Machine Translation of "Order Of 28 December 1994 That Approve Of Adaptation Of The Plan General Accounting Standards To The Real Estate Compani..." (Spain)

Order Of 28 December 1994 That Approve Of Adaptation Of The Plan General Accounting Standards To The Real Estate Companies.

Original Language Title: Orden de 28 de diciembre de 1994 por la que se aprueban las Normas de Adaptación del Plan General de Contabilidad a las Empresas Inmobiliarias.

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TEXT

Article 8 of Law 19/1989, of 25 July, of partial reform and adaptation of commercial law to the Directives of the European Economic Community in the field of companies, and the final provision of the Royal Decree Legislative 1564/1989, of 22 December, approving the recast of the Law of Companies, authorizing the Minister of Economy and Finance to, on a proposal from the Institute of Accounts and Audit of Accounts and by Order, approve the sectoral adaptations to the General Accounting Plan, when the nature of the the activity of such sectors requires a change in the structure, nomenclature and terminology of the balance sheet items and the profit and loss account.

Likewise, the final provision of Royal Decree 1643/1990 of 20 December, which approves the General Accounting Plan, provides for approval by the Minister of Economy and Finance, on a proposal from the Institute of Accounting and Audit of Accounts, and by Order, of the sectoral adaptations of the General Accounting Plan, adding that such sectoral adaptations will be drawn up taking into account the characteristics and nature of the activities of the specific sector in question, in accordance with both the rules and assessment criteria such as the structure, nomenclature and terminology of the annual accounts.

To such effects and given the special characteristics and the nature of the operations and activities carried out by the real estate companies was constituted in the Institute of Accounting and Audit of Accounts a working group to adapt the General Accounting Plan to the real estate sector.

Elaborate adaptation rules are structured as well as the General Accounting Plan in five parts, which are preceded by an introduction in which they explain the main characteristics of the real estate activity, as well as the changes made to this adaptation and its justification.

The first part, accounting principles, has not been modified in relation to the General Accounting Plan.

The second part, table of accounts, contains the groups, sub-groups and accounts necessary to reflect their operations, for which specific accounts have been enabled for real estate companies, others have been amended and in some cases the accounts provided for in the General Accounting Plan have been removed, without prejudice to the possibility for the real estate companies, in cases where certain transactions so require, to use them.

In order to ensure that the accounting rules reach a higher degree of flexibility, the table of accounts is not mandatory in terms of the numbering of their accounts and their denomination, although it constitutes a guide or reference required in relation to the headings of the annual accounts.

The third part, definitions and accounting relationships, gives content and clarity to the accounts under the definitions that are incorporated, adding the specific concepts of the real estate activity. This third party shall not be compulsory, except where it refers to or contains criteria for assessment or serves for its interpretation, and without prejudice to the explanatory nature of the various items in the annual accounts.

The fourth part, annual accounts, of mandatory observance, includes some "Standards for the elaboration of annual accounts", which collect the requirements for formulating the annual accounts models in their normal or abbreviated system; in Some paragraphs have been included in order to collect the way in which real estate companies are to draw up their annual accounts when they take part in one or more temporary joint ventures.

Also incorporated in this part are the models of balance sheet, profit and loss account and memory, both normal and short.

The fifth part, valuation rules, is the one that has suffered the most, since it incorporates the mandatory criteria for valuation and accounting of operations and economic facts. Its adaptation to the real estate sector has involved major changes.

In the text of the rules for adapting the General Accounting Plan to real estate companies, which is inserted below, only those parts that have been modified with respect to the General Plan have been included. that the rest is fully in line with the latter.

In relation to the above, it must be specified that in all the unmodified will be the implementation of the General Plan of Accounting in the terms foreseen in the Royal Decree 1643/1990, of December 20, as well as the resolutions issued by the Institute of Accounts and Audit of Accounts under the fifth final provision of the aforementioned standard.

In order to clearly define the application of the various sectoral adaptations for those companies which jointly carry out various activities, an additional provision is introduced which makes it compulsory of the rules governing each activity, specifying that the relevant valuation rules shall be applied in any event and that the annual accounts shall be drawn up taking into account the specific information of each activity.

A transitional provision is also included which allows companies to continue to use some of the criteria for the accounting of sales of buildings contained in the Order of the Ministry of Finance dated 1 January July 1980. The criterion for the accounting of sales of buildings on the basis of charges, which was not applicable since the entry into force of Law 19/1989 of 25 July, of partial reform and adaptation of commercial law to the directives of the EEC in the field of companies, and in particular since Royal Decree 1643/1990 of 20 December 1990, approving the General Accounting Plan by failing to comply with the principle of accrual in those texts, the transitional provision provides for the possibility of applying the criterion based on the percentage of performance for the accounting for sales of real estate whose sale is contracted on the date of entry into force of this Order.

Moreover, the final Disposition includes the aforementioned date of entry into force, as well as the enforcement of the present rules of adaptation to the General Accounting Plan.

The present rules constitute the adaptation of the General Accounting Plan to the characteristics and nature of the activities of the real estate sector and like the latter are the development of the IV Directive of the EEC on company law, the Code of Commerce and the recast of the Law on Limited Companies. Consequently, the rules of adaptation form part of a genuine accounting law of compulsory compliance, which proclaims its autonomy with respect to the tax rule and which contains criteria other than those prescribed in the tax legislation. Therefore, the relations between these accounting rules and the tax provisions will be governed by the provisions of the Final Disposition, seventh of Royal Decree 1643/1990 of 20 December 1990, approving the General Plan of Accounting.

For all the above, in order to enable real estate companies to have a technically prepared text to provide, in a standardised manner, the corresponding accounting information, on a proposal from the Institute of Accounting and Audit of Accounts, and according to the State Council report, this Ministry has agreed:

First. -Approve the rules of adaptation of the General Plan of Accounting to real estate companies, the text of which is inserted below.

Second. -1. This text shall be binding for all undertakings, irrespective of their legal, individual or corporate form, which carry out the activity indicated.

By way of derogation from the preceding subparagraph, the numbering and the denomination of accounts of the second part of these adaptation rules, and the accounting movements included in the accounts, shall not be binding. the third part of them.

2. The General Accounting Plan will be implemented in all the unmodified terms in the terms of Royal Decree 1643/1990 of 20 December 1990, as well as the resolutions issued by the Accounting and Audit Institute of Accounts of the fifth final provision of the said standard.

Additional disposition.

For companies that perform a real estate activity in conjunction with another or other ordinary activities, the adjustment rules for each activity shall apply. In any case it will apply:

1. The valuation rules that correspond to each of the activities.

2. The annual accounts shall be drawn up:

In the balance sheet and profit and loss account models, all items corresponding to the various activities shall appear, according to the normal or abbreviated model, provided that they are significant, in terms of business or in the amount of expenditure, without prejudice to the provisions on grouping, subdivision and the addition of items.

In the memory, all the information corresponding to each of the activities must be included, including the corresponding material and intangible fixed assets, stocks, credits and debits to traffic operations, operating expenses and income, as well as the turnover corresponding to each activity.

Transitional disposition.

The criterion of valuation of the percentage of realization that the real estate companies have used for the accounting of the sales of buildings contracted to the date of entry into force of this Order, can be maintained until the completion of the construction of the buildings.

Repeal provision.

At the entry into force of this Order, the Order of the Ministry of Finance of 1 July 1980 is repealed and the rules for adapting the General Accounting Plan to real estate companies are approved.

Final disposition

This rule shall enter into force on the day following that of its publication in the "Official State Gazette".

The rules for the adaptation of the General Accounting Plan shall be binding, in accordance with the terms set out in the second paragraph of this Order, for the financial years beginning after 31 December 1994.

What I communicate to VV. EE. and VV. II. for their knowledge and effects.

Madrid, December 28, 1994.

SOLBES MIRA

Excms. and Ilmos. Mr Secretary of State for Economic Affairs, Secretary of State for Finance, Undersecretary for Economic Affairs and Finance and President of the Accounting and Audit Office.

RULES FOR ADAPTING THE GENERAL ACCOUNTING PLAN TO REAL ESTATE COMPANIES

Introduction

1. In order to draw up the rules for adapting the General Accounting Plan to the special characteristics of real estate companies, a working group consisting of experts who have developed their work at the Institute of Accounting and Audit of Accounts. In the course of the meetings held, the various issues raised by the matter have been studied, deepening the most typical problems of the real estate activity and proposing, in each case, the solutions that are judged more reasonable. to obtain the present adaptation rules and to obtain a technically qualified text to account for the transactions carried out by the real estate companies.

Obvious is to say that these adaptation rules, like all those formulated by the Accounting and Audit Institute of Accounts, are open to pick up the innovations that proceed. Everything will depend on the evolution of the companies in the sector, on the accounting progress, and especially on the suggestions of professionals and experts supported by their observations when applying the model.

These rules are based on the principles, structure and systematic of the General Accounting Plan, approved by Royal Decree 1643/1990 of 20 December, which constitutes development in accounting matters. of the commercial legislation; that is to say, both rules are in line with the corresponding provisions of Law 19/1989, of 25 July, of partial reform and adaptation of the commercial legislation to the directives of the EEC in the field of societies and therefore, to the Community directives.

2. The present adaptation rules shall apply to the real estate companies which the working group defines as those which act on the immovable property, transforming them to improve their physical characteristics and abilities and to offer them in the market for the satisfaction of the needs of accommodation and support of the activities of the society.

According to the numbering and denomination contained in Royal Decree 1560/1992 of 18 December, approving the National Classification of Economic Activities, the working group has defined the following activities:

70.1 Real estate activities.

Comprises units whose exclusive or principal activity consists in the purchase of land, buildings and parts of buildings and self-employed, as well as the units that order the construction, parking, urbanization, etc. accommodation in order to sell them.

70.2 Rental of real estate assets for own account.

Comprises units whose exclusive or principal activity consists in the leasing of homes and apartments of their own.

Also, it includes units whose exclusive or principal activity consists in the leasing of land, buildings, industrial premises, businesses, etc.

On the other hand, it should be noted that in the promotion of real estate projects financial, technical and physical means are grouped for the realization of real estate projects (residential or non-residential buildings) intended for sale or for self-hire, including the sale or rental of real estate in shared time.

Thus, in order to complement the above classification, the working group has considered that the following actions can be cited as examples of the real estate developer activity:

Urbanization and land and solar parking and construction of buildings and facilities of all kinds, for residential use (single-family, multifamily, collective) and non-residential (industrial, commercial and service-offices, tourism, etc.) for both your sale and your rental.

Rehabilitation of buildings already constructed and transformation in their case of the destination of the same.

Construction and operation of complex real estate facilities (tourist, commercial, recreational, etc.).

In order to clarify the above, it should be noted that real estate developer companies are not the only ones operating in the real estate market, and because of their characteristics they differ from others such as:

Agency or real estate mediation companies (mediation activity in the purchase of real estate).

Social housing cooperatives (activity restricted to providing housing to its members, not to the market).

Construction companies (perform only the construction of the buildings).

When talking about real estate promotion you can't stop making mention of the existence of companies from other sectors that participate in the real estate market, having to distinguish between promoting companies whose social object is the performance and permanence in the real estate market and those other undertakings whose real estate activity is complementary or even accidental; in the light of this distinction it should be specified that these rules apply to those activities property even though they do not constitute the most important activity of the company.

The real estate developer activity is performed at times simultaneously with the construction activity. In such cases, the adjustment rules for each activity shall apply, without prejudice to any implementing rules which may be drawn up by the Accounting and Audit Institute. The following situations can occur in particular:

Companies that do the real estate developer activity, commissioning the construction of the real estate to other companies that are not the same; they will apply for this activity exclusively the norms contained in this adaptation.

Companies that perform the real estate developer activity, building the property promoted with their own means; just as in the case above, they will apply exclusively the rules contained in the present adaptation.

Companies that perform the real estate developer activity and that have construction activities, in whole or in part by order of another company or third party to the same; in this case, by the part corresponding to the construction carried out on behalf of another company or third party, the rules contained in the adaptation of the General Plan of Accounting to the construction companies, approved by Order of the Ministry of Economy and Finance of 27 January 1993, will apply. While for the remainder the rules contained in this adaptation will apply.

In general, according to the introduction of the rules for adapting the General Accounting Plan to construction companies, the companies in which several activities with sectoral adaptations are present. (a) a single accounting plan shall be drawn up, resulting from the assembly of the corresponding sectoral adaptations.

For example, the table of accounts of the rules for adapting the General Accounting Plan to the construction and real estate companies for the subgroup 22. Tangible assets, could be as follows:

22. Tangible fixed assets.

220. Land, solar and natural goods.

221. Buildings for lease.

222. Buildings for own use.

223. Technical installations and machinery.

224. Tools and auxiliary means.

225. Other facilities.

226. Furniture.

227. Equipment for information processes.

228. Transport elements.

229. Other tangible fixed assets.

In case of group 3, stock, the subgroup assembly might be:

30. Purchased buildings and commercial stocks.

31. Building materials, storable elements, land and solar.

32. Other supplies.

33. Initial project or project expenditure.

34. Works and promotions in progress.

35. Finished works and built buildings.

36. By-products, waste and recovered materials.

37. Ancillary work.

39. Provisions for depreciation of stocks.

For subgroups 60 and 70 the assembly could be:

Of the real estate developer activity against other sectors of activity. In this way, the working group has considered the following characteristics to be remarkable:

The real estate developer activity has a large and complex field of activity, since it is a difficult and high risk business activity that has to be beaten in the technical, administrative and financial field and is subject to the competition and market changes.

The product that constitutes the main object of traffic in the sector, housing, is destined to satisfy a basic need of the citizens, whose access to a decent housing constitutes, moreover, a constitutional right recognised.

The sector's sales figure is extraordinarily significant, both in terms of investment, as only residential investment in the National Accounts accounts for just over 6 percent of GDP, as from the point of In view of the consumption, the average consumption of the Spanish families is 13 per 100.

Their contribution to total investment is also essential, as the 20 per 100 of the gross fixed capital formation, corresponding to the residential investment, is marketed through the real estate companies.

4. The working group that has studied the adaptation of the General Accounting Plan was aware, from the outset, that the property developer sector required a detailed study of the economic facts of its activity, which The General Accounting Plan could not contemplate.

Although the criteria set out by the various components of the working group have been assessed, the decisions taken have given priority to those which, in line with the lines set out in the General Accounting Plan and In view of the nature of the facts, they allow an adequate accounting reflection of their economic and financial significance.

5. The rules for adapting the General Accounting Plan to real estate companies have the same structure as that. They contain five parts:

Accounting principles.

Chart of Accounts.

Definitions and Accounting Relationships.

Annual accounts.

Valuation rules.

6. The first part, accounting principles, has no modifications to the text of the General Accounting Plan as it develops, systematizes and complements the provisions of Article 38 of the Commercial Code, applicable to all types of companies.

7. The second part, table of accounts, contains the sector-specific accounts and sub-groups which do not appear in the General Accounting Plan and those other than those which have undergone some form of adaptation, without prejudice to the fact that real estate companies, in the cases in which certain transactions so require, have to be served by other accounts included in the General Accounting Plan.

The titles and the structure of the sub-groups of the General Accounting Plan have been respected, but the preparation of the sectoral adaptation has, in some very significant cases, required the modification of the accounts and the breakdown of several of them into four-digit accounts. In addition, specific accounts of real estate activity have been enabled.

8. In the third part, definitions and accounting relationships, for the incorporation of the terminology of the real estate activity, it has been necessary to make certain changes in the definition and movement of some accounts between which it is possible highlight the following:

In group 1, account 109 has been entered. "Operational Fund", which essentially registers the capital written in the founding act of the temporary unions of companies, having the peculiarity of being an account for the exclusive use of the UTES.

In sub-groups 16 and 17 of long-term debt, four-digit accounts have been broken down to collect, among others, mortgage loan movements, which are so specific to the real estate sector, and in sub-group 18 of bonds. and deposits received in the long term, the bonds received from the tenants of the goods that are the object of their activity have been introduced.

In Group 2, it is appropriate to mention the changes in sub-groups 22 and 23 of tangible and ongoing materials and materials in which accounts are introduced to designate the destination of the buildings as in the Real estate companies may have real estate for the lease and their own use which must be shown separately in the normal balance sheet model in the fixed assets. Mention should also be made of the inclusion of bonds received by leasing and that the real estate company deposits in official bodies, which have been included in the sub-group 26 Fixed and long-term deposits, making the breakdown required.

Group 3, which collects the stock of real estate activity, has undergone significant changes in terms of nomenclature, definition and content. Sub-groups 30, 31, 33 and 35 collect the sector's own stocks, which in this case are buildings, land, solar and ongoing promotions. The working group has carried out a classification of stocks on the basis of their use, although, since the Chart of Accounts is voluntary, companies that wish to use it may use those classifications that they consider more appropriate to its management, provided that the annual accounts are formulated with the content that is incorporated in the models set out in this adaptation.

In group 4, the most significant innovation with regard to the General Accounting Plan is that the sub-groups 42 and 45 have been developed in which the debts and credits for long-term traffic operations are collected. period. It has been considered appropriate to develop the option contained in the General Accounting Plan, including these sub-groups in order to define a balance sheet structure which, due to the characteristics of the sector, requires the inclusion of (a) specific debt and credit for long-term traffic operations, as long-term financing operations are carried out for clients as a result of real estate sales and, on the other hand, certain necessary elements to promote the construction of a building are acquired with deferred payment to more of one year, as may be the case for land, which justifies the implementation of this development in this adaptation, without prejudice to the fact that it can be used in general by other undertakings. However, as in the General Accounting Plan, the Account Table and the accounting definitions and relationships of these adaptation rules are optional and the companies will have to adapt them to their needs. For this reason, the development of subgroups 42 and 45 is indicative and the companies will adapt their accounts to the operations they perform.

The development of subgroups 42 and 45 has in turn led to the need to modify the movement of various accounts to collect the accounting relationships that occur between them.

On the other hand, in the same group 4 the necessary accounts have been enabled to collect the commercial debts with the "contractors" or third parties responsible for carrying out the corresponding works, and in the subgroup 49 have been introduced the specific traffic provisions of the sector; these are provisions for eviction and sanitation, termination of promotions and losses in promotions. With regard to subgroup 49, a special mention should be made of the "provision for eviction and sanitation", since the consolidation obligation laid down in Article 1,475 of the Civil Code for the purchase of buildings is applicable also for the purposes of leasing contracts, in accordance with Article 1.553 of the said Text, which requires that the provision be made to cover future expenditure arising from the obligations for the purposes of eviction and consolidation of buildings sold and leased.

Moreover, the "provision for termination of promotions" includes the estimated future expenses necessary to conclude a property whose sale has been accounted for in accordance with the criteria set out in this adaptation, and that in any case they must be insignificant from the point of view of the total costs and not necessarily of the different margins of results; therefore, the cost of the work sold, will be integrated by all those who the company has incurred, irrespective of whether or not the corresponding invoice has been received, in whose case will include the respective debt in the planned account "suppliers invoices to be received", a question that must be clearly distinguished from the content of the provision for termination of promotions, which as already indicated corresponds to expenditure not yet incurred and the amount of which is estimated.

Special mention deserves account 437. 'Customer advances' means advances received from clients when they are perceived as future sales of real estate. It corresponds to amounts received from customers at a time when the corresponding works are not substantially completed and therefore the sale of real estate cannot be accounted for in accordance with the relevant valuation standard which Later it is commented.

In Group 5, a parallel development has been carried out, of debt and bond accounts and short-term deposits, to those established in Groups 1 and 2 to collect mortgage loans and tenant bonds. and lease. In addition, the account 554 has been introduced through which the operations carried out by the company are collected with the temporary unions of companies in which it participates.

Group 6 has been the subject of several changes due to the need to adapt the purchasing accounts, stock changes and allocations to the provisions to the characteristics of the sector. In particular it should be highlighted:

Account 606 has been included in subgroup 60. "Work certifications and ongoing promotions" to collect the costs of promotions and account 609. 'Transfer of fixed assets to stocks', provided that they have not been the subject of exploitation, in order to account for the increase in stocks when the undertaking decides to sell the buildings initially collected in the fixed assets.

In subgroup 61 the stock variation of the acquired and land and solar buildings has been collected to follow the structure of the General Accounting Plan, reflecting the variation in stocks that are merchandise and raw materials.

Group 7 includes the following modifications:

In subgroup 70, you include the accounts required to account for the revenue that the company gets from the real estate activity: Sales and leases of real estate.

In subgroup 71, the variation in existing promotions and constructed buildings, i.e. the stocks that constitute the outputts of the activity, is collected, as in the General Accounting Plan.

The 738 account is displayed in subgroup 73. 'stocks incorporated by the company into the fixed assets' means the possibility that the buildings included in the stock may be transferred to the lease or own use by the undertaking and therefore must be registered on the fixed assets.

Finally, sub-group 79 again contains the necessary modifications to collect the excess of sector-specific provisions.

9. The fourth part, Annual Accounts, has been the subject of major changes.

In the rules for drawing up the annual accounts, the problem arising from the classification of subrogable mortgage loans has been dealt with in the short or long term that has led to the study of several alternatives; subrogable mortgage loans constitute a perfectly identified financing with the corresponding asset and that is eliminated, if necessary, with the sale of the same, either with the subrogation of the client, or with its cancellation when the cash is paid; therefore, for its classification as a short or long term, the time provided for such subrogation or cancellation.

Regardless of the fact that in the real estate company the stocks are constituted by elements whose permanence in the company can be greater than one year, the classification between Immobilized and Existence (Active Fixed or Working) for certain elements of the company will be determined by the function they fulfill in relation to their participation in the production process. A real estate element will belong to the Existence group if it is destined to be transformed into financial availability through the sale as an ordinary activity of the company, and an element will belong to the group of Immobilized if it is is linked to the company in a permanent way.

On the other hand, the rules for drawing up annual accounts have included a number of paragraphs for the collection of the way in which real estate companies have to draw up their annual accounts when participating in one or more several temporary joint ventures, the content of which is in line with that already established in the adaptation of the General Accounting Plan to construction companies, where their regulation has already been established in general.

Another important development is the inclusion of the standard for the production of annual accounts concerning the phenomenon of multiactivity. Due to the already mentioned problem that those companies that carry out real estate and construction activities at the same time must use the corresponding sectoral adaptations of the General Accounting Plan, this rule establishes the guidelines to be followed for drawing up the annual accounts of these companies.

The Balance and Profit and Profit Account models themselves have undergone the necessary modifications to adapt their items to the concepts of the real estate sector. In particular, the balance sheet model is expressly added to the items of creditors and debtors for long-term traffic operations.

In the Profit and Loss Account, the composition of the items relating to the consumption of stocks held by real estate companies has been modified. Thus, it is incorporated as one more element for the calculation of the consumption of the period, the transfers of the immobilized to existences, in order that in the information of the consumption of buildings, land and solar the transfer of the buildings is integrated, land and solar purchased initially as fixed assets and which are eventually allocated as stocks. In order to achieve the proper quantification of the consumption of the period, the calculation of the same will also be affected by the transfers of buildings, land and solar acquired by the company initially as stocks and which are finally transferred to the fixed assets.

The following items are also created in the Loss and Earnings Account: in the Must, 3. 'Transfer of fixed assets to existing promotions and constructed buildings', which will collect the buildings in progress and built by the company, which were initially accounted for as fixed assets and which are transferred to stocks; and the departure of the Haber 4. 'Stock of ongoing promotions and built-in buildings incorporated into the fixed assets' to reflect the reverse movement to the previous one, i.e. the existing stock of buildings constructed by the company that were initially accounted for as stocks and finally incorporated into the fixed assets.

In the memory model, innovations are introduced in several sections. In the paragraph corresponding to valuation rules, it is required to provide information on the criteria used for the assessment of specific items in this sector; in relation to tangible fixed assets, stocks and revenue and expenditure. require specific information on the situation of the buildings in the company. In the case of non-commercial debts, information relating to mortgage loans is required. In addition, new paragraphs have been introduced for information concerning commercial credits and temporary joint ventures.

Specific items relating to resources applied and obtained by long-term business operations have been expressly included in the financing table.

10. The fifth part, Standards of Valuation, contains the criteria for accounting and the rules applicable to the operations or economic facts carried out by the company. Although the adaptation rules have been adjusted as far as possible to those of the General Accounting Plan, it has been necessary to include amendments.

In accordance with the above, it should be specified that in all the non-modified rules, the rules and criteria of assessment contained in the General Accounting Plan and the decisions given by the Accounting and Audit Institute of Accounts under the fifth final provision of Royal Decree 1643/1990 of 20 December, approving the General Accounting Plan.

The valuation rules relating to fixed assets and stocks have undergone the necessary changes to establish the valuation criteria for buildings; both rules contain parallel processing as they are not subject to the same rules. for the real estate company the assets included in fixed assets or in stock must have a similar treatment. It should be noted that the inclusion of financial expenditure in stocks is permitted as a higher cost for the case of buildings.

The General Accounting Plan does not allow the inclusion of financial expenses in the value of stocks, however in the real estate sector has been partially opted for, since it is only allowed for real estate due to the long-term production process. This value homogeneity allows for no distortion in the transfers that can take place between fixed assets and stocks.

It should be noted that a subject much discussed by the working group that has developed the present adaptation rules, has been the accounting treatment to give to the phenomenon of multiproperty or "time-sharing" that can be defined as the sale of the same property to different people who are going to use it and enjoy it for certain periods of time. The criterion for the accounting of buildings acquired or constructed for sale in multiproperty in the stock valuation standard has been introduced.

In addition, consideration was given to the possibility of including the criteria for accounting for what might be called "temporary shift-taking communities", with or without real character. Through these operations, the property of a building is taxed with rights to take advantage of apartments or houses for a certain time. The buildings concerned should be accounted for in the fixed assets and the proceeds from the transfer of these rights could be considered as 'income to be distributed in various financial years' which would be attributed to results over the period of life of the corresponding community. These criteria have not finally been included in the present adaptation rules for a type of operations which are not subject to specific regulation at the present time.

In relation to the valuation standard for Corporate Tax, no special rules to be complied with by these companies have been established, however, account must be taken of the fact that in this sector of A large number of sales operations will be carried out in instalments, and the application of the final provision of the seventh Royal Decree 1643/1990 of 20 December 1990, which is approved by the General Accounting Plan, will be particularly significant. that in its fourth paragraph the temporary difference between the accounting criteria and the tax criteria in this type of transactions, since in accordance with the principle of accounting accrual sales in instalments must be accounted for as income from the financial year at the time of sale, without prejudice to the registration of interest accrual in these operations as income to be distributed in various financial years, the allocation of which will be carried out according to a financial criterion. Also in relation to the valuation standard for the accounting of corporate tax, it is worth recalling the special reference made by the General Accounting Plan to the principle of prudence, and the Institute of Accounting and Audit of Accounts has specified in the Resolution of 30 April 1992 that some aspects of the standard of valuation of the General Plan of Accounting are developed, establishing in relation to the temporal differences that, the deferred taxes will be recorded in any case, while the Advance taxes and loss-making credits shall only be the subject of an accounting record, as such, in the event that they are reasonably expected to be cancelled in the future, for what was set out in that Resolution, in addition to other circumstances, a maximum reversal period of 10 years for the advance tax (unless there are deferred tax on the same reversal period) and a period that coincides with that set out in the tax legislation for the case of credits for compensation for tax losses.

The valuation standard for Value Added Tax has been extended in the sense of including VAT passed on commercial effects to be charged, made fairly frequent in real estate companies by formalising the VAT. commitment to the sale of a property, as a higher value of the advance received from the customer, since the VAT will not be paid fiscally in these specific operations until the collection of the said effect, moment in which it will be object of accounting independent.

The sales valuation standard and other revenues have been the subject of a detailed study. The possibility was raised to establish the accounting of the sales of the buildings according to the degree of progress of the corresponding work, criterion that was discarded by the working group, collecting the accounting of the sales when the the real estate is substantially terminated, so when the contract of sale of a building under construction (commitment) is formalized, the advances received from the client will be counted in the account 437. "Customer advances".

Although the valuation rules for stocks, expenses and revenues have been changed from the General Accounting Plan, it is necessary to note that for those goods that could be included in the Stocks and other than usual in the property developer sector shall apply the criteria set out in that text.

Finally, as in the rules for the adaptation of the General Accounting Plan to construction companies, the corresponding valuation standard has been introduced to establish the accounting criteria for the activity of the real estate companies under the temporary union of undertakings.

11. The Accounting and Audit Institute of Accounts recommends to real estate companies the application of any cost accounting system, thereby enriching the information of the external accounting and with it open the It is possible to know the costs deeply, as well as to apply the most appropriate price policy in their economic transactions at any given time.

III

12. In accordance with the requirements of the Code of Commerce, the recast of the Law on Limited Companies and in accordance with the fourth Directive of the EEC, special attention has been paid to the objective of the annual accounts being the true image of the the company's assets, its financial position and its results. According to this way of thinking, it is a question of avoiding the interference of foreign elements to those that condition the rigor as a basic requirement of the accounting information that produces the application of a very careful model as is the General Plan of Accounting.

Adapted the General Accounting Plan to the special characteristics of real estate companies, the Accounting and Audit Institute of Accounts has the assurance that they will have a very useful instrument for his own management. In addition, the standard information obtained through the implementation of the plan will lead to such companies formulating their annual accounts with sufficient content to meet the demands of the various economic operators and to improve national statistics.

SECOND PART

Chart of Accounts

Note. -Only sector-specific accounts and sub-groups that do not appear in the General Accounting Plan and those that have been the subject of modification in terms of their accounting definition or relationships are included.

For these purposes, these accounts appear in the corresponding subgroup, with the rest of the accounts that complete the same.

GROUP 1

Basic Financing

10. Capital.

100. Social capital.

1000. Ordinary capital.

1001. Privileged capital.

1002. Non-voting capital.

1003. Capital with restricted rights.

101. Social fund.

102. Capital.

109. Operational Fund (*).

13. Income to be distributed in various exercises.

130. Official capital grants.

1300. State subsidies.

1301. Grants from other public administrations.

131. Capital grants.

135. Deferred interest income (*).

136. Positive differences in foreign currency.

16. Long-term debts with group and associated companies.

160. Long-term debts with companies in the group.

1600. Long-term loans of companies in the group.

1609. Other long-term debts with companies in the group.

161. Long-term debts with associated companies.

162. Long-term debts with credit institutions in the group (*).

1620. Long-term loans of credit institutions in the group (*).

1622. Long-term mortgage loans of credit institutions in the group (*).

1623. Subrogable, long-term mortgage loans of credit institutions in the group (*).

1628. Long-term debt for purposes discounted in credit institutions of the group (*).

1629. Other long-term debts with credit institutions in the group (*).

163. Long-term debts with associated credit institutions (*).

164. Long-term fixed assets suppliers, companies in the group.

165. Long-term fixed assets suppliers, associated companies.

17. Long-term debts for loans received and other concepts.

170. Long-term debt with credit institutions (*).

1700. Long-term loans of credit institutions (*).

1702. Long-term mortgage loans of credit institutions (*).

1703. Sub-eligible, long-term mortgage loans of credit institutions (*).

1708. Long-term debt for discounted effects (*).

1709. Other long-term debts with credit institutions (*).

171. Long-term debts.

172. Long-term debts that can be converted into grants.

173. Suppliers of fixed assets in the long term.

174. Effects to be paid in the long term.

18. Bonds and deposits received in the long term.

180. Bonds received in the long term (*).

184. Bonds received from tenants, in the long term (*).

1840. Long-term tenant bonding, official protection housing (*).

1845. Other tenant bonds, in the long term (*).

185. Deposits received in the long term.

GROUP 2

Quiesced

22. Tangible fixed assets.

220. Land, solar and natural goods (*).

2200. Rustic land (*).

2201. Land without urban development (*).

2202. Land with urban qualification (*).

2203. Solar (*).

2204. Natural goods (*).

221. Real estate for lease (*).

2210. Solar built for lease (*).

2211. Construction for lease (*).

222. Buildings for own use (*).

2220. Solar built for own use (*).

2221. Constructions for own use (*).

223. Technical installations and machinery (*).

2230. Technical installations (*).

2231. Machinery (*).

224. Tools and auxiliary means (*).

2240. Tools (*).

2241. Auxiliary means (*).

225. Other facilities.

226. Furniture.

227. Equipment for information processes.

228. Transport elements.

229. Other tangible fixed assets.

23. Tangible assets in progress.

230. Adaptation of land, solar and natural goods (*).

2300. Adaptation of rustic land (*).

2301. Adaptation of land without urban qualification (*).

2302. Adaptation of land with urban classification (*).

2303. Solar adaptation (*).

2304. Adaptation of natural goods (*).

231. Buildings in course of real estate for lease (*).

232. Buildings in course of buildings for own use (*).

233. Technical installations and machinery, in assembly (*).

2330. Technical installations in assembly (*).

2331. Machinery in assembly (*).

237. Equipment for mounting information processes.

239. Advances for tangible fixed assets.

26. Bonds and deposits constituted in the long term.

260. Fianzas incorporated in the long term (*).

264. Long-term leasing bonds deposited in official bodies (*).

2640. Long-term deposit bonds with official protection housing (*).

2641. Other leasing bonds deposited in official bodies (*) in the long term.

265. Long-term constituted deposits.

28. Accumulated depreciation of fixed assets.

281. Accumulated depreciation of intangible fixed assets.

2810. Accumulated depreciation of research and development expenditure.

2811. Accumulated depreciation of administrative concessions.

2812. Accumulated depreciation of industrial property.

2813. Accumulated amortisation of goodwill.

2814. Cumulative amortisation of transfer rights.

2815. Cumulative depreciation of IT applications.

2817. Accumulated depreciation of rights on goods under the leasing scheme.

282. Accumulated depreciation of tangible fixed assets.

2821. Cumulative amortization of building buildings for lease (*).

2822. Accumulated depreciation of buildings for own use (*).

2823. Cumulative depreciation of technical and machinery installations (*).

2824. Cumulative depreciation of tools and auxiliary means (*).

2825. Accumulated depreciation of other facilities.

2826. Accumulated depreciation of furniture.

2827. Accumulated depreciation of equipment for information processes.

2828. Accumulated depreciation of transport elements.

2829. Accumulated depreciation of other tangible assets.

29. Provisions for fixed assets.

291. Provision for depreciation of intangible fixed assets.

292. Provision for depreciation of tangible fixed assets (*).

293. Provision for depreciation of long-term marketable securities of companies in the group.

2930. Provision for depreciation of long-term equity holdings of companies in the group.

2935. Provision for depreciation of long-term fixed income securities of companies in the group.

294. Provision for depreciation of long-term marketable securities of associated companies.

2941. Provision for depreciation of long-term equity holdings of associated companies.

2946. Provision for depreciation of long-term fixed income securities of associated companies.

295. Provision for long-term credit insolvencies to group companies.

296. Provision for long-term credit insolvencies to associated companies.

297. Provision for depreciation of marketable securities in the long term.

298. Provision for long-term credit insolvencies.

GROUP 3

Stocks

30. Buildings purchased (*).

300. Housing buildings (*).

3000. Block housing (*).

3001. Single-family homes (*).

3002. Houses of official protection (*).

301. Collective residential buildings (*).

302. Industrial buildings (*).

303. Buildings for tertiary uses (*).

304. Recreational and cultural buildings (*).

305. Buildings for agricultural holdings and livestock (*).

306. Buildings for sale in multiproperty (*).

307. Buildings purchased for collection of credits (*).

309. Other buildings (*).

31. Land and solar (*).

310. Rustic land (*).

311. Land without urban development (*).

312. Land with urban qualification (*).

313. Solar (*).

33. Buildings under construction (*).

330. Promotions in progress (*).

3300. Housing buildings (*).

3301. Collective residential buildings (*).

3302. Industrial buildings (*).

3303. Buildings for tertiary uses (*).

3304. Recreational and cultural buildings (*).

3305. Buildings for agricultural holdings and livestock (*).

3306. Buildings for sale in multiproperty (*).

3309. Other buildings (*).

35. Buildings constructed (*).

350. Buildings constructed of dwellings (*).

3500. Block-built housing (*).

3501. Single-family built homes (*).

3502. Dwellings constructed of official protection (*).

351. Buildings constructed collective residential (*).

352. Industrial buildings (*).

353. Buildings constructed for tertiary uses (*).

354. Buildings constructed recreational and cultural (*).

355. Buildings constructed for agricultural and livestock holdings (*).

356. Buildings constructed for sale in multiproperty (*).

359. Other buildings constructed (*).

39. Provisions for depreciation of stocks.

390. Provision for depreciation of acquired buildings (*).

391. Provision for depreciation of land and solar (*).

392. Provision for depreciation of other supplies.

393. Provision for depreciation of ongoing promotions (*).

395. Provision for depreciation of constructed buildings (*).

GROUP 4

Creditors and debtors by traffic operations

40. Suppliers and contractors (*).

400. Suppliers (*).

4000. Suppliers (pesetas).

4004. Suppliers (foreign currency).

4009. Suppliers, invoices to receive or to formalize.

401. Suppliers, commercial effects to be paid (*).

402. Suppliers, group companies (*).

4020. Suppliers, group companies (pesetas).

4021. Commercial effects to be paid, companies of the group.

4024. Suppliers, companies of the group (foreign currency).

4029. Suppliers, group companies, invoices to receive or to formalize.

403. Suppliers, associated companies (*).

404. Contractors (*).

4040. Contractors (pesetas) (*).

4044. Contractors (foreign currency) (*).

4048. Contractors, holds per guarantee (*).

4049. Contractors, invoices to be received or to formalize (*).

405. Contractors, commercial effects to be paid (*).

406. Contractors, group companies (*).

4060. Contractors, group companies (pesetas) (*).

4061. Commercial effects to be paid, group companies (*).

4064. Contractors, group companies (foreign currency) (*).

4068. Contractors, group companies, holds per guarantee (*).

4069. Contractors, group companies, invoices to be received or to formalize (*).

407. Contractors, associated companies (*).

408. Advances to suppliers (*).

409. Advances to contractors (*).

41. Miscellaneous creditors.

410. Creditors for services (*).

4100. Creditors for services provided (pesetas).

4104. Creditors for the provision of services (foreign currency).

4109. Creditors for services, invoices to be received or to be formalised.

411. Creditors, commercial effects payable (*).

419. Creditors for transactions in common (*).

42. Suppliers and other creditors for traffic operations, in the long term (*).

420. Long-term suppliers (*).

4200. Long-term suppliers (pesetas) (*).

4204. Long-term suppliers (foreign currency) (*).

4209. Long-term suppliers, invoices to be received or to formalize (*).

421. Long-term suppliers, commercial effects to be paid (*).

422. Long-term suppliers, companies in the group (*).

4220. Long-term suppliers, group companies (pesetas) (*).

4221. Commercial effects to be paid in the long term, companies of the group (*).

4224. Long-term suppliers, group companies (foreign currency) (*).

4229. Long-term suppliers, group companies, invoices to be received or to formalize (*).

423. Long-term suppliers, associated companies (*).

424. Long-term contractors (*).

4240. Long-term contractors (pesetas) (*).

4244. Long-term contractors (foreign currency) (*).

4248. Long-term contractors, holds for warranty (*).

425. Long-term contractors, commercial effects to be paid (*).

426. Long-term contractors, group companies (*).

4260. Long-term contractors, group companies (pesetas) (*).

4261. Commercial effects to be paid in the long term, companies of the group (*).

4264. Long-term contractors, group companies (foreign currency) (*).

4268. Long-term contractors, group companies, guarantee holds (*).

4269. Long-term contractors companies in the group, invoices to be received or to formalize (*).

427. Long-term contractors, associated companies (*).

428. Several long-term creditors (*).

4280. Long-term creditors, for services (*).

4281. Long-term creditors, commercial effects to be paid (*).

4289. Long-term creditors, by transactions in common (*).

43. Customers.

430. Customers (*).

4300. Customers (pesetas).

4304. Clients (foreign currency).

4308. Tenants (*).

4309. Customers, invoices pending formalize.

431. Customers, commercial effects to be charged (*).

4310. Commercial effects on portfolio.

4311. Discounted trade effects.

4312. Commercial effects on collection management.

4315. Unpaid business effects.

432. Customers, group companies (*).

4320. Customers, group companies (pesetas).

4321. Commercial effects to be charged, companies of the group.

4324. Clients, group companies (foreign currency).

4328. Tenants, group companies (*).

4329. Customers, companies in the group, invoices to be formalized.

433. Customers, associated companies (*).

435. Clients of doubtful collection (*).

437. Customer advances (*).

4370. Cash (*).

4371. For commercial purposes receivable (*).

44. Several debtors.

440. Debtors (*).

4400. Debtors (pesetas).

4404. Debtors (foreign currency).

4409. Debtors, invoices to be formalized.

441. Debtors, commercial effects receivable (*).

4410. Debtors, commercial effects in portfolio.

4411. Debtors, discounted trade effects.

4412. Debtors, commercial effects in recovery management.

4415. Debtors, unpaid trade effects.

445. Debtors of doubtful recovery (*).

449. Debtors for transactions in common (*).

45. Clients and other debtors for long-term traffic operations (*).

450. Long-term clients (*).

4500. Long-term clients (pesetas) (*).

4504. Long-term clients (foreign currency) (*).

4508. Long-term tenants (*).

4509. Long-term clients, invoices pending formalize (*).

451. Long-term clients, commercial effects to be charged (*).

4510. Long-term commercial effects, in portfolio (*).

4511. Long-term, discounted (*) commercial effects.

452. Long-term clients, group companies (*).

4520. Long-term clients, group companies (pesetas) (*).

4521. Commercial effects to be charged in the long term, companies of the group (*).

4524. Long-term clients, group companies (foreign currency) (*).

4528. Long-term tenants, group companies (*).

4529. Long-term clients, companies in the group, invoices pending formalize (*).

453. Long-term clients, associated companies (*).

455. Long-term clients, of doubtful collection (*).

457. Long-term customer advances (*).

4570. Cash (*).

4571. For commercial purposes receivable (*).

458. Several long-term debtors (*).

4580. Long-term debtors (*).

4581. Long-term debtors, commercial effects receivable (*).

4585. Long-term debtors, of doubtful recovery (*).

4589. Long-term debtors, by transactions in common (*).

46. Personal.

460. Advances in remuneration.

464. Deliveries for expenditure to be justified (*).

465. Remuneration to be paid.

49. Provisions for traffic operations.

490. Provision for short-term traffic insolvencies (*).

491. Provision for long-term traffic insolvencies (*).

492. Provision for short term group business traffic insolvencies (*).

493. Provision for long-term group business traffic insolvencies (*).

494. Provision for traffic insolvencies of associated companies in the short term (*).

495. Provision for long-term associated business traffic insolvencies (*).

496. Provision for eviction and sanitation (*).

497. Provision for termination of promotions (*).

498. Provision for losses in promotions (*).

4980. In promotions (*).

4981. In transactions with temporary joint ventures (*).

499. Provision for other traffic operations (*).

GROUP 5

Financial Accounts

51. Short-term debts with group and associated companies.

510. Short-term debts with companies in the group.

5100. Short term loans of companies in the group.

5109. Other short-term debts with companies in the group.

511. Short-term debts to associated companies.

512. Short-term debts with credit institutions in the group (*).

5120. Short-term loans of credit institutions in the group (*).

5122. Short-term mortgage loans of credit institutions in the group (*).

5123. Subrogable, short-term mortgage loans of credit institutions of the group (*).

5128. Debt for purposes discounted in credit institutions of the group (*).

5129. Other short-term debts with credit institutions in the group (*).

513. Short-term debts with associated credit institutions (*).

514. Short-term fixed assets suppliers, companies in the group.

515. Short-term, fixed asset suppliers, associated companies.

516. Short-term interest on debts to companies in the group.

517. Short-term interest on debts to associated companies.

52. Short term debts for loans received and other concepts.

520. Short-term debt with credit institutions.

5200. Short-term loans of credit institutions.

5201. Short-term debts by willing credit.

5202. Short-term mortgage loans, credit institutions (*).

5203. Sub-eligible mortgage loans, in the short term of credit institutions (*).

5208. Debts for discounted purposes.

521. Short-term debts.

523. Suppliers of fixed assets in the short term.

524. Effects to be paid in the short term.

525. Active dividend payable.

526. Short-term interest on debt with credit institutions.

527. Short-term interest on debts.

55. Other non-bank accounts.

550. Holder of the holding.

551. Current account with companies in the group.

552. Current account with associated companies.

553. Current account with partners and administrators.

554. Current account with temporary joins of companies (*).

5540. Shares in temporary joint ventures (*).

5541. Contributions to temporary joint ventures (*).

5542. Other operations with temporary joint ventures (*).

555. Items to be applied.

556. Disbursements required on shares.

5560. Disbursements required on shares of companies in the group.

5561. Required disbursements on shares of associated companies.

5562. Required disbursements on shares of other companies.

557. Active dividend on account.

558. Shareholders for required disbursements.

56. Bonds and deposits received and constituted in the short term.

560. Bonds received in the short term (*).

561. Bonds received from tenants, in the short term (*).

5610. Short-term tenant bonds, of official protection housing (*).

5615. Other tenant bonds, in the short term (*).

562. Deposits received in the short term (*).

565. Fianzas constituted in the short term (*).

566. Leasing bonds, in the short term, deposited in official bodies (*).

5660. Rental bonds deposited, in the short term, with official protection housing (*).

5661. Other leasing bonds deposited, in the short term, in official bodies (*).

567. Deposits constituted in the short term (*).

GROUP 6

Purchases and Expenses

60. Shopping.

600. Purchases of buildings (*).

6000. Housing buildings (*).

6001. Collective residential buildings (*).

6002. Industrial buildings (*).

6003. Buildings for tertiary uses (*).

6004. Recreational and cultural buildings (*).

6005. Buildings for agricultural holdings and livestock (*).

6006. Buildings for sale in multiproperty (*).

6007. Buildings purchased for collection of credits (*).

6009. Other buildings (*).

601. Land and solar purchases (*).

602. Purchases of other supplies.

606. Work certifications and ongoing promotions expenses (*).

608. Purchases returns and similar transactions.

6080. Returns of buildings (*).

6081. Land and solar returns (*).

6082. Returns from other supplies.

6086. Returns of work certifications and expenses of ongoing promotions (*).

609. Transfer of fixed assets to stocks (*).

6090. Acquired buildings transferred to stock (*).

6091. Land and solar transferred to stocks (*).

6094. Buildings under construction transferred to stocks (*).

6095. Constructed buildings transferred to stock (*).

61. Change in stocks.

610. Change in stock of acquired buildings (*).

611. Changes in stocks of land and solar (*).

612. Change in stocks of other supplies.

62. External services.

620. Expenditure on research and development of the financial year.

621. Leases and royalties.

622. Repairs and conservation.

623. Services of independent professionals.

624. Transport.

625. Insurance premiums.

626. Banking and similar services.

627. Advertising, propaganda and public relations.

628. Supplies.

629. Other services (*).

6290. Travel expenses (*).

6295. Community expenditure (*).

6299. Expenditure of other services (*).

63. Tributes.

630. Tax on profits.

631. Other taxes (*).

6310. State taxes (*).

6311. Municipal taxes (*).

6312. Fees (*).

633. Negative adjustments in taxation on profits.

634. Negative adjustments to indirect taxation.

6341. Negative adjustments in circulating VAT.

6342. Negative adjustments in VAT on investments.

636. Tax refund.

638. Positive adjustments in taxation on profits.

639. Positive adjustments in indirect taxation.

6391. Positive adjustments in circulating VAT.

6392. Positive adjustments in VAT on investments.

65. Other management costs.

650. Losses of non-performing commercial credits (*).

651. Results of operations in common (*).

6510. Benefit transferred (manager) (*).

6511. Loss supported (participant or non-manager partner) (*).

659. Other losses in current management (*).

69. Allocations to the provisions.

690. Allocation to the reversal fund.

691. Allocation to the provision of intangible fixed assets.

692. Provision for the provision of tangible fixed assets.

693. Allocation to the provision of stocks.

694. Provision for the provision for traffic insolvencies (*).

6940. Provision for the provision for short-term traffic insolvencies (*).

6941. Provision for the provision for long-term traffic insolvencies (*).

695. Provision for provision for other traffic operations (*).

6950. Provision for the provision for eviction and sanitation (*).

6951. Provision for the provision for termination of promotions (*).

6952. Provision for the provision for losses in promotions (*).

6955. Provision for provision for other traffic operations (*).

696. Provision for the provision for long-term marketable securities.

6960. Provision for the provision for long-term equity holdings of companies in the group.

6961. Provision for the provision for long-term equity holdings of associated companies.

6963. Provision for the provision for long-term marketable securities of other companies.

6965. Provision for the provision for long-term fixed income securities of companies in the group.

6966. Provision for the provision for long-term fixed income securities of associated companies.

697. Provision for the provision of long-term credit insolvencies.

6970. Provision for the provision of long-term credit insolvencies to companies in the group.

6971. Provision for the provision of long-term credit insolvencies to associated enterprises.

6973. Provision for the provision of long-term credit insolvencies to other companies.

698. Provision for the provision for marketable securities in the short term.

6980. Provision for the provision for short-term marketable securities of group companies.

6981. Provision for the provision for short-term marketable securities of associated companies.

6983. Provision for the provision for short-term marketable securities of other companies.

699. Provision for the provision of short-term credit insolvencies.

6990. Provision for the provision of short-term credit insolvencies to companies in the group.

6991. Provision for the provision of short-term credit insolvencies to associated companies.

6993. Provision for the provision of short-term credit insolvencies to other companies.

GROUP 7

Sales and revenue

70. Real estate sales, lease income, service delivery, etc. (*).

700. Sales of buildings (*).

7000. Housing buildings (*).

7001. Collective residential buildings (*).

7002. Industrial buildings (*).

7003. Buildings for tertiary uses (*).

7004. Recreational and cultural buildings (*).

7005. Buildings for agricultural holdings and livestock (*).

7006. Buildings for sale in multiproperty (*).

7009. Other buildings (*).

701. Sales of land and solar (*).

705. Provision of services.

706. Revenue from real estate leases (*).

708. Sales returns and similar transactions (*).

71. Change in stocks.

710. In-flight promotions stock variation (*).

712. Change in stocks of constructed buildings (*).

73. Work done for the company.

730. Incorporation into the asset of establishment expenses.

731. Work carried out for intangible fixed assets.

732. Work carried out for the fixed assets.

733. Work carried out for the fixed equipment.

737. Incorporation into the asset of debt formalization expenses.

738. Stocks incorporated by the company into fixed assets (*).

7380. Purchased buildings incorporated into the fixed assets (*).

7381. Land and suns incorporated into the fixed assets (*).

7384. Buildings under construction incorporated into the fixed assets (*).

7385. Constructed buildings incorporated into the fixed assets (*).

75. Other management revenue.

751. Results of operations in common (*).

7510. Loss transferred (manager) (*).

7511. Profit attributed (participating or non-managing partner) (*).

752. Income from other leases (*).

753. Industrial property revenue ceded in operation.

754. Fee income.

755. Income from services to staff.

756. Income from benefits to temporary unions of undertakings (*).

759. Miscellaneous services revenue.

76. Financial income.

760. Income from equity participations.

7600. Income from equity holdings of companies in the group.

7601. Income from equity holdings of associated companies.

7603. Income from equity holdings of other companies.

761. Income from fixed income securities.

7610. Income from fixed income securities of companies in the group.

7611. Income from fixed income securities of associated companies.

7613. Income from fixed income securities of other companies.

762. Revenue from long-term loans.

7620. Revenue from long-term loans to companies in the group.

7621. Revenue from long-term credit to associated companies.

7623. Revenue from long-term loans to other companies.

763. Short-term credit income.

7630. Short term credit income to companies in the group.

7631. Short term credit income to associated companies.

7633. Short-term credit income to other companies.

765. Discounts on purchases for early payment (*).

7650. Discounts on purchases for soon payment from companies of the group.

7651. Discounts on purchases for soon payment from associated companies.

7653. Discounts on purchases for early payment from other companies.

766. Benefits in marketable securities.

7660. Profit on long-term marketable securities of companies in the group.

7661. Benefits in long-term marketable securities of associated companies.

7663. Benefits in long-term marketable securities of other companies.

7665. Benefits in short term marketable securities of group companies.

7666. Benefits in short term marketable securities of associated companies.

7668. Benefits in short-term marketable securities of other em-dams.

768. Positive differences of change.

769. Other financial income.

79. Excess and application of provisions.

790. Excess provision for risks and expenses.

791. Excess supply of intangible fixed assets.

792. Excess supply of the fixed assets.

793. Provision of applied stocks.

794. Provision for applied traffic insolvencies (*).

7940. Provision for short-term traffic insolvencies applied (*).

7941. Provision for long-term traffic insolvencies applied (*).

795. Provision for other traffic operations applied (*).

7950. Provision for eviction and applied sanitation (*).

7951. Provision for termination of applied promotions (*).

7952. Provision for losses in applied promotions (*).

7955. Provision for other traffic operations applied (*).

796. Excess provision for long-term marketable securities.

7960. Excess provision for long-term equity holdings of companies in the group.

7961. Excess provision for long-term equity holdings of associated companies.

7963. Excess provision for long-term marketable securities of other companies.

7965. Excess provision for long-term fixed income securities of group companies.

7966. Excess provision for long-term fixed income securities of associated companies.

797. Excess provision for long-term credit insolvencies.

7970. Excess provision for long-term credit insolvencies of group companies.

7971. Excess provision for long-term credit insolvencies of associated companies.

7973. Excess provision for long-term credit insolvencies of other companies.

798. Excess provision for marketable securities in the short term.

7980. Excess provision for short-term marketable securities of group companies.

7981. Excess provision for short term marketable securities of associated companies.

7983. Excess provision for short-term marketable securities of other companies.

799. Excess provision for short-term credit insolvencies.

7990. Excess provision for short term credit insolvencies of companies in the group.

7991. Excess provision for short-term credit insolvencies of associated companies.

7993. Excess provision for short-term credit insolvencies of other companies.

THIRD PART

Accounting definitions and relationships

Note. Only those sub-groups and accounts whose codification, definition or accounting relationship have been the subject of an amendment are included.

GROUP 1

Basic Financing

Comprises own resources and long-term foreign financing of the company, generally intended to finance the permanent asset and to cover a reasonable margin of circulation; it also includes the income to be distributed in various exercises, own actions and other transitional situations of basic financing.

10. Capital.

100. Social capital.

101. Social fund.

102. Capital.

109. Operational Fund (*).

Capital of temporary joint ventures.

Your move is as follows:

(a) It shall be paid for the initial contributions made.

b) The extinction of the temporary union will be charged.

13. Income to be distributed in various exercises.

130. Official capital grants.

131. Capital grants.

135. Deferred interest income (*).

136. Positive differences in foreign currency.

135. Deferred interest income (*).

The interest on the nominal amount of the credits granted in traffic operations, the imputation of which must be carried out in future years.

Your move is as follows:

(a) It shall be paid for the amount of financial income that is different for successive years, usually from the accounts of the sub-group 43, 44 or 45.

(b) The amount of deferred revenue to be charged to the financial year shall be charged at the end of the financial year with a subscription to the accounts of subgroup 76.