French generally accepted accounting principles

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The French generally accepted accounting principles, called Plan Comptable Général (PCG) is defined by the regulation 99-03 from the Committee of the Accountancy Regulation (Comité de la Réglementation Comptable, abbr. CRC),[1] validated by the Minister of the Budget. In the future, changes will be suggested by the Authority of Accounting Rules (Autorité des normes comptables, abbr. ANC) which was created by the ordonnance no 2009-79 and combines the functions of the prior CRC and CNC.[2]

Content[edit]

  • Review of the subjects and principles of accountancy;
  • Definitions of the main concepts: balance sheet, income statement and annexes, liability and asset, income, loss and profit, and a presentation of accountancy and valuation rules;
  • List of account maintenance rules and accounts nomenclature;
  • Description of various accounting documentation;
  • Summary of special accounting rules, as well as the opinions from the National Council of Accountancy (Conseil National de la Comptabilité, abbr. CNC) and the Emergency Committee (Comité d'Urgence).

Accounts Classification[edit]

Balance Sheet Accounts Profit and Loss Accounts Special Accounts
Class 1 Class 2 Class 3 Class 4 Class 5 Class 6 Class 7 Class 8
Liability Accounts Asset Accounts Stocks Accounts Third-Party Accounts Financial Accounts Costs Accounts Revenues Accounts Special Accounts
10. Capital and reserves 20. Intangible assets 40. Providers 50. Securities 60. Purchases (except 603)
603. Stocks variation
70. Finished goods sales Non '1 to 7' classes
11. Accumulated retained earnings 21. Tangible assets 31. Raw materials (and furnitures) 41. Customers 51. Banks and financial organizations 61. External Services 71. Finished goods
12. Profit or loss for the financial year 22. Assets under concessions 32. Others Materials 42. Employees 52. Treasury tools 62. Other external services 72. Works capitalised (in asset)
13. Equipment grants 23. Asset under construction 33. Work-in progress goods 43. Social costs 53. Petty-cash 63. Taxes
14. Regulated provision 34. Work-in progress services 44. Tax authority 54. Imprest accounts 64. Employees costs 74. Production grants
15. Accruals 35. Stocks
16. Loans and debts
17. Debts linked to shareholdings 27. Other financial assets 37. Resaling Stocks 47. Suspense accounts 67. Exceptional costs 77. Exceptional revenues
18. Liaison accounts for shareholding companies 28. Assets depreciations 48. Regularisation accounts 58. Internal Transfer 68. Depreciations and accruals 78. Write-back on depreciation and provisions
29. Impairments 39. Stocks Depreciation 49. Third-Party accounts Depreciation 59. Financial accounts Depreciation 69. Employees profit-sharing - Earnings Tax 79. Costs transfers

References[edit]

  1. ^ "Règlement 99-03 du 29 avril 1999" (PDF).  from the committee in charge of the accountancy reglementation, update 14 December 2007.
  2. ^ ordonnance no 2009-79, using French GAAP in French Wikipedia and ANC in French Wikipedia for interpretation