What is the process of IAS

Document The process of converting accounting from HGB to IAS / IFRS

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StuB No. 7 of April 11, 2003 page 295

The process of converting accounting from HGB to IAS / IFRS

from WP / StB Achim Schäfer, Nuremberg
The key messages:
  • The conversion of accounting from HGB to IAS / IFRS will have extensive and lasting effects on the company's entire accounting system, as both accounting systems differ significantly in their objectives and systematics.

  • The conversion process must therefore be seen as a complex project that does not only involve a lot of time. The project is divided into the phases of planning and implementation of the changeover (temporal aspect).

  • The conversion process requires in-depth knowledge of accounting according to HGB and IAS / IFRS as well as their application in the company; If necessary, the use of external consultants should be considered.

I. Reasons for switching accounting from HGB to IAS / IFRS

Due to the EU regulation on the application of international accounting standards, which has also been ratified by Germany, listed companies must prepare their consolidated financial statements for financial years that begin on or after, in accordance with IAS / IFRS. Art. 5 of the ordinance gives the member states the option to also use IAS / IFRS accounting for consolidated financial statements.

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