{"id":1082,"date":"2026-04-21T09:30:00","date_gmt":"2026-04-21T07:30:00","guid":{"rendered":"https:\/\/www.controlaudit.es\/?p=1082"},"modified":"2026-10-14T09:40:03","modified_gmt":"2026-10-14T07:40:03","slug":"2025-accounts-prepared-review-before-general-meeting","status":"publish","type":"post","link":"https:\/\/www.controlaudit.es\/en\/blog\/2025-accounts-prepared-review-before-general-meeting\/","title":{"rendered":"2025 accounts already prepared: what to review before calling the general meeting"},"content":{"rendered":"
In brief<\/b>If your 2025 financial year ended on 31\/12\/2025, the deadline for preparing the accounts ended on 31\/03\/2026 (art. 253.1 LSC). Before calling the general meeting, it is advisable to check that the accounts and, where applicable, the management report are signed by all the directors, that the notes are complete and that, if the company is audited, the auditor’s report has already been issued, because from the time the meeting is called shareholders may request all those documents (art. 272.2 LSC).<\/div>\n

April is a good time for a final review of the 2025 accounts: a defect detected now costs less to correct than after the general meeting has been called. We review the requirements of the Spanish Companies Act (LSC) and the most common errors.<\/p>\n

Preparation within three months and signature by all the directors<\/h2>\n

Within a maximum of three months from the year-end, the directors must prepare the annual accounts, the management report (which will include, where applicable, the non-financial information statement) and the proposed appropriation of profit or loss (art. 253.1 LSC). The accounts comprise the balance sheet, profit and loss account, statement of changes in equity, statement of cash flows and notes, which form a single whole (art. 254 LSC); under the abridged formats not all of them are mandatory, so check that the format used is the right one.<\/p>\n

The accounts and the management report must be signed by all the directors. If a signature is missing, this must be stated on each document from which it is missing, with an express indication of the reason (art. 253.2 LSC).<\/p>\n

Do you need a management report?<\/h2>\n

Companies that prepare an abridged balance sheet and statement of changes in equity are not required to prepare a management report (art. 262.3 LSC). If the company cannot use that format, the report is mandatory and covers, among other matters, business performance, the main risks, events after the reporting period and expected developments (art. 262.1 and 262.2 LSC). Companies that cannot present an abridged profit and loss account must also state their average supplier payment period in it.<\/p>\n

If the company is audited: the report before the meeting is called<\/h2>\n

The auditor has at least one month from receiving the accounts signed by the directors to submit the report (art. 270.1 LSC). From the time the meeting is called, any shareholder may obtain, immediately and free of charge, the documents submitted for approval and, where applicable, the management report and the auditor’s report, and the notice of meeting must mention that right (art. 272.2 LSC). The report must therefore be issued before the meeting is called.<\/p>\n

If the accounts had to be re-prepared after the report was delivered, the auditor would issue a new report (art. 270.2 LSC): it is better to finalise all adjustments before signing.<\/p>\n

Checklist before calling the meeting<\/h2>\n\n\n\n\n\n\n\n\n\n\n\n
Item<\/th>\nWhat to review<\/th>\nProvision<\/th>\n<\/tr>\n<\/thead>\n
Date of preparation<\/td>\nThat it is stated and falls within three months of the year-end<\/td>\nArt. 253.1 LSC<\/td>\n<\/tr>\n
Signatures<\/td>\nSignature of all the directors or an express reason for any missing signature<\/td>\nArt. 253.2 LSC<\/td>\n<\/tr>\n
Documents<\/td>\nBalance sheet, profit and loss account, the statements that apply and notes<\/td>\nArt. 254 LSC<\/td>\n<\/tr>\n
Management report<\/td>\nIf the company cannot prepare an abridged balance sheet, that it exists and is signed<\/td>\nArt. 262 LSC<\/td>\n<\/tr>\n
Average payment period<\/td>\nThat it is expressly disclosed in the notes<\/td>\nAdditional Provision 3 of Law 15\/2010<\/td>\n<\/tr>\n
Auditor’s report<\/td>\nIssued on the prepared accounts before the meeting is called<\/td>\nArts. 270 and 272.2 LSC<\/td>\n<\/tr>\n
Proposed appropriation of profit or loss<\/td>\nThat it has been prepared together with the accounts<\/td>\nArt. 253.1 LSC<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Common errors<\/h2>\n