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Annual financial statements by international standards and consolidated accounts (consolidated financial statements) based on IFRS/IAS
The IFRS are regulations on accounting standards, passed by the IASB.
The IFRS gained relevance in Germany because of EU-regulation No. 1606/2002. With the subsequent Reform of the Law on Accounting (Bilanzrechtsreformgesetz, BilReG), the legislator has already partially transformed the EU-regulation in national statutes.
According to the law, all companies oriented on the capital market are bound to draw up their firm’s annual financial statement for all years beginning after December 31, 2004, in accordance with the IFRS. For certain companies, a transitional period is allotted until 2007 (Article 57 EGHGB).
In consideration of the growing importance of international accounting standards, our services provide in detail:
- preparation of annual financial statements according to IAS/IFRS
- conception of a project schedule for a transition to IAS/IFRS based on the identified differences
- support of the project and organisation before and during the transition
- determination of the best point of time for the transition and support of the internal and external communication
- support of the transition of the accounting to IAS/IFRS
- drafting of the essential field of work and the essential differences between the currently used accounting standards and the IAS/IFRS
- statements to specific questions about the international accounting standards
- analysis of the essential business procedures and the internal and external accountancy
- improvement of the procedure for preparing an annual financial statement, respectively a consolidated account, using IAS/IFRS
- development of a new regulation for making up the balances, of new reporting-tools and account systems, as well as of new structures for reporting
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