The Challenge of
To the Background of a globalized economy it is necessary to have a common global set of accounting standards. Due to the globalization and international orientation of capital markets it is increasingly important for companies to apply international accounting standrds. These are viewed as a common language of global investors. Moreover international accounting standards can be viewed as Access control to the global capital markets and global investors.
Companies are increasingly confronted with the challenge of providing their stakeholders with financial information based on a common language. The application of International Accounting Standards represent such a common language. Financial Institutions, Investors, Lendors, Clients and Suppliers increasingly demand comparable Financial Statements, based on International Accounting Standards.
To this backgorund the International Financial Reporting Standards, IFRS have gained in importance in the last 10 years. In 2002 the European Union agreed that from 1 January 2005 International Accounting Standards / International Financial Reporting Standards would apply for the consolidated accounts of the EU listed companies. Financial Statements based on IFRS have since 2002 increased in importance.
Entities issuing financial Statements based on local or German GAAP thus must transferred to IFRS. Such a conversion or transfer from one set of accounting standards to IFRS is a complex task with significant risks and hurdles.
In addition IFRS and the standard setting board, the IASB, have been characterized lately by a high dynamic and change in the standard setting process. Several standards have been replaced and updated due to current developments. Keeping up-to-date in relation to IFRS has become a challenging task.
Our Services in the field of International Accounting
For more than ten years we have been closely and comprehensively assisting our Clients in the conversion and transfer from accounting based on local GAAP to international accounting standards. We are actively engaged in the field of International Accounting both in preparing financial statements as well as in the audit of financial statementsfor our clients. We have gathered extensive experience in the conversion and transfer to International Accounting Standards, such as IFRS as well as US-GAAP.
Also for small and medium-sized entities the conversion from local GAAP to International Accounting Standards, especially IFRS, can be beneficial. IFRS are considered as the common global accounting standard. However the IFRS are continuously subject to change. The accounting standards are subject to Revision and change. This high dynamic of change in IFRS represents a complex and comprehensive challenge to our clients. Since years Schlecht und Partner has assisted Clients in overcoming the challenge of International Accounting.
Subsequently to the first-time adoption of IFRS, the continous overview and Adoption of changing accounting standards represents a challenge that must be met on a current Basis. IFRS are characterized by a high gynamic of change. New standards are drafted and issued - old standards replaced by updated versions. We have been assisting our clients in ensuring a compliance of the accounting practice in the fast changing climate of international accounting.
Based on our long standing experience of International Accounting we have acquired expert knowledge and extensive experience in the field of International Accounting. We gladly assist you in any relating questions or issues. Feel free to contact us accordingly.