Consultancy and support in converting your financial statements to IFRS and introducing new standards
Converting to the International Financial Reporting Standards (IFRS) does not just involve changing the numerical basis. Instead, this is a profound transformation process in accounting. In addition to a variety of organisational requirements, accounting-related questions must be answered above all.
Here we give you the necessary expertise to accompany you on your way to the IFRS.
After the (initial) conversion to IFRS, the next challenge is to keep pace with ongoing, accelerating, successive changes to IFRS. The changes and the introduction of new standards often represent complex issues that require a structured approach.
We are happy to support you in this with our expertise and experience. You can access a project schematic for potential support in the context of an upcoming adoption of IFRS 16 Leasing here.
Advice and support for planned transactions and their accounting implications
Contractual arrangements pose major challenges in terms of disclosure on the balance sheet and in the company’s future earnings. For example, contracts for company sales, lease transactions (sale leaseback) and so on are complex transactions whose effects on the balance sheet need to be planned and analysed before the contract is concluded.
Our team will happily support you throughout the entire transaction process and is available with our expertise and experience at any time.
Advice and support in the resolving special issues such as purchase price allocation and impairment tests
A variety of special topics arise in accounting according to International Financial Reporting Standards (IFRS) that require a company-specific approach.
For example, the process of purchase price allocation according to IFRS 3, but also in accordance with IAS 28, calls for extensive expertise with regard to the applicable valuation procedures as well as extensive information acquisition and appraisal.
No less complex is the impairment test pursuant to IAS 36, which is receiving increasingly more public attention. Here, companies are forced to respond to changes early and, if necessary, to adapt their original plans, which can lead to value adjustments.
In order to ensure consistent, correct and efficient implementation in accordance with the IFRS rules, we help you to resolve these or other special issues.
Advice and assistance in the FREP, process
Since 1 July 2005 accounting for the annual and consolidated financial statements of companies that are represented on the regulated market in Germany is subject to auditing by the Financial Reporting Enforcement Panel (FREP, or DPR e.V. in German), in a process known as enforcement. Every listed company will thus be affected by this in the foreseeable future.
We are happy to advise you in advance on the workflow of this type of audit, and its potential focus topics; of course, we are also happy to support you with our expertise and experience during the process to answer what are often highly complex questions.
Advice and support in training and ongoing information on current developments
Our range of training covers accounting in its entirety. Our multi-day BDO accounting training includes basic courses that familiarise your staff with basic accounting requirements. In addition, we also offer advanced courses in the form of compact events that cover specific accounting issues in detail (assets, liabilities, and consolidated and financial instruments). Our portfolio is rounded off by accounting update events which look at the latest developments in accounting and provide a practice-oriented outlook. Of course, we also provide training on-site, targeted to your specific requirements and wishes.
If you would you like more information on this, just talk to our contacts in Düsseldorf.