ACCOUNTING FRAMEWORK FOR COOPERATIVES IN PORTUGAL: OVERVIEW FACE TO THE RECENT CHANGES INTO THE ACCOUNTING NORMATIVE

Abstract

Changes to the Portuguese accounting system, introduced by the Decree-Law No. 98/2015, have reduced the obligations with regard to the preparation and presentation of financial statements for the universe of entities covered by the concept of micro and small entities, including cooperatives. However, cooperatives, except those of the social solidarity, follow again the accounting standards as if they were profit entities, although they do not have a lucrative scope. Thus, it can be concluded that, under the accounting point of view, cooperatives should be classified as non-profit organizations and therefore they should apply the accounting standards provided for non-lucrative entities, with the necessary adjustments arising from its specificities.