chapter  9
15 Pages

Analysis of Changing Institutional Environments, New Accounting Policies, and Corporate Governance Practices in Portugal


Portuguese accounting rules’ history began in the 1970s when tax authorities, after approving corporate tax law (Código da Contribuição Indústrial [CCI]), gave some directions about the elements the fi nancial statements would have to show. At the same time an accounting commission (Comissão de Normalização Contabilística [CNC]) was created with the goal of developing and regulating an accounting system for all companies, dependent on approval by law-decree, giving birth to general principles of proper accounting (Princípios Contabilísticos Geralmente Aceites [PCGA]). These accounting principles included a set of codes for accounts designated as Plano Ofi cial de Contabilidade (POC; see, amongst others, Bento and Machado 2009; Borges, Rodrigues, and Rodrigues 2007).