Portuguese GAAP — May 2001

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29 May 2001

Portuguese accounting requirements are mainly set out in the National Accounting Code, supplemented by the accounting directives issued by the Portuguese Accounting Standards Board (Comissão Normalização Contabilistica or CNC).

In July 2000, the CNC issued accounting directive 27 - Segmental Reporting. This new standard is mandatory for listed companies and for all companies that decide to present segment information, for accounting periods beginning on or after January 1, 2001. Basically, this standard is in line with IAS 14.

Currently, the CNC is working on two new projects related to deferred taxes and financial instruments (options) although first drafts are still being finalised.

A commission has also been created in order to study the possibility of issuing a new accounting code.

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Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.