Contabilidade e regras contábeis em Chipre

Accounting Rules

Tax Year

The tax year is the calendar year, from 1 January to 31 December.

Accounting Standards

Cypriot accounting practices used International Accounting Standards (IAS) for financial statements preparation. With the European Union membership, the Cypriot companies should adopt IFRS according to EU requirements.

Accounting Regulation Bodies

Treasury of the Republic of Cyprus

Accounting Reports

Annual financial statements including a balance sheet, a profit and loss account and an annex should be prepared in Greek and a company annual return be submitted to the Registrar of Companies.

Publication Requirements

The Company Law requires that a company maintains proper accounting records in accordance with the International Accounting Standards. Financial statements for a 12-month accounting period have to be prepared annually.

The Cypriot companies are required to maintain account books justifying:
- total payments received and expenses incurred
- total sales and purchases of goods
- details of debt and credit.

Professional Accountancy Bodies

ICPAC , The Institute of Certified Public Accountants of Cyprus

Certification and Auditing

The companies of Cyprus need to appoint one or many external auditors in order to authenticate the results announced in the Annual General Meeting. The competence of the auditor should be in accordance to those stated in Article 155 (1) of the Company Law. A Cyprus registered auditor is required to be appointed in the cases where the company: is required to prepare consolidated accounts; is a Public Limited company, or fails to meet the small company criteria. You can consult one of the following external auditors:
KPMG, Ernst & Young, PricewaterhouseCoopers, Deloitte.

Accounting News