Consolidated accounting & IFRS
Introduction / restructuring of consolidated accounting to IFRS and implementation of reporting structures
Since January 1st 2005, all consolidated financial statements by stock market listed enterprises in the European Union are required to be in accordance with the International Financial Reporting Standards (IFRS). For other enterprises, the IFRS may also be advantageous or necessary, for example if foreign stockholders are involved. In contrast to the German Commercial Code (HGB), the IFRS are not reliant on the caution principle and financial statements according to IFRS may not be considered as a basis for dividend distribution or tax calculation. The main objective of IFRS accounting is the informational value to the investor. Many companies are not familiar with the complex IFRS regulations. The amount of information required for the implementation of IFRS is large and immense personnel and financial capacities are tied during the restructuring process.
Our services include:
- Sensitivity analysis and employee training (workshops)
- Project planning and project management
- Supervision of system conversion
- Optimisation of yield and financial parameters disclosure
- Compilation of in-house accounting principles
- Implementation of reporting structures (reporting packages, consolidation software etc.)
- Support with or provision of annual reports and notes in German and English
In general, the implementation process raises a copious number of functional and technical questions that need to be solved by specialists. Implementing IFRS represents a deep cut after which existing accounting and reporting structures are fundamentally changed.
During the whole implementation process, we support you in dealing with the full scope of tasks that arise from the process. We also assist your team in the follow-up period until regular reporting structures and the compilation of consolidated financial statements are accomplished.