In the EU, publicly traded corporate groups are required to prepare their consolidated financial statements under IFRSs (International Financial Reporting Standards). Other corporations may be required to report under US GAAP. But even when companies are not required to use international reporting standards, there may still be an advantage in doing so, because the focus in reporting under IFRS or US GAAP is on presenting a company’s or group’s earnings picture from the investor’s perspective. Reporting under the German Commercial Code, on the other hand, is conceived first and foremost in terms of protecting creditors – which may be an impediment if you’ve set your course for growth and internationalization.
If you’re not already required to report under IFRSs or US GAAP, or haven’t made the change yet, we can talk with you about the specific advantages and disadvantages of switching, and can work out an efficient, practical course of implementation. Then we’ll see you through to its completion, with skilled advice and a partner’s support.
Our services at a glance
- Auditing and preparing financial statements under IFRSs and US GAAP.
- Assistance with changing from national to international reporting standards
- In-house training and workshops on the fundamentals of international financial reporting and on issues specific to your company
- Assistance with complex accounting issues in international reporting, such as
- Purchase price allocation (PPA)
- Impairment tests
- Lease transactions
- Deferred taxes