Which subjects should I choose for IAS

Document Fulfillment of the accounting obligation according to HGB through IAS / IFRS? - Can the company choose the method at its own discretion?

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NWB No. 34 of 08/22/2005 page 2881 compartment 17 page 1957

Fulfillment of the accounting obligation according to HGB through IAS / IFRS?

Can the company choose the method at its own discretion?

Katharina Völker-Lehmkuhl and Monika Mages

Since the beginning of this year, capital market-oriented groups have had to prepare their consolidated financial statements in accordance with IAS / IFRS. Since the obligation to prepare separate financial statements according to the German Commercial Code (HGB) remains unchanged, the companies concerned are therefore subject to a double accounting obligation according to the German Commercial Code and IAS / IFRS. Because the balance sheets are derived from the bookkeeping and "double" bookkeeping is neither common nor necessary under both the HGB and IAS / IFRS, the question arises in practice as to whether the current bookkeeping is to be carried out in accordance with the HGB or international rules . At first glance, companies have a right to choose in this regard. The present article deals with this supposed right of choice and shows the risks that an ongoing accounting according to IAS / IFRS entails, especially in the corporate crisis.

I. Simplification of internal processes with ongoing bookkeeping according to IAS / IFRS

Since then capital market oriented companies obliged in the EU to prepare their consolidated financial statements in accordance with the international accounting standards IAS / IFRS. Since consolidated financial statements ultimately ...

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