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International accounting

The internet, good transport infrastructures and ongoing liberalisation are bringing the global economy ever closer together. Companies are operating along increasingly international lines, buying and selling globally. The capital markets follow the real markets for goods and services in this scenario. To provide investors and lenders with a better means of comparing the economic positions of companies from different countries, a trend towards international accounting has been in evidence for some years now.

The international accounting rules are defined by the nternational Financial Reporting Standards (IFRS). These are issued by the International Accounting Standards Board (IASB) and are mandatory for capital market-oriented companies in the EU. Financial statements according to IFRS are geared more strongly towards the Anglo-Saxon model which places emphasis on protecting the owners of assets. In contrast, the Commercial Code in Germany is designed rather to protect creditors. In accordance with the German Commercial Code and IFRS, a corporation's annual financial statement is to "present a true picture of the company's assets, liabilities, financial position and earnings position."

SMEs which use capital markets in the EU are also obliged to draw up their balance sheets in accordance with IFRS. All other SMEs may apply the international accounting rules on a voluntary basis. Our experts will be pleased to explain whether this is an expedient option for your company.

Interested? We look forward to hearing from you.




NICKEL GmbH | Wirtschaftsprüfungsgesellschaft, Steuerberatungsgesellschaft l Alfredstraße 154 l 45131 Essen

NICKEL | Wirtschaftsprüfer, Steuerberater l Alfredstraße 154 l 45131 Essen

NICON GmbH | Wirtschaftsprüfungsgesellschaft l Alfredstraße 154 l 45131 Essen