Is French accounting compliant
with IFRS standards ?
In France, accounting is in most cases an accruals accounting (cash accounting is reserved for certain civil companies or individuals), with a COA chart of accounts defined by the PCG standard. The French accounting standard is PCG, which tends to approach IFRS.
The FEC tax standard, File of all accounting Entries, imposes a specification for the submission of a txt file of all entries for a tax year, for control purposes. The descriptions must be in French, a certain amount of information must be entered: account, description, part number, journal, date, debit, credit, etc.