Conversion to IFRS and introduction of new standards

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Capital market-oriented companies in the European Union are required by law to prepare their consolidated financial statements in accordance with International Financial Reporting Standards (IFRS). However, even if a company is not listed on the stock exchange, a change in accounting can be advantageous.
 
Recipients of financial statements, especially investors and banks, regularly demand reliable and sometimes very comprehensive financial information. However, the focus is not only on the data to be provided, but also on a holistic, transparent communication strategy in financial reporting.

 Your benefits from the transition of accounting

In this context, IFRS can provide a decisive advantage and improve relationships with stakeholders. Transparency and information content are the clear guiding principles in this accounting system and signal a forward-looking corporate policy. Particularly in the course of further globalization, this can open up competitive advantages and reduce capital costs, not least through better access to (international) capital markets.
 
In addition, by using globally recognized IFRS accounting standards, internationally operating companies can often take advantage of synergies “of the known”, especially in phases of expansion and subsequent integration.

 Our comprehensive support for the transition to IFRS

In addition to these advantages, one should not underestimate the effort involved in converting the accounting system. This is because the changeover involves a major intervention in the company's accounting system, which requires careful preparation. Professional project planning is the decisive factor for a successful cost-benefit-optimized changeover. At the same time, such a project also offers the opportunity to streamline reporting processes and further improve the quality of information.
 
Rödl & Partner's International Accounting Competence Center will be happy to advise you and would be delighted to accompany your company on the path to future-oriented accounting.
 
Based on many years of experience from a wide range of conversion projects, we have developed a comprehensive range of consulting services:
  • Implementation of a quick check (overview-type deviation analysis with probable effects of a conversion to IFRS)
  • Advice on and preparation of trial financial statements
  • Expert opinions on individual issues
  • Analysis and adaptation of processes and IT systems to generate the financial data required in the future
  • Advice on or preparation and implementation of accounting guidelines and reporting packages
  • Training your employees in finance and accounting through qualified and efficient knowledge transfer
  • Comprehensive support for the changeover process in project management as well as in the individual subject areas

 Up to date with Rödl & Partner

The world of accounting is constantly changing. It is often difficult for individual users to maintain a constant overview. As the pace of change increases, so does the risk of unpleasant surprises due to new mandatory accounting requirements and accounting standards.

We provide you with a concise overview of current developments in the field of accounting and filter out those that are relevant to you.

On the basis of an ongoing analysis, you should start planning for a successful implementation at an early stage, and we will be happy to support you in this. In addition, the affected employees must be trained promptly so that they can apply the new standards independently and safely in the future and avoid the risks of incorrect accounting. The effects on balance sheet ratios and key financial figures must also be analyzed, especially if these form the basis for contractual agreements (e.g. loan agreements with debt covenants).

We support you in recognizing the relevance of new standards for your company and implementing them successfully in your accounting.
 
 
Contact us

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Dr. Bernd Keller

Partner

+49 911 9193 2200

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Christian Landgraf

Partner

+49 911 9193 2523

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