We didn’t realise the Spanish accounts wouldn’t match the group P&L.”

I hear this more often than I’d like… usually during a group audit crunch.

If you’re a UK or US CFO bringing a Spanish entity into your reporting cycle for the first time, here are three surprises that often appear:

Different GAAP, different numbers Spanish GAAP doesn’t align perfectly with IFRS or UK/US GAAP. Adjustments take time.

Different timelines Spanish statutory deadlines don’t match group reporting timetables. That means data isn’t ready when HQ expects it.

No direct reconciliation Without a mapping process, your auditors may need extra documentation to bridge the gap, which can delay sign-off.

You need to integrate Spanish reporting needs with your group systems from the start.

Align chart of accounts for both statutory and management purposes- Agree reporting formats with your Spanish accountants- Build in buffer time for GAAP adjustments

#CFOInsights #GroupReporting #DoingBusinessInSpain