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Standards Compliance Index 53.33 out of 100 24
Business Indicator Index 9.65 out of 12 31
Greece

International Financial Reporting Standards

Summary
As a member of the European Union (EU), Greece has to comply with the European Commission (EC) Regulation No. 1606 of 2002 which requires all EU listed companies to prepare consolidated accounts following the International Financial Reporting Standards (IFRSs) endorsed by the EC starting January 1, 2005. Member states may extend this permission/requirement to other companies as regards the preparation of their consolidated accounts and/or their annual accounts. According to the 2008 EC report, Greece requires the application of IFRSs for annual accounts for listed companies and permits the use of IFRSs in the consolidated and annual accounts for other companies which are audited by certified auditors. Other companies continue to report according to Greek Generally Accepted Accounting Principles, thus, according to the International Monetary Fund’s 2006 publication, “limiting overall transparency.”

    General Overview

    On July 19, 2002, European Commission (EC) Regulation No 1606 of 2002 was passed by the European Parliament and the European Council of Ministers requiring the adoption of International Financial Reporting Standards (IFRSs), formerly International Accounting Standards (IASs), issued by the International Accounting Standards Board. As a result of the Regulation, all European Union (EU) listed companies are required to prepare their consolidated financial statements following IFRSs endorsed by the EC from January 1, 2005. Member states may decide as well to extend this permission or requirement to other companies as regards the preparation of their consolidated accounts and/or their annual accounts. The Institute of Certified Public Accountants of Greece's (SOEL) 2007 self-assessment states that articles 134-143 of Law 2190 of 1920 transposed the requirements of the EC Regulation No. 1606 of 2002 into national legislation. As far as the option available to the member states are concerned, Greece, according to EC's 2008 report titled "Planned Implementation of the IAS Regulation (1606/2002) in the EU and EEA," opted to impose the use of IFRSs for annual accounts of listed companies and allow the application of IFRSs in the consolidated and annual accounts for other companies which are audited by certified auditors. Other companies will continue to report according to Greek Generally Accepted Accounting Principles, which, according to the 2006 IMF report, will limit overall transparency.


    The Principles

    IFRS 1: First-time Adoption of International Financial Reporting Standards (effective 2006)

    There is insufficient publicly available information as to Greece's compliance with this principle.

    IFRS 2: Share-based Payment (effective 2005)

    There is insufficient publicly available information as to Greece's compliance with this principle.

    IFRS 3: Business Combinations (effective 2004)

    There is insufficient publicly available information as to Greece's compliance with this principle.

    IFRS 4: Insurance Contracts (effective 2006)

    There is insufficient publicly available information as to Greece's compliance with this principle.

    IFRS 5: Non-current Assets Held for Sale and Discontinued Operations (effective 2005)

    There is insufficient publicly available information as to Greece's compliance with this principle.

    IFRS 6: Exploration for and Evaluation of Mineral Resources (effective 2006)

    There is insufficient publicly available information as to Greece's compliance with this principle.

    IFRS 7: Financial Instruments: Disclosures (effective 2007)

    There is insufficient publicly available information as to Greece's compliance with this principle.

    IAS 1: Presentation of Financial Statements (effective 2007)

    There is insufficient publicly available information as to Greece's compliance with this principle.

    IAS 2: Inventories (effective 2005)

    There is insufficient publicly available information as to Greece's compliance with this principle.

    IAS 7: Cash Flow Statements (effective 1994)

    There is insufficient publicly available information as to Greece's compliance with this principle.

    IAS 8: Accounting Policies, Changes in Accounting Estimates and Errors (effective 2005)

    There is insufficient publicly available information as to Greece's compliance with this principle.

    IAS 10: Events after the Reporting Period (effective 2005)

    There is insufficient publicly available information as to Greece's compliance with this principle.

    IAS 11: Construction Contracts (effective 1995)

    There is insufficient publicly available information as to Greece's compliance with this principle.

    IAS 12: Income Taxes (effective 2001)

    There is insufficient publicly available information as to Greece's compliance with this principle.

    IAS 14: Segment Reporting (effective 1998)

    There is insufficient publicly available information as to Greece's compliance with this principle.

    IAS 16: Property, Plant and Equipment (effective 2005)

    There is insufficient publicly available information as to Greece's compliance with this principle.

    IAS 17: Leases (effective 2005)

    There is insufficient publicly available information as to Greece's compliance with this principle.

    IAS 18: Revenue (effective 1995)

    There is insufficient publicly available information as to Greece's compliance with this principle.

    IAS 19: Employee Benefits (effective 2006)

    There is insufficient publicly available information as to Greece's compliance with this principle.

    IAS 20: Accounting for Government Grants and Disclosure of Government Assistance (effective 1984)

    There is insufficient publicly available information as to Greece's compliance with this principle.

    IAS 21: The Effects of Changes in Foreign Exchange Rates (effective 2005)

    There is insufficient publicly available information as to Greece's compliance with this principle.

    IAS 23: Borrowing Costs (effective 1995)

    There is insufficient publicly available information as to Greece's compliance with this principle.

    IAS 24: Related Party Disclosures (effective 2005)

    There is insufficient publicly available information as to Greece's compliance with this principle.

    IAS 26: Accounting and Reporting by Retirement Benefit Plans (effective 1998)

    There is insufficient publicly available information as to Greece's compliance with this principle.

    IAS 27: Consolidated and Separate Financial Statements (effective 2005)

    There is insufficient publicly available information as to Greece's compliance with this principle.

    IAS 28: Investments in Associates (effective 2005)

    There is insufficient publicly available information as to Greece's compliance with this principle.

    IAS 29: Financial Reporting in Hyperinflationary Economies (effective 1990)

    There is insufficient publicly available information as to Greece's compliance with this principle.

    IAS 31: Interests in Joint Ventures (effective 2005)

    There is insufficient publicly available information as to Greece's compliance with this principle.

    IAS 32: Financial Instruments: Disclosure and Presentation (effective 2005)

    There is insufficient publicly available information as to Greece's compliance with this principle.

    IAS 33: Earnings per Share (effective 2005)

    There is insufficient publicly available information as to Greece's compliance with this principle.

    IAS 34: Interim Financial Reporting (effective 1999)

    There is insufficient publicly available information as to Greece's compliance with this principle.

    IAS 36: Impairment of Assets (effective 2004)

    There is insufficient publicly available information as to Greece's compliance with this principle.

    IAS 37: Provisions, Contingent Liabilities and Contingent Assets (effective 1999)

    There is insufficient publicly available information as to Greece's compliance with this principle.

    IAS 38: Intangible Assets (effective 2004)

    There is insufficient publicly available information as to Greece's compliance with this principle.

    IAS 39: Financial Instruments: Recognition and Measurement (effective 2006)

    There is insufficient publicly available information as to Greece's compliance with this principle.

    IAS 40: Investment Property (effective 2005)

    There is insufficient publicly available information as to Greece's compliance with this principle.

    IAS 41: Agriculture (effective 2003)

    There is insufficient publicly available information as to Greece's compliance with this principle.

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    Sources of Assessment

    European Commission, "Planned Implementation of the IAS Regulation (1606/2002) in the EU and EEA,” February 25, 2008. Available from European Union website. Accessed on September 9, 2008. (EC 2008)

    Institute of Certified Public Accountants of Greece, "Response to the IFAC Part 2, SMO Self-Assessment Questionnaire," Self-assessment prepared as a part of the International Federation of Accountants' Member Body Compliance Program, June 2007. Available from International Federation of Accountants website. Accessed on September 9, 2008. (SOEL 2007)

    International Monetary Fund, "Greece: Financial System Stability Assessment, including Reports on the Observance of Standards and Codes on the Following Topics: Banking Supervision, Insurance Supervision, Securities Regulation, and Anti-Money Laundering and Combating the Financing of Terrorism," Country Report 06/6, Washington, D.C.: IMF, January 2006. Available from International Monetary Fund website. Accessed on September 9, 2008. (IMF 2006)

    Relevant Organizations

    Accounting and Auditing Oversight Board of the MEF (ELTE)

    Association of Certified Accountants and Auditors of Greece - Silogos Egekrimenou Logiston Elelgton Ellados (SELE)

    Athens Exchange (ASE)

    Bank of Greece (BoG)

    Committee of European Securities Regulators (CESR)

    European Accounting Regulatory Committee (ARC)

    European Federation of Accountants – Fédération des Experts Comptables Européens (FEE)

    European Financial Reporting Advisory Group (EFRAG)

    Hellenic Capital Market Commission (HCMC)

    Institute of Certified Public Accountants in Greece - Soma Orkoton Elegton Logiston (SOEL)

    Ministry of Economy and Finance (MEF)



    Relevant Legislation/Regulation

    Law on Public Limited Liability Companies No. 2190, 1920

    Law No. 1969, 1991

    Presidential Decree No. 226, 1992

    Regulation (EC) No. 1606 of the European Parliament and of the Council of 19 July 2002 on the Application of International Accounting Standards, 2002

    EU Accounting-Related Directives



    Supplementary Sources

    Deloitte & Touche Tohmatsu IAS Plus website. Accessed on September 9, 2008. (Deloitte IAS Plus website)

    Institute of Certified Public Accountants of Greece, "Assessment of the Regulatory and Standard-Setting Framework," April 2005. Self-assessment prepared as a part of the International Federation of Accountants' Member Body Compliance Program. Available from International Federation of Accountants website. Accessed on September 9, 2008. (SOEL 2005)

    Institute of Certified Public Accountants of Greece website. Accessed on September 9, 2008. (SOEL website)

    International Federation of Accountants website. Accessed on September 9, 2008. (IFAC website)
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