Transition to International Financial Reporting Standards

Ever since the capital market-oriented companies in the EU have been legally required to prepare their consolidated financial statements based on International Financial Reporting Standards (IFRS), there has been a growing demand for conversion services. Furthermore, a transition to the international accounting standards can also prove to be advantageous for non-listed companies. Improving international exposure and enhancing transparency are the core pillars for a sustainable development. Therefore, an increased number of companies have already switched to reporting according to IFRS or are in the process of achieving this transition.

Consolidate processes and experience a seamless transition

Conversion to IFRS should be seen as an opportunity to improve the company’s systems and processes. It represents a useful tool for developing adequate accounting policies and can be perceived as a factor of innovation oriented towards more efficient and meaningful financial reporting, for both internal and external purposes.

IFRS conversion is not an easy process, particularly in terms of preparation and resources, because it requires a deeper intervention in the company accounting system and day-to-day business operations. Professional project planning is thus a critical factor for a successfully complete transition. In this regard, there is no need to concern about the complexity and time-consuming processes behind IFRS transition, as our dedicated professionals will provide you with the necessary support throughout the entire period. Our long-standing experience in managing a significant number of successful IFRS conversions leads us to a better comprehension of the project uniqueness and facilitates finding the proper solutions that meet both the business needs and client’s specifications.

Rödl & Partner is glad to advise for other projects regarding the transition from local accounting standards to other international accounting frameworks: German commercial law - HGB, International Financial Reporting Standards (IFRS), Austrian GAAP (UGB), Generally Accepted Accounting Principles (US-GAAP).

You can rely on us to provide all the necessary assistance, starting with:

Preliminary assessment of IFRS transition or other accountin frameworks – analysis of the impact on financial reporting
Advice on adapting processes
Accounting expert opinion on individual matters
Analysis and adjustment of processes and IT systems for generating the financial data required in the future
Support in the implementation of accounting guidelines and reporting packages
Employee accounting and finance training courses performed by qualified experts
Comprehensive assistance throughout the transition phases

Contact

Contact Person Picture

Catalin Ghita

Head of Audit, CPA, Auditor, Tax Consultant

Partner

+40 21 98 05

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