Consolidated Financial Statements in IAS/IFRS and German GAAP - Major Differences Explained

Consolidated Financial Statements in IAS/IFRS and German GAAP - Major Differences Explained
Author: Khanh Pham-Gia
Publisher: GRIN Verlag
Total Pages: 61
Release: 2009
Genre: Business & Economics
ISBN: 3640382927
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Research Paper (undergraduate) from the year 2008 in the subject Business economics - Business Management, Corporate Governance, grade: 1,3, University of applied sciences, Munich, language: English, abstract: Due to a regulation of the European Union (EU) concerning financial accounting issued on June 6th, 2002, all listed companies in EU are obligated to provide their Consolidated Financial Statements (CFS) in accordance with financial accounting principles of International Accounting Standards (IAS) or International Financial Reporting Standards (IFRS) from January 1st, 2005. This regulation enables a necessary harmonization of accounting principles within the EU and supports a clear comparability of CFS worldwide. The object of this study is to analyze major differences of CFS in German GAAP and IAS/IFRS. Thereby, variations of both accounting standards are compared and a major difference is explained thoroughly with a concrete example. The major differences of CFS in IAS/IFRS and German GAAP result from different aims of both accounting standards. The German GAAP is strongly based on prudence principle for protection of creditors and authoritative principle (tax accounting based on commercial accounting). In comparison, the IAS/IFRS deliver potential investors realistic and decision useful information about assets, finance, and profit situations of a company (true and fair view / fair presentation principle). These basic principles could be reflected in several key points of the both accounting standards whose differences are clarified in this study. Furthermore, an essential key point of CFS namely the basis of consolidation (contains enterprises included in the consolidation and capital consolidation methods) is illuminated with a concrete example. Hereby, the relation between the control influence of the parent enterprise on its "sub-entities" and the correspondent capital consolidation methods are studied.

Consolidated financial statements in IAS/IFRS and German GAAP – Major differences explained

Consolidated financial statements in IAS/IFRS and German GAAP – Major differences explained
Author: Khanh Pham-Gia
Publisher: GRIN Verlag
Total Pages: 28
Release: 2009-07-24
Genre: Business & Economics
ISBN: 3640383338
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Research Paper (undergraduate) from the year 2008 in the subject Business economics - Business Management, Corporate Governance, grade: 1,3, University of applied sciences, Munich, language: English, abstract: Due to a regulation of the European Union (EU) concerning financial accounting issued on June 6th, 2002, all listed companies in EU are obligated to provide their Consolidated Financial Statements (CFS) in accordance with financial accounting principles of International Accounting Standards (IAS) or International Financial Reporting Standards (IFRS) from January 1st, 2005. This regulation enables a necessary harmonization of accounting principles within the EU and supports a clear comparability of CFS worldwide. The object of this study is to analyze major differences of CFS in German GAAP and IAS/IFRS. Thereby, variations of both accounting standards are compared and a major difference is explained thoroughly with a concrete example. The major differences of CFS in IAS/IFRS and German GAAP result from different aims of both accounting standards. The German GAAP is strongly based on prudence principle for protection of creditors and authoritative principle (tax accounting based on commercial accounting). In comparison, the IAS/IFRS deliver potential investors realistic and decision useful information about assets, finance, and profit situations of a company (true and fair view / fair presentation principle). These basic principles could be reflected in several key points of the both accounting standards whose differences are clarified in this study. Furthermore, an essential key point of CFS namely the basis of consolidation (contains enterprises included in the consolidation and capital consolidation methods) is illuminated with a concrete example. Hereby, the relation between the control influence of the parent enterprise on its “sub-entities” and the correspondent capital consolidation methods are studied.

Financial Accounting

Financial Accounting
Author: Robert Nothhelfer
Publisher: Walter de Gruyter GmbH & Co KG
Total Pages: 312
Release: 2017-09-25
Genre: Business & Economics
ISBN: 3110521261
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Every German student of business administration needs to have a basic understanding of accounting according to German GAAP, and thanks to globalization many courses about German accounting are nowadays held in English to improve the language skills of the students. In addition many foreign subsidiaries of German companies have to prepare their part of consolidated financial statements according to German GAAP. So far, these professionals can rely on German literature only. The first part of the book offers a compact introduction to financial statements according to German GAAP, the second part comprises exercises on individual topics with solutions and case studies for in-depth and effective learning. This introduction provides ideal support for German-speaking students taking Englishspeaking lectures in the field and is furthermore valuable for professionals looking for explanations when preparing the data for consolidated financial statements. Includes exercises and case studies for practice Ideal textbook for students of German Universities attending English-speaking lectures in financial management Ideal introduction for professionals with a succinct explanation and additional support with a glossary and vocabulary

The Accounting of Deferred Taxes under IFRS

The Accounting of Deferred Taxes under IFRS
Author: Michael Mehnert
Publisher: GRIN Verlag
Total Pages: 15
Release: 2010-01-15
Genre: Business & Economics
ISBN: 3640513533
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Seminar paper from the year 2009 in the subject Business economics - Accounting and Taxes, grade: 1,7, AKAD University of Applied Sciences Stuttgart, course: IFRS, language: English, abstract: 1 Introduction In a global economy there is a need for common accounting rules. It is simply important for an enterprise to know that national and international stock exchange rules require the application of internationally accepted accounting directives. So there are several good reasons for a trend towards internationalization. For an investor means internationaliza-tion usually accompanied by a standardization of accounting rules that he can compare financial statements quicker and easier. There are no longer time- consuming and ex-pensive conversions of financial statements necessary. Internalization means also that the national differences in the determination of profit will disappear. Standardization would give the term “profit” substance and would allow the comparison of financial statements of different enterprises from several countries. In the European Union enterprises have a special responsibility since 2005. On the 12th of March 2002 the European Parliament endorsed the EC Commission’s proposal that all EU listed companies must follow standards issued by the International Accounting Standards Board (IASB) in their consolidated financial statements starting no later than 2005. In this assignment I want to give a short overview about what the main principles of the International Financial Accounting Principles (IFRS) are all about and what differences to the German Statutory Accounting Rules (HGB) can be distinguished (chapter 2). Then I want to focus on the accounting of deferred taxes under IFRS (chapter 3). After a definition of deferral I want to explain the concepts and methods of deferral in this part. Finally I will have a closer look on deferred tax assets and deferred tax liabilities.

IFRS and US GAAP

IFRS and US GAAP
Author: Steven E. Shamrock
Publisher: John Wiley & Sons
Total Pages: 230
Release: 2012-03-08
Genre: Business & Economics
ISBN: 1118239067
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A practical comparison of—and expert guidance on—IFRS and GAAP written by a practicing controller International Financial Reporting Standards (IFRS) are used in over 120 countries. US companies will inevitably encounter IFRS when evaluating the financial health of suppliers and customers. IFRS and US GAAP: A Comprehensive Comparison provides instruction in accounting under IFRS within the context of US accounting standards. Practical and easy-to-use, this book includes a case study of a first time IFRS adoption, emphasizing the much greater degree of professional judgment that is needed for IFRS. Provides a heavy emphasis on practical examples Includes an online companion website with downloadable spreadsheets and templates Reflects current financial reporting trends Addresses accounting requirements of which today's auditors, accountants and preparers of financial reports need to be aware Clarifying IFRS, its impact on US companies, and where to start in understanding it, IFRS and US GAAP prepares US accountants to be knowledgeable with day to day financial accounting issues using IFRS's substantial similarity with US GAAP as a context.

Principles of Group Accounting under IFRS

Principles of Group Accounting under IFRS
Author: Andreas Krimpmann
Publisher: John Wiley & Sons
Total Pages: 869
Release: 2015-03-18
Genre: Business & Economics
ISBN: 1118751388
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A professional perspective to implementing IFRS 10, 11, and 12 The new International Financial Reporting Standards (IFRS) 10, 11, and 12 are changing group accounting for many businesses. As business becomes increasingly global, more and more firms will need to transition using the codes and techniques described in Principles of Group Accounting under IFRS. This book is a practical guide and reference to the standards related to consolidated financial statements, joint arrangements, and disclosure of interests. Fully illustrated with a step-by-step case study, Principles of Group Accounting under IFRS is equally valuable as an introductory text and as a reference for addressing specific issues that may arise in the process of consolidating group accounts. The new international standards will bring about significant changes in group reporting, and it is essential for accountants, auditors, and business leaders to understand their implications. Author Andreas Krimpmann is an internationally recognized authority on the transition from GAAP to IFRS, and this new text comes packaged with GAAP/IFRS comparison resources that will help make the changes clear. Other bonus resources include an Excel-based consolidation tool, checklists, and a companion website with the latest information. Learn about: Definitions, requirements, processes, and transition techniques for IFRS 10, 11, and 12 covering group level accounting Practical implementation strategies demonstrated through a clear case study of a midsize group Key concepts related to consolidated financial statements, joint ventures, management consolidation, and disclosure of interests Comparisons between GAAP and IFRS to clarify the required changes for international firms Whatever stage of the consolidation process you are in, you will appreciate the professional perspective in Principles of Group Accounting under IFRS.

International GAAP 2013

International GAAP 2013
Author: Ernst & Young LLP
Publisher: John Wiley & Sons
Total Pages: 4412
Release: 2013-06-21
Genre: Business & Economics
ISBN: 1118589807
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International GAAP® 2013 goes much further than explanation. It provides a comprehensive guide to interpreting and implementing IFRS, sets IFRS in a relevant business context and provides insights into how complex practical issues should be resolved in the real world of global financial reporting. This book is an essential tool for anyone applying, auditing, interpreting, regulating, studying or teaching international financial reporting. Written by financial reporting professionals from the International Financial Reporting Group of Ernst & Young, this three-volume guide to reporting under IFRS provides a global perspective on the real-world interpretation and practical application of IFRS. Complex technical accounting issues are explained clearly and IFRS is set in a practical context with numerous worked examples and hundreds of illustrations from the published financial reports of major listed companies from around the world. The 2013 edition of International GAAP® has been fully revised and updated in order to: Address all new, revised and amended authoritative pronouncements and interpretations including, for many entities, the mandatory adoption in 2013 of IFRS 10 (Consolidated Financial Statements), IFRS 11 (Joint Arrangements), IFRS 12 (Disclosure of Interests in Other Entities), IFRS 13 (Fair Value Measurement) and IAS 19 Revised (Employee Benefits). Explain the many initiatives and discussions that are currently being pursued by the IASB and by the IFRS Interpretations Committee and the potential consequential changes to accounting requirements. In particular, projects on Financial Instruments, Revenue Recognition, Leases and Insurance Contracts may all significantly change current accounting practice. Provide insight and guidance from a truly global perspective on the many issues relating to the interpretation and practical application of IFRS, based on the extensive experience of the book’s authors in dealing with recent day-to-day practical issues. www.igaap.info

Comparative International Accounting

Comparative International Accounting
Author: Christopher Nobes
Publisher: Pearson Education
Total Pages: 604
Release: 2006
Genre: Business & Economics
ISBN: 9780273703570
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Now firmly established as "the" leading text in the field, "Comparative International Accounting" takes a comprehensive look at the international dimensions of financial accounting and reporting. The book, which includes contributions from a diverse group of international practitioners and academics, has been carefully shaped into a coherent whole. This ninth edition has been extensively rewritten and fully updated to incorporate the latest developments in the field, especially the adoption of international standards in many countries. Features Broad overviews supported by detailed information on real countries and companies; Across-the-board comparisons of major topics; Examination of the requirements of International Financial Reporting Standards and of US GAAP; Studies of accounting in Japan and China. New to this edition Six brand new chapters have been added, including chapters on the regulation of accounting and the politics of standard setting; Separate consideration of group accounting by listed companies and of individual company accounting under domestic rules; More coverage of the impact of accounting differences on capital markets and on analysis; Instructors' resources include an expanded Suggested Answers section in the back of the book. Also, in addition to an Instructor's Manual, unique PowerPoints for each chapter are now available online as well as links to real financial statements. "Comparative International Accounting" is ideal for students at both undergraduate and postgraduate levels taking courses in comparative and international accounting. Christopher Nobes is PricewaterhouseCoopers Professor of Accounting at the University of Reading, UK. From 1993 to 2001 he was a representative on the board of the International Accounting Standards Committee. Robert Parker is Emeritus Professor of Accounting at the University of Exeter, UK. He was formerly editor of the journal "Accounting and Business Research." Both authors have received the American Accounting Association's award of 'outstanding international accounting educator'. Additional student support at www.pearsoned.co.uk/nobes

Introduction of IAS / IFRS by the BMW AG in 2000

Introduction of IAS / IFRS by the BMW AG in 2000
Author: Johannes-Cornelius Adari
Publisher: diplom.de
Total Pages: 72
Release: 2004-08-11
Genre: Business & Economics
ISBN: 3832481923
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Inhaltsangabe:Abstract: This case study deals with an important financial aspect of multinational companies, i.e. their obligation of accounting. Until the year 2000, BMW used to prepare its annual external audits under German Commercial Code Standards (HGB). This tradition ended in 2000, when BMW accounted under International Accounting Standards (IAS) for the first time. 7 years before, Mercedes-Benz was the first German automotive manufacturer adopting international Standards in 1993. But in Mercedes case US-Generally Accepted Accounting Principles (US-GAAP) were chosen, because the objective was to become listed at the New York Stock Exchange (NYSE). At this time US-GAAP were not accepted outside the North American Free Trade Association (NAFTA), esp. not by the EU Commission, but the US-Principles were applied in the largest and most important stock market worldwide. On the other hand, US organizations like the Securities and Exchange Commission (SEC) did not accept any other accounting standards in these days. Accordingly, Mercedes-Benz had to prepare two annual audits: one under US-GAAP and the other under HGB. This treatment, obviously, was highly inefficient, providing lots of encumbrances to US-capital-seeking European companies: accounting and auditing took too much time, personnel resources and money. Another negative effect was that many US companies hesitated with urgently required investments in Europe. But nevertheless, multinational groups seemed to have several advantages by using international accounting standards, even if they had to prepare more than one audit annually. Within the 1st part, this case study provides basic information dealing with accounting standards, in particular reasons and objectives, organizational patterns and the process of IAS becoming international accepted by pointing out their most important differences compared to US-GAAP and German HGB Standards. The 2nd part deals with the reasons of changing BMW s accounting standards by looking at the Group s key markets and the impact of IAS-adoption by examining their figures of non current assets, inventories, other current assets, liabilities & deferred incomes, provisions, equity as well as research & development within a four years comparison. At last the 3rd part gives an examination and summary of the results of IAS-reception for BMW, the effects on the stock market, changes of rating on the global market and gives hints to future [...]