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Accounting and accounting rules in Venezuela

Accounting Rules

Tax Year
Fiscal year may not exceed 12 months, but the first year may be less than 12 months. Taxpayers engaged in commercial, industrial, or service activities may choose a fiscal year that does not coincide with the calendar year.
Accounting Standards
The Venezuelan accounting practice follows the American model quite accurately. The Venezuela Public Accountants Federation (FCCPV) advocates the adaptation of the principles of accounting generally accepted (PCGA) in countries following the International Standard Committee norm (IASC).
Accounting Regulation Bodies
FCCPV
Accounting Reports
To realize a financial analysis, companies have to make out a balance sheet and a profit and loss account which will be controlled and reported to the "Commercial Court" by an independent auditor.
Publication Requirements
All commercial companies of Venezuela have to establish annually some accounting documents:
- The account book
- The stocking account
- The account of expenditures analysis
- The stocking evolution.
Professional Accountancy Bodies
Auditing firms listed by region.
Certification and Auditing
The balance sheet and the profit and loss account made out by the company must be controlled by an auditor (comisario) appointed by the shareholders. The auditor must be a licensed accountant, economist or business administrator.
You can consult an external auditor: Deloitte, KPMG, Ernst & Young, PricewaterhouseCoopers.
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Latest Update: July 2022