Transition to Financial International Reporting Standards (IFRS)

IAS and IFRS are catchwords for the future. Due to the introduction of section 315a of the commercial law listed businesses are obliged to produce a consolidated account according to the guidelines of IAS and IFRS. Businesses, which are not listed on the stock market, can electively decide to create their account according to either IAS or IFRS. By introducing section 315a of the commercial law, the German legislator responded to an EU guideline, through which the introduction of IAS/IFRS became obligatory.

In comparison to other European states the introduction by the German legislator is considerably more restrictive. In different countries in the EU the creation of single accounts according to IAS/IFRS is possible already. Due to global striving for internationally uniform accounting standards we reckon on a further advance of IAS/IFRS in the future.

Whether you are interested or not to create your consolidated account according to IAS/IFRS, or if you are obliged to create it according to IAS/IFRS, we advise and assist you with the changeover to IAS/IFRS. We are also glad to create your accounts on our own.

We provide support and consultation on the following:

  • Balancing derivative instruments
  • Adapting IT systems
  • Conducting test transactions
  • Compiling accounting manuals
  • Staff training in finance and accounting
  • Assisting on project management and transition using the TRANSITION/IFRS web-tool
  • Analysing and adapting processes to generate financial data
  • The efficient transfer of knowledge of major accountancy issues according to IFRS specifications