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Companies can individually request a deviation from accounting obligations based on Article III.94 of the Code of Economic Law and Article 3:42, § 1 of the Code of Companies and Associations.
For which matters can you request a deviation?
The deviations granted under Article III.94 of the Code of Economic Law relate to:
- the minimum classification of the general chart of accounts;
- the possibility of keeping accounts in a currency other than the euro.
The deviations granted on the basis of Article 3:42, § 1 of the Code of Companies and Associations relate to:
- the form and content of the financial statements (e.g., disclosure of turnover in the full financial statements, other financial accounts) and the consolidated financial statements;
- the preparation and publication of financial statements in a currency other than the euro.
Article 3:42, § 1 of the Code of Companies and Associations does not apply to insurance companies authorised by the King.
Keeping accounts and preparing and publishing financial statements in a currency other than the euro
For keeping accounts and preparing financial statements in a currency other than the euro, please refer to Opinion 117-3 of the CBN-CNC on keeping accounts and preparing financial statements in a currency other than the euro of 26 November 2008.
For determining the functional currency in financing companies, please refer to Opinion 117-3 of the CBN-CNC on the determination of the functional currency in financing companies of 16 September 2009.
Additional information on the procedure for applying for a deviation to keep account and prepare financial statements in a currency other than the euro can be found in Opinion 2011/12 of the CBN-CNC on the deviation for the functional currency: practical implications and procedure of 4 May 2011.
The Accounting Standards Board publishes CBN-CNC Opinion 2010/4 on the accounting treatment of conversion differences that may arise when converting capital as a result of obtaining the deviation for the functional currency (Opinion of 21 April 2010).
No deviation is granted for a financial year that has already been closed.
Regulation for the diamond industry
On 4 July 2008, a regulation was developed for the diamond industry by the ministers in charge at the time. This deviation allows individual diamond companies, under certain conditions regarding content and form, to keep accounts and prepare financial statements in U.S. dollars (USD).
This arrangement applies only to so-called “authorised diamond companies”.
Individual diamond companies can fall under this scheme after providing the minister in charge (with a copy to the Accounting Standards Board) a completed model form (which exists only in Dutch): attestation for authorised diamond companies regarding the authorisation of accounting and financial statements in USD. (PDF, 363.18 KB)
This attestation must be confirmed by the statutory auditor of the company concerned, or, in the absence of a statutory auditor, by an accountant or certified public accountant.
The authorisation is effective from the financial year in which this attestation is submitted to the minister in charge (with a copy to the CBN-CNC) for 4 consecutive financial years.
Consequently, the authorisation expires automatically at the end of the third financial year following the financial year in which the attestation was submitted.
However, the authorisation will in any case lapse by operation of law if at any time during the term of the authorisation, the company ceases to comply with the conditions confirmed by the company in the attestation.
Which minister is in charge?
The Minister of Economy is responsible for applications from companies that exceed at least two of the following criteria on the closing date of the last financial year:
- annual average number of employees: 50;
- annual turnover, excluding value-added tax: 9,000,000 euros;
- balance sheet total: 4,500,000 euros.
The Minister of Justice is responsible for applications for deviations from the accounting law for (international) NPOs and (international) foundations.
The Minister for the Self-Employed is responsible for applications from the remaining companies.
Where can you file a request for a deviation from accounting obligations?
Access to the online platform is through CSAM, the gateway to online government services. The FPS provides secure access via eID, the itsme app or SMS. You can submit an application through this platform.
Alternatively, you can submit the application by letter or email:
- By letter
Please submit the complete, duly reasoned application file intended for the Minister of Economy or the Minister for the Self-Employed to:
FPS Economy, SMEs, Self-Employed and Energy
Directorate-General for Economic Regulation
Department of Accounting Law, Audit, Cooperatives and Corporate Governance
Rue du Progrès, 50
1210 Brussels
- By email
The application file can also be sent electronically to auc@economie.fgov.be.
In order to expedite the process, a copy of the application may also be submitted to the Accounting Standards Board via an application form on the Accounting Standards Board website or at the address below:
President of the Accounting Standards Board
City Atrium - 8th floor
Attn Mr Jan Verhoeye
Rue du Progrès, 50
1210 Brussels
The application must be accompanied by all possible documents in support of the request. The deviation can be obtained only if the required criteria are met.
The minister or the deputy official can make a decision only after the advice of the Accounting Standards Board. In the event that a deviation is granted, certain conditions may be imposed and a specified and renewable term may be established.
The deviation granted must be disclosed under the accounting policies in the notes to the financial statements.
