MODEL OF FINANCIAL STATEMENTS IN ACCORDANCE WITH THE ACCOUNTING STANDARDS SYSTEM (ASS)

Abstract

In this paper we discuss and analyze the Financial Statements (FS) prepared in accordance with the Accounting Standards System (ASS) proposal, presented by the Accounting Standards Committee (ASC), compared with the FS prepared in accordance with the Official Accounting Plan (OAP), in force in Portugal for the imposition of the Decree-Law n° 410/89 of November 21st. Thus, we arranged separately the normative aspects that govern the implementation of these FSs with comparative references among them, not with the intention to subjugate some over others, but to show their differences regarding substance, form and purpose. Being the financial statements the privileged way to inform interested parties about the economic and financial position of economic entities, it is normal to be the subject of constant worry about how to do. The ASS is part of that concern, through a need for communitary accounting standardization, updating a normative document, the OAP, which was late in getting to know updates that would attend the new economic realities. The changes are numerous and significant and deal, necessarily, with how to think and act in accounting.