The General Chart of Accounts (PGC)

In this section we will analyse the PGC in broad terms. The PGC is the text that contains the basic rules of Spanish accounting. The PGC contains the accounting regulations applicable in Spain. Although the original plan dates back to 1973, the last update of the standard was introduced in 2007 as the New General Accounting Plan, which brought Spanish legislation into line with European and international IFRS and IAS legislation.

Composition of the table of accounts

The chart of accounts is also defined in the Chart of Accounts. The groups of accounts are as follows:

Group 1. Basic financing.

Group 2. Non-current assets.

Group 3. Inventories.

Group 4. Trade payables and receivables.

Group 5. Financial accounts.

Group 6. Purchases and charges.

Group 7. Sales and income.

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