International Financial Reporting Standards (IFRS) in Germany
International financial reporting in an enterprise is the final stage of accounting work. However, not every report is considered to be correctly executed according to IFRS international. Large and small farms that do business in Germany must submit financial documents. Income and expenditure data do not disappear into thin air and must be presented to the highest authorities, the tax inspectorate, and regional and district administrations. In this regard, reports must be adequately prepared following financial reporting standards, and submitted on specific forms.
So, let’s understand what international financial reporting is and what forms need to be prepared according to financial standards.