The Accounting Standards Board oversees the Accounting Profession. It is responsible for the establishment and supervision of the Accounting Standards applied by businesses in Greece.

The opinions of the Accounting Standards Board on matters of accounting standardization and the preparation of financial statements primarily take the form of Accounting Directives, Accounting Circulars, Opinions, and Individual Responses.

Accounting Directive

The Accounting Directive addresses significant issues of general interest and has a binding nature.

Circular Accounting

The Circular Accounting pertains to the interpretation of matters of specific interest and carries a binding nature.

Opinion

An Opinion refers to matters of application of International Accounting Standards (IAS) / International Financial Reporting Standards (IFRS), does not constitute an interpretation of these standards but rather an expression of opinion on the applicability of individual standards, and does not have a binding nature.

Individual Response

An Individual Response pertains to a question posed by an interested party regarding a matter within the jurisdiction of the Accounting Standards Board and does not have a binding nature.

Mission – Responsibilities – Composition of the Accounting Standards Board (ASB)

The mission of the Accounting Standards Board (ASB) is to enhance investor confidence in the integrity of financial statements.

To achieve its mission, the ASB has the following responsibilities:

Suggests the modification of existing or the implementation of new accounting standards..

Monitors the effectiveness of the application of existing accounting standards..

Provides opinions on accounting standard issues referred to it by decision of the Board of Directors..

Develops working papers on accounting and auditing matters within the framework of the European Financial Reporting Advisory Group (EFRAG), the Accounting Regulatory Committee (ARC) and other international organizations responsible for accounting issues..

Ensures the active participation of HAASOB in relevant European bodies or other international organizations..