The main differences between the accounting principles and standards applicable in Spain, those issued by the I.A.S.B. (International Accounting Standards Board) and U.S.GAAP are summarized very briefly below.

Part V of the current Spanish National Chart of Accounts lays down valuation standards for the various items included in the balance sheet and the income statement.

Additionally, the ICAC has issued resolutions containing more detailed versions of certain of these valuation standards.