• IFRS

    International Financial Reporting Standards

Article:

IFRS - International Financial Reporting Standards

22 March 2018

Accounting Advisory Services

Accounting is a key design element of corporate communication in terms of markets, investors and business partners. Economic processes are covered externally through accounting of the company, following HGB accounting standards or the international accounting standards (IFRS, US GAAS).

Correct and valid balancing and accounting sets the standard for the trust your company is associated with.

Accounting – both commercial and fiscal – is constantly changing. This means that companies, institutions and private individuals need to continuously monitor and evaluate the changing framework conditions. Our consulting approach takes into account the networking of business systems and processes with accounting-related and tax issues.

National and International Accounting

Converting to the International Financial Reporting Standards (IFRS) does not just involve changing the numerical basis. Instead, this is a profound transformation process in accounting. In addition to a variety of organisational requirements, accounting-related questions must be answered above all.

After the (initial) conversion to IFRS, the next challenge is to keep pace with ongoing, accelerating, successive changes to IFRS. The changes and the introduction of new standards often represent complex issues that require a structured approach.

We are happy to support you in this with our expertise and experience. You can access a project schematic for potential support in the context of an upcoming adoption of IFRS 16 Leasing here.

Advice and support for planned transactions and their accounting implications

Contractual arrangements pose major challenges in terms of disclosure on the balance sheet and in the company’s future earnings. For example, contracts for company sales, lease transactions (sale leaseback) and so on are complex transactions whose effects on the balance sheet need to be planned and analysed before the contract is concluded.

Our team will happily support you throughout the entire transaction process and is available with our expertise and experience at any time.

Advice and support in the resolving special issues such as purchase price allocation and impairment tests

A variety of special topics arise in accounting according to International Financial Reporting Standards (IFRS) that require a company-specific approach.

For example, the process of purchase price allocation according to IFRS 3, but also in accordance with IAS 28, calls for extensive expertise with regard to the applicable valuation procedures as well as extensive information acquisition and appraisal.

No less complex is the impairment test pursuant to IAS 36, which is receiving increasingly more public attention. Here, companies are forced to respond to changes early and, if necessary, to adapt their original plans, which can lead to value adjustments.