The continuing globalisation of markets and company operations results in an increasing requirement on the part of both investors and analysts for directly comparable financial information. International Financial Reporting Standards (IFRS) seek, among other things, to meet this requirement.
The implementation of IFRS in the production of consolidated financial statements for capital market-oriented companies based in the EU is mandatory; but increasingly companies which are not capital market-oriented but which have cross-border operations are being pulled in the same direction. Their stakeholders, especially the financing banks, but also customers and suppliers operating internationally, are increasingly demanding internationally comparable financial statements. To meet these requirements for financial reporting in the future, companies are currently implementing systems to facilitate the move from financial statements prepared in accordance with regulations under commercial law (German Commercial Code (HGB)) to financial statements prepared in accordance with international accounting standards.
Through our worldwide network we at PKF provide you with access to experts with extensive IFRS know-how who can advise, guide and support you on all IFRS-related issues – from initial implementation through on-going IFRS consulting to dealing with technical issues and questions concerning IFRS accounting. Our integrated approach to consulting aims to work with you to arrive at the optimum solution for you taking into account your particular sector and legal entity.