Dual accounting frameworks in Spain

In Spain, one set of books won’t cut it… and that’s not fraud.

International groups with Spanish subsidiaries must maintain dual accounting frameworks in Spain.

1/ Statutory Spanish GAAP (PGC, regulated by ICAC)

2/ Group consolidation standards like IFRS or US GAAP.

Differences in valuation, revenue recognition, provisions and presentation are legally required and cannot simply be ‘mapped’ accurately without reconciliation processes.

Using one dataset for both legal filings and management reporting causes friction, errors, late reconciliations, audit misalignment. 

Instead, a dual‑track system preserves clarity, avoids translation mistakes, and supports both legal compliance and strategic consolidation  .

My tip is to implement early and frequent reconciliations so you avoid audit season panic‑mode, an insight backed by industry commentary on unified statutory/management reporting benefits.

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