Financial management, accounting

Financial management, accounting

Title
Understanding of accounting circuit and display of transactions
Country
Greece
Description
Accounting is the theory and system of recording and analyzing the financial transactions of a firm aiming at ascertaining its financial position and operating results regarding sales, purchases, production, overheads, etc. Accounting is distinguished from book-keeping in that the book-keeper only makes the proper entries and makes no analysis; the latter is the task of the accountant. In the text below we present the Regulatory Framework of Financial Accounting that applies in Greece, the Greek accounting standards that determine the manner of presentation of tax transactions and the presentation of financial statements. This new legal framework defines the entities that are subject to all the new provisions and defines their accounting management obligations. The new tax platform “myDATA” (my Digital Accounting and Tax Application) is also presented. It is the new electronic platform, with which AADE (Hellenic Independent Public Revenue Authority) introduces e-books in the daily life of companies, based on which all companies have to transmit their income daily to the tax authorities. Through this new electronic application, the aim is to automate, standardize, modernize and simplify the process for the review, analysis and provision of data of the financial data of each business unit.