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).