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FRENCH GAAP
French generally accepted accounting principles

« PLAN COMPTABLE GENERAL »

The terms of this Regulation apply to any natural or legal person subject to the legal obligation to produce annual financial statements including the balance sheet, the income statement and the notes, subject to the specific requirements applicable to them.

The articles of the Regulation are divided into 9 Titles as follows:

TITLE I.Objectives and principles of accounting
  • scope of the Regulation;

  • financial statements (balance sheet, income statement, notes to the financial statements);

  • accounting principles (true and fair view, comparability and continuity, regularity and sincerity, prudence, permanence of methods, ...);

  • accounting methods and impact of their changes ...

TITLE II.Assets
  • Assets (excluding financial assets):

    • definition of intangible and tangible assets, inventory, prepaid expenses;

    • valuation of assets;

    • accounting treatment, general rules and specific arrangements, ...

  • Financial assets:

    • long-term securities : general rules, accounting treatment and valuation of equity investments, securities valued by the equity method, portfolio investments, ...;

    • general rules relating to investment securities;

    • other securities transactions ...

TITLE III.Liabilities
  • Owners' equity (share capital, investment grants recorded in owners' equity, regulated provisions, ...) : definition and accounting treatment;

  • Other liabilities:

    • definitions (debt, provision, deferred income, ...);

    • recognition criteria;

    • valuation : liabilities in foreign currencies, provisions, consideration of future events, ...

    • provisions for pensions and similar obligations ...

TITLE IV.Assets and liabilities subject to foreign currency fluctuations
  • intangible and tangible assets, inventory;

  • securities and marketable securities;

  • receivables and payables;

  • cash and cash equivalents;

  • unrealized foreign exchange gains and losses ...

TITLE V.Revenues and expenses
  • expenses: definitions, type of expenses, accounting treatment, accounting period, ...;

  • revenues: definitions, type of income, turnover, transactions with retention of title clauses,
    accounting period, ...;

  • profit or loss: calculation, classification in the income statement, recognition of profits, ...;

  • taxes and duties;

  • income taxes: applicable tax rate, tax consolidation ...

TITLE VI.Specific rules and transactions
  • software;

  • websites;

  • greenhouse gas emission allowances;

  • energy saving certificates;

  • quarry land, drilling royalties;

  • agricultural activities;

  • tokens issued and held;

  • joint ventures;

  • long-term contracts;

  • trust transactions;

  • share purchase, stock option plans, employee share ownership plan;

  • financial guarantee contracts;

  • transactions with a company in receivership;

  • trading online transactions;

  • derivative financial instruments, hedging, ...

TITLE VII.Accounting and valuation of mergers and similar transactions
  • defintions of mergers and similar transactions: merger of entities, merger without exchange of shares, demerger of companies, ...;

  • accounting rules and valuation of contributions;

  • definitions of acquiring entity, receiving entity, initiating entity and target entity;

  • specific cases, merger deficit, reciprocal transactions, ...;

  • information to be included in the notes to the financial statements.

TITLE VIII.Financial statements
  • requirements for preparation and presentation of financial statements: relevance of information, tabular form, liste form, standard system, abridged system, extended system, ... ;

  • annual financial statements : balance sheet and income statement;

  • information to be included in the notes to the annual financial statements: for legal persons, for natural persons, information to be mentioned for specific areas of activity;

  • notes to the annual financial statements:

    • table of fixed assets,

    • table of depreciation and amortization;

    • statement of maturities of receivables and payables;

    • table of subsidiaries and equity interests;

    • portfolio investments;

    • fund flow statement ...

TITLE IX.Keeping, structure and functioning of the accounts
  • documentation, use of the national currency, use of the national language, computerized accounting, ...;

  • double-entry bookkeeping, accounting records, ledgers, supporting documents, closing procedures, ...;

  • chart of accounts : classification, summary of accounts, rules of setting up the chart of accounts, ...;

  • functionning of accounts.

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PlanComptable.com is the first online version of « PLAN COMPTABLE GENERAL » in France. On this website you can find the full text of the Regulation in French as well as some elements translated into English:

 

 
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