Accounting optimisation

Ongoing accounting optimisation

The international financial reporting standards (IFRS) are subject to a permanent development process. The resulting changes and innovations repeatedly generate new complex requirements for company accounting. Often, the changes are complex special issues, whose analysis and assessment require expertise well beyond the usual knowledge. The central accounting department at BDO informs you of important changes at an early stage, and indicates the impact and potential solutions.

Through the Haufe IFRS commentary, recognised in practice as a reference work and to which the BDO team contributes directly in person via Dr Lüdenbach and Dr Freiberg as co-editors, and the publication of numerous articles in renowned journals, BDO is substantially involved in the process of forming a prevailing opinion on IFRS-specific issues. Beyond this, our membership in recognised professional bodies (including the IFRS Advisory Council, IDW workshops and groups, IFRS Technical Committee of the ASCG) ensures that we are always well informed on the latest IFRS application questions and developments.

Consultancy and support in the introduction of new standards

After the (initial) switch to IFRS, the next challenge is to gain an overview of the continuous changes to the IFRS, which occur more and more quickly each time. The changes and the introduction of new standards often represent complex issues that require a structured approach.

For example, IASB large-scale projects such as

• Realisation of proceeds (IFRS 15)
• Financial instruments (IFRS 9) and
• Leasing scenarios (IFRS 16)

require extensive preparatory measures. Particularly against the background of retrospective application of the previous year’s figures, it is advisable to look into these topics at an early stage. In addition to the analysis and reconsideration of existing contracts on the balance sheet, the implementation often also requires changes to existing processes. BDO supports you here with expert contacts, and is happy to help you with tailored solutions and individual concepts.