{"id":23,"date":"2023-02-24T14:47:50","date_gmt":"2023-02-24T11:47:50","guid":{"rendered":"https:\/\/tr.f-chain.com\/?page_id=23"},"modified":"2023-05-24T05:53:43","modified_gmt":"2023-05-24T02:53:43","slug":"ifrs","status":"publish","type":"page","link":"https:\/\/de.f-chain.com\/en\/ifrs\/","title":{"rendered":"IFRS"},"content":{"rendered":"<div class=\"wpb-content-wrapper\"><p>[vc_row css_animation=&#8221;fadeInUp&#8221;][vc_column][vc_column_text]<b>International Financial Reporting Standards (IFRS) in Germany<\/b><\/p>\n<p><b>International financial reporting<\/b><span style=\"font-weight: 400;\"> in an enterprise is the final stage of accounting work. However, not every report is considered to be correctly executed according to <\/span><b>IFRS international<\/b><span style=\"font-weight: 400;\">. 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 <\/span><b>financial reporting standards<\/b><span style=\"font-weight: 400;\">, and submitted on specific forms.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">So, let&#8217;s understand what <\/span><b>international financial reporting<\/b><span style=\"font-weight: 400;\"> is and what forms need to be prepared according to <\/span><b>financial standards<\/b><span style=\"font-weight: 400;\">.\u00a0<\/span>[\/vc_column_text][\/vc_column][\/vc_row][vc_row content_placement=&#8221;middle&#8221; css_animation=&#8221;fadeInUp&#8221;][vc_column width=&#8221;1\/2&#8243;][vc_column_text]<b>The concept of financial reporting and IFRS Germany<\/b><\/p>\n<p><b>International financial reporting<\/b><span style=\"font-weight: 400;\"> is the system of interconnected generalized indicators characterizing the company&#8217;s activity in the past reporting period. The data of individual accounting objects are summarized, and <\/span><b>financial standards<\/b><span style=\"font-weight: 400;\"> are considered.\u00a0 For example, it can be statistics for a month, financial data for a quarter, or a report on gross income for a year.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">There are specific <\/span><b>IFRS international<\/b><span style=\"font-weight: 400;\">:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">reliability of data;<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">accuracy of reporting indicators;<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">comparison of these indicators with data from other periods;<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">accessibility and timeliness.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">But these are not all the criteria. When preparing reports, accountants follow the Law on Accounting, <\/span><b>IFRS Germany<\/b><span style=\"font-weight: 400;\">, as well as the specifics of the work of their enterprise.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Enterprises must submit reports according to <\/span><b>financial standards<\/b><span style=\"font-weight: 400;\"> to labor collectives at their request, to the organization owner or founders, to executive authorities, in particular tax inspection, statistics service, and other instances following the law.<\/span>[\/vc_column_text][\/vc_column][vc_column width=&#8221;1\/2&#8243;][vc_single_image image=&#8221;554&#8243; img_size=&#8221;full&#8221;][\/vc_column][\/vc_row][vc_row content_placement=&#8221;middle&#8221; css_animation=&#8221;fadeInUp&#8221;][vc_column width=&#8221;1\/2&#8243;][vc_single_image image=&#8221;687&#8243; img_size=&#8221;full&#8221;][\/vc_column][vc_column width=&#8221;1\/2&#8243;][vc_column_text]<b>IFRS 2023 Quarterly and Annual Reporting Forms<\/b><\/p>\n<p><span style=\"font-weight: 400;\">According to the periodicity, the results are calculated once a quarter and a year. Quarterly <\/span><b>international financial reporting<\/b><span style=\"font-weight: 400;\"> in Germany involves the submission of these types of documents:\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">enterprise&#8217;s balance sheet (form \u21161);<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>IFRS financial statement<\/b><span style=\"font-weight: 400;\"> and its use (Form \u21162);<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">calculation of taxes and duties;<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">declaration of VAT and income of the enterprise.\u00a0<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">These documents also apply to the annual reporting, and there is also a form about the financial and property status of the firm. In addition, there are different annual reports depending on the form of ownership and the company itself (large, medium, small, and micro). The deadlines and <\/span><b>IFRS international<\/b><span style=\"font-weight: 400;\"> are prescribed in the country&#8217;s laws, by which accountants and heads of enterprises are guided.\u00a0\u00a0<\/span><\/p>\n<p><b>IFRS balance sheet<\/b><span style=\"font-weight: 400;\"> must contain information on assets and liabilities, or, more precisely, their balances at the beginning and the end of the reporting period. Information in <\/span><b>IFRS financial statement <\/b><span style=\"font-weight: 400;\">is arranged by sections, allowing to judge the use of income, expenditures of production turnover, payments to the budget, etc.<\/span>[\/vc_column_text][\/vc_column][\/vc_row][vc_row content_placement=&#8221;middle&#8221; css_animation=&#8221;fadeInUp&#8221;][vc_column width=&#8221;1\/2&#8243;][vc_column_text]<b>Conclusion about international financial reporting<\/b><\/p>\n<p><span style=\"font-weight: 400;\">All companies established by German law and <\/span><b>financial standards<\/b><span style=\"font-weight: 400;\"> must prepare and submit financial statements regardless of their legal form, representations of foreign economic entities, and budget-funded entities. At the same time, adhering to <\/span><b>IFRS international<\/b><span style=\"font-weight: 400;\"> when compiling documents is necessary. If there are questions about how to fill in the forms, it is better to ask for clarification information and to hire specialists from an outsourcing company. This way, you will cope with the task more quickly. Also, the time of calculating the results of the financial achievements of your business will always go positively and effectively.\u00a0 <\/span>[\/vc_column_text][\/vc_column][vc_column width=&#8221;1\/2&#8243;][vc_single_image image=&#8221;226&#8243; img_size=&#8221;full&#8221;][\/vc_column][\/vc_row]<\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>[vc_row css_animation=&#8221;fadeInUp&#8221;][vc_column][vc_column_text]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<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_acf_changed":false,"footnotes":""},"class_list":["post-23","page","type-page","status-publish","hentry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Financial reporting under IFRS in Germany<\/title>\n<meta name=\"description\" content=\"Our specialists will help you to align your financial reporting to International Financial Reporting Standards\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/de.f-chain.com\/ifrs\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Financial 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