Spain

As a member of the European Union (EU), Spain’s accounting, auditing, and financial reporting framework is primarily governed by EU Regulations and Directives, as transposed into national legislation. Spain’s legal framework is aligned with the EU acquis communautaire in the areas of corporate reporting, statutory audit, and public oversight.

Accounting Framework

Financial reporting requirements in Spain are established under the Code of Commerce and related company and accounting legislation. The Instituto de Contabilidad y Auditoría de Cuentas (ICAC), established by Royal Decree 302/1989, is the national authority responsible for developing and proposing Spain’s accounting framework within the national legal system.

Spain applies a differentiated financial reporting framework. In accordance with Regulation (EC) No. 1606/2002, EU-endorsed International Financial Reporting Standards (IFRS) are required for the consolidated financial statements of all companies whose debt or equity securities trade in a regulated market in Spain. EU-endorsed IFRS are also required for the consolidated financial statements of groups that include at least one group company whose securities are traded in a regulated market, and are permitted for the consolidated financial statements of other companies. Separate company financial statements, including those of listed companies, are prepared under Spanish Generally Accepted Accounting Principles (Spanish GAAP).

Spanish GAAP is established principally through the General Accounting Plan approved by Royal Decree 1514/2007, the General Accounting Plan for Small and Medium-sized Entities approved by Royal Decree 1515/2007, and the rules on the preparation of consolidated financial statements approved by Royal Decree 1159/2010. These frameworks were subsequently amended, including by Royal Decree 1/2021, to further align Spanish requirements with EU accounting developments and selected IFRS-based principles, including in the areas of financial instruments and revenue recognition. Spanish GAAP remains a national framework and differs from full IFRS in certain recognition, measurement, and presentation requirements.

Auditing Framework

Statutory audit requirements in Spain are governed by Law 22/2015 on Auditing of Accounts and its implementing Regulation approved by Royal Decree 2/2021. This framework reflects the transposition of Directive 2014/56/EU on statutory audits and the application of Regulation (EU) No. 537/2014 on specific requirements for statutory audits of public interest entities.

Under this framework, statutory audits are carried out in accordance with Spanish auditing standards, which comprise the law, the implementing regulation, international auditing standards adopted by the EU, and Spanish technical auditing standards. In practice, the ICAC formally approves and publishes the Normas Internacionales de Auditoría adaptadas para su aplicación en España (NIA-ES), which are based on ISA as adapted for use in Spain. ICAC’s current normative database shows ongoing updates to NIA-ES, including a major update issued in April 2024 and additional revisions published in July 2025.

Mandatory audits apply to public interest entities, including listed entities, credit institutions, insurers, and other entities designated under the legal framework. In addition, companies that exceed the statutory thresholds for abbreviated financial statements are generally subject to audit. In practice, this means an audit is required when, for two consecutive years, an entity exceeds at least two of the following thresholds: total assets of EUR 2.85 million, net turnover of EUR 5.7 million, and an average of 50 employees.

Within this framework, ICAC serves as the competent authority for audit regulation and oversight, including the approval of auditing standards, registration of auditors and audit firms, and supervision of statutory audit activity.

In Spain, the audit profession is the only segment of the accountancy profession that is formally regulated by law. The legal framework is established under Law 22/2015 on Auditing of Accounts and its implementing Regulation approved by Royal Decree 2/2021.

The law establishes the requirements for entry into the audit profession, continuing professional development, quality assurance, investigation and discipline, and public oversight. Within this framework, the Instituto de Contabilidad y Auditoría de Cuentas (ICAC) serves as the competent authority responsible for the regulation and oversight of statutory auditors and audit firms in Spain. The ICAC also maintains the Registro Oficial de Auditores de Cuentas (ROAC), the official public register of auditors and audit firms. Registration in the ROAC is required in order to practice as a statutory auditor in Spain.

Entry into the audit profession requires candidates to fulfill the requirements established in law, including completion of relevant university-level education, practical experience, professional examinations, and continuing professional development requirements. The ICAC publishes detailed guidance on the pathway to becoming a registered auditor, including examination procedures and registration requirements.

Within its statutory mandate, the ICAC is responsible for: (i) authorizing and registering auditors and audit firms in the ROAC; (ii) approving auditing and related professional standards within the legal framework; (iii) monitoring compliance with continuing professional development requirements; (iv) establishing and operating the quality assurance review system; (v) conducting investigation and disciplinary procedures; and (vi) overseeing compliance with the legal and professional requirements applicable to statutory auditors and audit firms.

Auditors and audit firms may also voluntarily join a professional accountancy organization (PAO). The Instituto de Censores Jurados de Cuentas de España (ICJCE) is a voluntary PAO representing auditors and audit firms in Spain. Membership is voluntary, but in practice members who provide statutory audit services must be registered in the ROAC. Within its professional mandate, the ICJCE supports the implementation of professional standards, provides training and continuing professional development activities, contributes to technical guidance, and operates internal ethical and disciplinary procedures applicable to its members.

Other professional activities, including tax advisory, bookkeeping, consulting, and general accounting services, are not subject to a unified statutory licensing framework at the jurisdiction level and may be practiced outside the regulated audit profession.

Law 22/2015 on Auditing of Accounts and its implementing Regulation approved by Royal Decree 2/2021 establish the legal basis for public audit oversight in Spain. Within this framework, the Instituto de Contabilidad y Auditoría de Cuentas (ICAC) serves as the competent public oversight authority for statutory auditors and audit firms.

ICAC is responsible for the public oversight of audit activity in Spain. Its functions include the registration of statutory auditors and audit firms in the official register, oversight of continuing professional development compliance, approval and publication of auditing standards within the legal framework, operation of the quality assurance review system, and the investigation and sanctioning of infringements related to statutory audit activity. ICAC also exercises broader standard-setting and regulatory functions in the areas of accounting and auditing.

The oversight system covers both public interest entity and non-public interest entity audits. ICAC’s inspection and investigation activity is carried out under annual control plans and is grounded in the public interest objective of ensuring the quality and reliability of statutory audit work.

ICAC participates in international and European audit oversight cooperation arrangements. Spain’s audit oversight authority is a member of the International Forum of Independent Audit Regulators (IFIAR), and ICAC participates in the Committee of European Auditing Oversight Bodies (CEAOB).

The Instituto de Censores Jurados de Cuentas de España (ICJCE)

The Instituto de Censores Jurados de Cuentas de España (ICJCE), established in 1942, is a voluntary professional accountancy organization representing auditors and audit firms in Spain. The ICJCE is the principal professional body for statutory auditors and plays an important role in supporting the implementation of professional standards and promoting high-quality audit practices in the jurisdiction.

Within its professional mandate, the ICJCE supports the development and implementation of auditing and ethical standards, contributes technical input to the national standard-setting process in coordination with the Instituto de Contabilidad y Auditoría de Cuentas (ICAC), provides continuing professional development and technical training activities, and operates internal investigation and disciplinary procedures applicable to its members. The organization also represents and promotes the audit profession and increasingly supports developments in sustainability assurance and corporate reporting.

The ICJCE is a member of IFAC and Accountancy Europe.

The Consejo General De Economistas de España (CGCEE)

The Consejo General de Economistas de España (CGE) is a voluntary professional organization representing economists and other business professionals in Spain, including members engaged in accounting, tax advisory, bookkeeping, consulting, financial reporting, and audit-related services. The CGE operates through a network of regional professional colleges and specialist registries, including dedicated registries for accounting experts and auditors.

Some of its members provide professional accountancy services, including tax advisory, bookkeeping, consulting, accounting, and, where appropriately registered, statutory audit services. The CGE provides professional training, technical guidance, ethical and disciplinary oversight for its members, and supports the development of professional standards and best practices across the wider accountancy and economics profession.

The CGE collaborates with the ICJCE in areas of common professional interest, including the Registro de Expertos Contables (Registry of Accounting Experts), established jointly to support the voluntary regulation and recognition of professional accountants outside the statutory audit profession.

A mandatory quality assurance (QA) review system has existed in Spain since 1993. Under Law 22/2015 on Auditing of Accounts and its implementing Regulation approved by Royal Decree 2/2021, the Instituto de Contabilidad y Auditoría de Cuentas (ICAC) is responsible for establishing and operating the QA review system for statutory auditors and audit firms. The system covers audits of both public interest entities (PIEs) and non-public interest entities (non-PIEs).

Spain has adopted the International Standard on Quality Management (ISQM) 1, ISQM 2, and International Standard on Auditing (ISA) 220 (Revised), adapted for application in Spain as Norma de Gestión de la Calidad Interna (NIGC) 1-ES, NIGC 2-ES, and NIA-ES 220 (Revised). These standards were issued by ICAC in April 2022 and became effective for audits of financial statements for periods beginning on or after January 1, 2023. Subsequent updates issued by ICAC in 2024 confirm that these standards remain in force and applicable in practice.

The QA review system applies to all statutory auditors and audit firms conducting mandatory audits. Under the legal framework, ICAC may rely on the recognized professional accountancy organizations for certain instrumental tasks related to inspections of non-PIE audits, while retaining full responsibility and supervision over the system. The Instituto de Censores Jurados de Cuentas de España (ICJCE) and the Consejo General de Economistas de España (CGE) continue to support these inspection activities under agreements with ICAC.

Based on the legal framework, the adoption and implementation of ISQM 1 and ISQM 2, and the scope of the system covering all mandatory audits, the QA review system in Spain appears to be aligned with the requirements of SMO 1. This supports maintaining the adoption status as Adopted.

Current Status: Adopted

Law 22/2015 on Auditing of Accounts and its implementing Regulation approved by Royal Decree 2/2021 establish the initial professional development (IPD) and continuing professional development (CPD) requirements for statutory auditors in Spain. Candidates seeking registration as auditors must fulfill the requirements established in law, including completion of relevant university-level education, practical experience, a state professional examination, and ongoing CPD requirements. The Instituto de Contabilidad y Auditoría de Cuentas (ICAC) is responsible for approving education and training providers and overseeing compliance with these requirements.

The regulatory framework covers the principal components of professional education, including entry requirements, practical experience, professional examinations, and CPD. Royal Decree 2/2021 further specifies the subject areas to be covered, practical training requirements, and the structure of the access examination and CPD obligations.

However, based on available information, including ICJCE’s current reporting, ICAC has not yet explicitly incorporated the requirements of the 2019 International Education Standards (IES), particularly the learning-outcomes-based approach introduced in the revised standards, into its national educational framework. As such, while Spain maintains a comprehensive statutory education system for auditors, the framework continues to be assessed as Partially Adopted under the current adoption definitions.

Current Status: Partially Adopted

Law 22/2015 on Auditing of Accounts and its implementing Regulation approved by Royal Decree 2/2021 establish the legal basis for auditing standards in Spain. The Instituto de Contabilidad y Auditoría de Cuentas (ICAC) is responsible for publishing the national auditing standards applicable to statutory audits. Spain applies the Normas Internacionales de Auditoría adaptadas para su aplicación en España (NIA-ES), which are based on the International Standards on Auditing (ISA) and are formally approved and published by ICAC.

The statutory audit framework applies to all mandatory audits, including public interest entities (PIEs), such as listed entities, credit institutions, insurance undertakings, and other entities that exceed the statutory audit thresholds established in law. Accordingly, the NIA-ES framework applies to all mandatory audits within the jurisdiction.

ICAC first adopted the clarified ISA translated and adapted for application in Spain in 2013 and has continued to update the standards as the International Auditing and Assurance Standards Board (IAASB) issues revised and new standards. Based on the most recent updates published by ICAC in 2025 and early 2026, the national auditing standards in Spain are based on the 2025 Handbook of International Quality Management, Auditing, Review, Other Assurance, and Related Services Pronouncements, as adapted for application in Spain through the NIA-ES framework.

While the standards are adapted for the Spanish legal and regulatory framework and are not adopted by direct reference exactly as issued by the IAASB, Spain maintains a full and current ISA-based framework for all mandatory audits. On this basis, the jurisdiction continues to be assessed as Adopted.

At the time of the assessment, there is no indication that the International Standard on Auditing for Audits of Financial Statements of Less Complex Entities (ISA for LCE) has been separately adopted as a national standard. This does not affect the overall adoption rating.

Current Status: Adopted

In Spain, only statutory auditors are subject by law to specific ethical and independence requirements. Law 22/2015 on Auditing of Accounts and its implementing Regulation approved by Royal Decree 2/2021 establish the applicable ethical framework for auditors, including the general duty of independence and a threats-and-safeguards approach together with specific incompatibilities and prohibitions. Within this framework, the Instituto de Contabilidad y Auditoría de Cuentas (ICAC) is the competent authority responsible for adopting ethics standards for auditors and overseeing compliance with the applicable requirements.

Available official sources indicate that Spain has not adopted the International Code of Ethics for Professional Accountants (including International Independence Standards), issued by the International Ethics Standards Board for Accountants (IESBA), as a national code in its entirety for all professional accountants. Rather, the jurisdiction relies on the legal and regulatory framework established in Law 22/2015 and Royal Decree 2/2021 for auditors, while other segments of the profession are not subject to a unified statutory ethical code at the jurisdiction level.

At the professional body level, the Instituto de Censores Jurados de Cuentas de España (ICJCE) maintains a Code of Ethics for its members that is based on the IFAC/IESBA Code and sets out the fundamental principles of integrity, objectivity, professional competence and due care, confidentiality, and professional behavior. However, the publicly available ICJCE code appears to be an older document and does not demonstrate adoption of the 2025 edition, or another 2018 or later edition, in its entirety. More recent ICJCE technical guidance refers to the 2022 IESBA Code as an international reference point, but ICJCE states that this guidance has not been approved by ICAC and therefore does not constitute jurisdiction-level adoption.

Accordingly, Spain continues to be assessed as Partially Adopted. The jurisdiction has an operative ethics and independence framework for auditors, but the IESBA Code in effect at the time of the assessment has not been adopted in its entirety for all professional accountants.

Current Status: Partially Adopted

The Ministry of Finance, through the Intervención General de la Administración del Estado (IGAE), is responsible for establishing public sector accounting standards in Spain. Public sector accounting requirements are set through national legislation and the Plan General de Contabilidad Pública (PGCP), approved by Order EHA/1037/2010, together with related regulations applicable to the General State Administration and other public sector entities.

Spain applies accrual-basis national public sector accounting standards through the PGCP framework. The standards are based on the principles of the International Public Sector Accounting Standards (IPSAS) and have been adapted for the Spanish legal, budgetary, and administrative environment.

The framework is applied on an accrual basis and is used across public sector entities within the jurisdiction. Given that Spain applies accrual-basis IPSAS-based standards modified for local context, the jurisdiction is assessed as Adopted in accordance with the current adoption definitions.

Current Status: Adopted

In accordance with Law 22/2015 on Auditing of Accounts and its implementing Regulation approved by Royal Decree 2/2021, the Instituto de Contabilidad y Auditoría de Cuentas (ICAC) is responsible for investigating and disciplining (I&D) statutory auditors and audit firms in Spain. ICAC has established an I&D system as part of the public oversight framework for the audit profession.

The legal framework sets out the applicable procedures, categories of infringements, sanctions, and due process requirements. Based on information reported by the Instituto de Censores Jurados de Cuentas de España (ICJCE), ICAC’s I&D procedures fulfill the requirements of SMO 6.

In addition, ICJCE, a professional accountancy organization that unites auditors and audit firms on a voluntary basis, carries out supplemental I&D procedures for its members in accordance with its statutes and internal regulations. ICJCE reports that its system is aligned with the main requirements of SMO 6.

Current Status: Adopted

The Code of Commerce and related accounting legislation establish the basic legal framework for financial reporting in Spain. Within this framework, the Instituto de Contabilidad y Auditoría de Cuentas (ICAC) is the national authority responsible for recommending accounting standards to be adopted into law and for developing Spanish Generally Accepted Accounting Principles (Spanish GAAP) in areas not explicitly regulated by legislation.

As a member of the European Union, Spain applies International Financial Reporting Standards (IFRS) as adopted by the European Union in accordance with Regulation (EC) No 1606/2002. IFRS as adopted by the European Union are required for the consolidated financial statements of all domestic companies whose debt or equity securities trade in a regulated market in Spain. Spain also requires IFRS as adopted by the European Union in the consolidated financial statements of all groups that include at least one group company whose securities are traded in a regulated market, even if the parent’s securities do not trade in a regulated market, and permits IFRS as adopted by the European Union in the consolidated financial statements of other companies whose securities do not trade in a public market.

Spanish national accounting standards are required in the separate financial statements of all companies, including publicly traded and private companies. Spanish GAAP is established principally through the Plan General de Contabilidad, approved by Royal Decree 1514/2007, the Plan General de Contabilidad de Pequeñas y Medianas Empresas and specific accounting criteria for microentities, approved by Royal Decree 1515/2007, and the rules for the preparation of consolidated financial statements approved by Royal Decree 1159/2010. Spain’s national framework has also been updated over time to align selected national requirements with more recent international and European developments.

Accordingly, Spain continues to be assessed as Adopted because IFRS as adopted by the European Union are required for all domestic publicly accountable entities in consolidated general purpose financial statements.

The IFRS for SMEs Accounting Standard has not been adopted in Spain and is not under consideration. Instead, eligible smaller entities apply the national small and medium-sized entities accounting framework under Spanish GAAP. This does not affect the overall IFRS adoption rating.

Current Status: Adopted

Relevant Organizations

Comisión Nacional del Mercado de Valores (CNMV)

Committee of European Auditing Oversight Bodies (CEAOB)

International Forum of Independent Audit Regulators (IFIAR)

Instituto de Contabilidad y Auditoría de Cuentas (ICAC)

Instituto de Censores Jurados de Cuentas de España (ICJCE)

Intervención General de la Administración del Estado (IGAE)

Ministry of Finance

Relevant Legislation

ICAC Resolution of April 20, 2022 adopting NIGC 1-ES, NIGC 2-ES, and NIA-ES 220 (Revised)

ICAC Resolution of April 11, 2024 updating NIA-ES and quality management standards

Law 22/2015 on Auditing of Accounts

Order EHA/1037/2010 approving the Plan General de Contabilidad Pública

Regulation (EC) No 1606/2002 on the application of International Accounting Standards

Royal Decree 2/2021 approving the Regulation implementing Law 22/2015

Royal Decree 302/1989 establishing ICAC

Royal Decree 1514/2007 approving the Plan General de Contabilidad

Royal Decree 1515/2007 approving the Plan General de Contabilidad de Pequeñas y Medianas Empresas

Royal Decree 1159/2010 approving rules for consolidated financial statements

Royal Decree 602/2016 amending accounting standards framework

Relevant Publications

CEAOB Annual Report 2022

ICJCE, SMO Action Plan, 2022

IFIAR, Member Profile — ICAC

IFRS Foundation, IFRS Application Around the World — Jurisdictional Profile: Spain