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IFRS Conversion

For more than ten years, I have been involved in the audit and preparation of IFRS financial statements  – from start-ups and mid-sized businesses to listed companies – and understand exactly what matters most.

Challenges in the Transition to IFRS

The transition of financial reporting to IFRS involves various technical and organizational challenges – the following are among the most common encountered in practice.

  • Complexity of accounting and valuation methods,

  • Identification of differences between German GAAP / local GAAP and IFRS,

  • Data availability and data quality for comparative periods and valuation approaches,

  • Transition of processes, systems, and reporting structures to IFRS-based requirements,

  • Extensive disclosure requirements in the IFRS notes,

  • Resource constraints and time pressure.

My Services for Your IFRS Conversion

  • Analysis and documentation of accounting differences between German GAAP and IFRS,

  • Preparation of an IFRS accounting manual,

  • Technical support on complex accounting and valuation topics,

  • Preparation of the IFRS opening balance sheet,

  • Preparation of the statement of financial position, statement of comprehensive income, notes, statement of cash flows, statement of changes in equity, and segment reporting

  • Point of contact for external auditors and valuation experts,

  • Preparation of timelines and checklists,

  • Optimization of accounting and reporting processes,

  • Implementation and development of Internal Control Systems (ICS),

  • Training of employees.

My Approach

01. Project Initiation​

​​​╋ Objectives and scope definition

╋ Review of existing data, processes, and systems

╋ Definition of relevant entities and key contacts​

02. Planning​

​╋ Assignment of roles, responsibilities, and milestones

╋ Definition of tasks and work packages

╋ Alignment with internal and external project stakeholders

03. Execution​

╋ Preparation of IFRS-compliant financial data, postings, and valuation approaches,

╋ IFRS adjustment entries,​

╋ Preparation of IFRS financial statements and related reports

04. Quality Assurance​

╋ Review and plausibility check of the financial statements

╋ Clarification of open items ​​

╋ Regular reporting to the primary contact

05. Project Completion​

╋ Documentation and handover of supporting documentation

╋ Knowledge transfer and lessons learned

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Let’s Talk About Your Project

Whether you require assistance with an IFRS conversion, looking to optimize existing processes, or require technical support on complex accounting topics, I am here to support you as an experienced partner.

 

Let’s connect and discuss how I can support you.

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