commercial register of established certification of the agreements of the general meeting for approval of annual accounts and implementation of the outcome and, where appropriate, consolidated accounts, which are attached a copy of each of these accounts and management report and auditors report, where the company is obliged to audit or have practiced it at the request of the minority. If one or more of the annual accounts had been made for short, shall be so stated in the certificate stating the cause.

Rating registration.

1. Within fifteen days of the filing date of the entry, the Registrar shall consider under its responsibility if the documents are required by law, if properly approved by the board and if they comprise the required signatures. If no defects estimate it will have for the deposit, practicing the corresponding entry in the book of deposit accounts and the road to which the company depositor. Otherwise, proceed as provided for defective titles.
2. The Registry shall keep the documents filed during the period of six years.

• Advertising deposit.

1. the first working day of each month, Commercial loggers sent to the Central Registry a list of companies who have served during the month preceding the obligation to deposit the annual accounts. The Trade Register Gazette will publish the announcement of the companies had complied with the obligation of deposit.
2. Any person may obtain information from all documents filed.

However, Cabinet February 18 approved the submission to the Parliament of the Bill of partial reform of the Companies Act and the incorporation capital of EU Directive of 11 July 2007 on the exercise of certain rights of shareholders in listed companies that reports on advertising deposit and annual accounts, the following modifications:

1. eliminates the requirement is of that the firm managers have to be the subject of legalization .
2. publication is deleted in the Official Register of announcement that companies had complied with the obligation of filing , whose futility is revealed.

Related Entries:

• Royal Decree 1 / 2010, dated 2 July, approving the text of the Companies Act Capita l (BOE, pdf).
• New Capital Companies Act .
• The deposit accounts in the new Companies Act Capital.
• The right of first refusal in the new Companies Act Capital.
• conflict of interest in the new Companies Act Capital. Company Information
• in the new Companies Act Capital.

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The tax control (2011) in bankruptcy proceedings

Resolution of February 2, 2011, the Directorate General of Tax Administration Agency, which approves the General Guidelines General Tax Control Plan 2011, TSPM, published in the BOE February 7, includes among its objectives e l referred to the bankruptcy proceedings.

The increase in the number of bankruptcy proceedings, said the TSPM, promote specific actions required in order to prevent fraud actions seeking to take advantage of the protection afforded by bankruptcy law to avoid payment of tax debts or avoid incurring liability cases provided for by the tax legislation.

Thus, the following actions will intensify control in bankruptcy:

Opposition to the approval of accounts in contests in which abnormalities are detected in the order of payment of claims and, where there are claims against the mass of unpaid tax nature.

Impulse control responsibilities of the receivers.

Enhancing participation more active in the qualification phase in order to obtain and provide evidence that allow those qualifying competition when deemed guilty presenting the cases referred to in Article 164 (contest guilty) of the Insolvency Act.

worth recalling in this regard that:

• The contest will qualify as guilty as the creation or aggravation of insolvent if there was malice or gross negligence of the debtor or, if existing , their legal representatives and, if legal person, its directors or liquidators of law or fact.
• Around case, the competition will qualify as guilty when any of the following cases:

1. When the debtor legally bound to the keeping of accounting materially breach this obligation, it would take double counting or relevant to wrongdoing understanding of its financial position or financial in to lead.
2. If the debtor has committed a serious inaccuracy in any of the documents attached to the application for declaration of bankruptcy or filed during the pendency of the proceedings, or was accompanied by or submitted false documents.
3. When the opening of liquidation has been agreed officially by breach of the agreement due to causes attributable to the bankrupt.
4. If the debtor had been raised with all or part of its assets to the detriment of its creditors or has taken any action to delay, obstruct or impede the effectiveness of an embargo on any kind of predictable execution initiated or initiation.
5. When, during the two years preceding the date of the bankruptcy declaration would come fraudulently the debtor's assets or property rights.
6. Where before the date of the declaration of bankruptcy the debtor has made any legal act aimed to simulate a fictitious assets.

The content
• Case qualifying contest will be guilty knowledge of the public record referred to in Article 198 of the Insolvency Act.

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The calculation of equity Net trade: economic impact

In different occasions we have addressed the different views of equity (accounting and business) and their impact statements in certain corporate operations now in this post we focus on the economic effects of accounting other (a term used by Cañibano teachers and Herranz ) in an excellent article that partially collect below.

The English PGC (together with the Circular of the Bank of Spain and other English legislation applicable) is mandatory by all English companies in the development of its financial statements, which are to be taken into consideration when proposing dividends and make other regulated mercantile operations or calculations.

Also, while the PGC is based on IASB standards adopted by the EU, is not entirely coincident with them. This differentiation Conceptually, it could be aimed at one of two objectives: Adapting

• tax regulations to facilitate the work of small businesses, major targets of the PGC itself, avoiding having to implement more complex rules directly from the IASB, or
• Adjusting to trade policy.

The first conceptual alternative (adjustment to the tax) should be excluded from the time when the PGC is applicable to all types of societies, not just small. However, the second alternative (though not recommended) if that could have been adopted. Since PGC is emitting a totally mismatched with the rules IASB approved by the EU, could have been defined according to the English corporate legislation, but has not been the case.

Indeed, the English mercantile law establishes certain criteria for measuring mismatched with the PGC . A basic example is found in the measurement of equity purposes of determining capital mandatory reductions or compulsory dissolution company.

To this end, the net assets shown in the separate financial statements prepared in accordance with the PGC should be added certain items:

not required
1. Social Capital, which appears in the balance remaining on equity;
2. equity loans, which appear as liabilities on the balance sheet Capital
3. shaped stand, which appears as such in balance, and
4. Impairment of real estate investments and other assets, subtracting displayed in the income statement.

latter concept, incorporated by Royal Decree in late 2008, on a temporary basis for 2008 and 2009, has been renewed for another two years in April 2010.

can easily observe the importance of this calculation in the current situation. Perhaps the c net worth ALCULATION commercial purposes may have more importance for some companies that own accounting . For example, a company may be broken on its balance sheet, made according to the PGC, having assets of less than its liabilities and not have to be dissolved if, applying the calculation of equity trading, fulfills the conditions. Is an example of another accounting .

The novelty soon pointed out, not computing related impairment losses on fixed assets to determine the calculation of equity trading, has a clear economic impact. Although have defined this special time with good intentions to avoid bankruptcy of some companies, it is possible that its ultimate economic effects are not exactly the most beneficial for the English general. Create a minor grievance with the companies that have sold the property at a price that the market has been able to absorb, because they can not refinance their promotions or any other cause.

Consider the two behaviors:

• The company gets refinancing, sell their property but that deteriorates, but such damage is not counted for purposes of possible commercial implications. Society does not
• refinance their properties, because they do not want or can not, and sell their properties at a reduced price.

In the first case prevents the normal functioning of the market, there is no any taxes for state coffers, using funding that could be partially applied to the final consumer, reducing the additional economic activity that would occur with real estate sales for final use (small construction and renovation of masonry, plumbing, carpentry, painting, etc.) usually carried out by small businesses and self, physically deteriorated buildings or, alternatively, there are additional costs maintenance and custody, etc. Consequences: reduced economic activity, assumption of risk banks refinancing direct and indirect risk added by the disappearance of small businesses and rising unemployment, with its knock-on effects on other possible defaults on financial commitments.

society has chosen to sell at lower prices has produced the opposite effect. The transactions have resulted in taxes levied by government. The lower refinancing allows some liquidity to fund the final user of the property, generally, except in critical situations to which we should not get is usually more compliant than their own promoters. Subsequent reforms to the acquisition by an end user, encourage economic activity and minimize the loss of small businesses and increasing unemployment.

What is the behavior that the regulations should be encouraged to benefit the economy in the long term?

Related Entries:

• Maintenance (normative) equity imbalance (vs social capital. Equity)

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News (2011) in the implementation of VAT taxes

The Tax Office has published the document that attached to major new tax rules for 2011 ( affecting taxes on income of natural persons, corporation, on resident income and value added):

• approved, on the one hand, the Law on State Budget for 2011 and
• the other, in other rules adopted in the 2010.

Developments in the Application of Taxes 2011
Related Entries:

• corporation tax in 2011 application.