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Law 16/2007 of 4 July, the reform and adaptation of commercial law in accounting for international harmonization on the basis of European Union legislation (the “Law 16/2007″), brought about important changes in substance in the accounting rules. These changes have recently finalized with the approval of the new General Accounting Plan, by Royal Decree 1514/2007 of 16 November, approving the General Accounting Plan (“RD 1514/2007″) and Plan General Accounting for Small and Medium Enterprises, by Royal Decree 1515/2007 of 16 November, approving the Plan of Accounts of Small and Medium Enterprises and specific accounting principles for micro (“RD 1515 / 2007 “).

This article focuses on the exposure of changes that has meant the new rules in the field of commercial law, particularly in relation to the following:
(I) The new accounting terminology in business law, equity;
(Ii) Approval of Annual Accounts, the new accounting documents that are part of the Annual Accounts and the new criteria for the submission of abbreviated financial statements, and
(Iii) The application of the profit, when you can distribute dividends and restricted reserve of goodwill.
Prior to exposure of the above, it should be noted that the new rules will apply to accounts for the year 2008, so that the annual accounts for the year 2007 will be made and approved under the previous legislation.

2. The new accounting terminology in business law
Law 16/2007 replaced the term “passive” and “heritage” used in the Commercial Code, the Consolidated Companies Law, approved by Royal Decree 1564/1989 of 22 December (the “LSA” ) and in Act 2 / 1995 of March 23, Limited Liability Companies (the “LSRL”), for “equity.”

This substitution of terms is directly related to changes in accounting rules and in particular, with the new balance sheet structure. The equity consists of the following elements:
(I) The own funds, which now includes several new items (stocks and shares in equity, other members’ shares and other equity instruments);
(Ii) Adjustments for changes in value, and
(Iii) Subsidies, donations and bequests.
Item (ii) adjustments for changes in value, represents a substantial change in the previous reporting model, as it contains the item relating to adjustments resulting from the fair value measurement of financial assets classified as available-for-sale. That is, first introduced in the Spanish accounting system the fair value approach for valuation of certain assets. While for now this criterion only applies to certain financial assets, the Law 16/2007 explicitly enabled in paragraph 5 of Article 38.bis of the Commercial Code, to include new heritage sites by regulations.

Accounting and bookkeeping are some of the most delicate and time consuming. It becomes really difficult to keep books and accounts together with the management and general office management or business. But with the advent of Internet technology, accounting and bookkeeping has been radically easier and inexpensive. Currently, there are several online accounting and bookkeeping in line to take care of their accounts and books. You should be thinking about how online accounting services can be better or profitability of the traditional accounting services? Read on to learn about the benefits of accounting and bookkeeping services online:

• • Less expenses: This is the most important advantage of having an online accounting and bookkeeping services. Online accounting will cost half the traditional accounting / bookkeeping services.

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