In an increasingly globalised world, internationally recognised accounting principles are imperative. Due to the globalisation of capital markets, accounting in accordance with international accounting standards is increasingly necessary. For example, internationally active companies are increasingly faced with the challenge of providing stakeholders with meaningful and, above all, comparable information on accounting. For example, domestic and foreign banks, customers or suppliers are increasingly demanding internationally comparable deals. Against this background, in addition to legally obliged companies, companies are increasingly obliged to prepare consolidated financial statements in accordance with internationally recognised standards – the International Financial Reporting Standards IFRS.
Whether and to what extent a voluntary conversion of (group) accounting from HGB to IFRS is useful is a central strategic question that many medium-sized enterprises are increasingly exposed to. A switch to IFRS is also regularly necessary as part of the transition to the capital market.
Such a changeover requires a detailed analysis of all the subject areas relating to the (group) financial statements. Last but not least, the highly complex financial statements to be prepared in accordance with IFRS are significantly more extensive than a comparable financial statement under the German Commercial Code (HGB), so that a high degree of IFRS know-how is absolutely necessary.
In addition, IFRSs are currently very dynamic. Whether fundamental questions of consolidation, leasing accounting, revenue recognition, financial instruments or pension accounting: proven accounting concepts are replaced by new regulations that raise a wealth of application questions.
Our services in the field of international accounting
- Audit of consolidated financial statements in accordance with HGB, IFRS and US GAAP
- Preparation of financial statements in accordance with IFRS
- Preparation of annual financial statements in accordance with US GAAP
- Preparation of consolidated financial statements in accordance with IFRS
- Preparation of consolidated financial statements in accordance with US GAAP
- Assistance in the reconciliation of commercial financial statements (HGB) to financial statements in accordance with international accounting standards (IFRS / US GAAP)
- Support in the development of balance sheet guidelines and reporting formats
- Development of an IFRS Manual
- Training of employees
- Support for IFRS conversion projects
- Support for U.S. GAAP conversion projects
- Analysis of the interfaces between HGB and IFRS (harmonisation)
For many years, we have been supporting our clients in their transition to international accounting standards. For example, we work for our clients in the field of international accounting, both in the field of financial statements and in the field of auditing. We have experience in switching to IFRS and switching to US accounting standards (US GAAP).
The switch to IFRS can also have advantages for medium-sized companies. IFRSs are considered to be the globally uniform accounting language. A language, however, which is constantly changing and whose abundance and complexity constantly presents companies with new challenges. For many years, Schlecht und Partner IFRS has been creating financial statements for listed companies.
Following the (initial) transition to IFRSs, the next challenge is to get an overview of the ongoing changes to IFRSs that are becoming more and more rapid in time. The changes and the introduction of new standards are often complex issues that require a structured approach. We would also like to support you with our expertise and experience.
With our many years of practical experience and professional competence in the field of international accounting, we are at your disposal for all questions.
Certified Tax Advisor
Certified Tax Advisor