Sometimes one hears that accounting pursuant to IFRS could displace HGB accounting. Sure, okay. Okay?
What these abbreviations really reveal is the changing demands of the banks with respect to the annual financial statements of smaller companies. Because of ratings, banks see increasing urgency in standardising annual financial statements to make them more comparable, also at an international level. What only applied to publicly listed companies in the past, could therefore also soon be demanded from medium-sized, owner-operated companies as well.
We are already doing what is necessary to ensure that our clients are well prepared to comply with this change, and convert on their behalf the accounting system to IFRS – from the first to the very last step. From revising the chart of accounts to elaboration of a company-specific accounting manual (also in English). Until everything is ready – for accounting pursuant to IFRS:
In addition: IFRS – this stands for the ”International Financial Reporting Standards”...
And we also inform our clients very clearly when and why it makes no sense for them to implement this conversion.