... it was slightly revised in 1991, in accordance with the Seventh Directive. Standard Setting process Accounting standards (DCs) are developed through a very close due process that involves only the members of CNC and a few well-known individuals. The due process is weak. The agenda is established internally, there is very little formal information to the public and there is no period for public comment. The process begins with the inclusion of a project on the Board's agenda. Once the Board has added a project to it's work programme, it sets up a working group to develop draft, which if approved and homologated by the Minster, is issued as a standard. Compliance Some of the standards are in compliance with IASs. DC nº 18 establishes a hierarchy of GAAPs, adopting the IASs in any subject not covered by the POC or DCs. As a member of EU, the Portuguese accounting system is strongly influenced ...

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