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Audits of annual financial statements and consolidated accounts using the standards of IFRS/IAS
The International Accounting Standards (IAS) are accounting regulations that were passed by the International Accounting Standards Committee (IASC). The IASC was superseded by the International Standards Board (IASB) in 2001.
It is the duty of the IASB to effect an international harmonization of accounting, in order to increase the comparability of the companies’ reporting at the international capital markets.
The accounting standards adopted by the IASB are called International Financial Reporting Standards (IFRS).
The IFRS have gained importance in Germany especially through the EU-regulation No. 1606/2002. With the Law on the Reform of Accounting Regulations (Bilanzrechtsreformgesetz, BilReG), the legislation has already partially transformed this EU-regulation into national law.
According to this law, all companies oriented on the capital market are obligated to prepare their consolidated accounts in accordance with the IFRS for all financial years starting after December 31, 2004. For certain companies, Article 57 of the Implementation Law of the German Commercial Code (Einführungsgesetz zum Handelsgesetzbuch/EGHGB) allots a transitional period until 2007.
Considering the increased relevance of international accounting standards, our services encompass in detail of the following:
- Statutory and voluntary audits of individual financial statements and consolidated accounts according to IAS/IFRS
- Opinions on specific questions to international accounting
- Formulation of the essential fields of work and the essential differences between the presently used accounting standards and the IAS/IFRS
- Conception of a project schedule for the conversion to the IAS/IFRS based on the identified differences
- Supervision and organisation of projects before and during the conversion process
- Determination of the ideal point of time for the conversion and support of the internal and external communication
- Analysis of the essential business procedures as well as the internal and external accounting, including the optimization of the procedures for preparing individual financial statements and consolidated accounts
- Development of a new accounting guideline, of reporting-tools, account systems and new reporting structures
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