Fuchs und Consorten Unternehmensberatung GmbH

09.10.2009

Parallel accounting in line with IFRS

The challenge

Not only groups, but also small and medium-sized companies are increasingly encountering questions as to whether they should or even must use a broader accounting standard when issuing their reports.

According to a survey by the DIHK [Association of German Chambers of Industry and Commerce] and the accountancy firm PricewaterhouseCoopers AG, 58% of SMEs have already got involved with IFRS (International Financial Reporting Standards).

The solution

Implementing a new accounting standard into your systems, processes and organisation offers decisive advantages compared with periodical offsetting and reconciliation, which usually takes place outside the ERP system and is therefore prone to error and is also confusing.

The benefits to you

• High and valid data quality due to data integrity
• Faster reporting due to parallel entries
• Reinforcement of your staff’s knowledge as it is a daily operation
• Expansion of management reports to include IFRS ratios for greater transparency and information value

Our expertise

Fuchs & Consorten combines many years of experience in advising small and medium-sized businesses with many years of project experience gained in IFRS conversion projects in both SMEs and major companies. The proven conversion approaches using the ledger or chart of accounts methods have been successfully implemented a number of times, especially for clients with SAP® systems.

If you still have questions, then please phone me or send me an email.

[Download product sheet here as PDF]

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