IDW RS FAB 41 adopted

On 10 July 2024, the Expert Committee on Corporate Reporting (FAB) of the Institute of Public Auditors in Germany (IDW) adopted the final revised IDW Statement on Accounting: Effects of a change of legal form on annual financial statements under commercial law (IDW RS FAB 41, formerly IDW RS HFA 41).

In the course of finalising IDW RS FAB 41, a few clarifying additions were made to the draft of the revised pronouncement published in December 2023 (we reported on the draft in Express Accounting News 44/2023). The additions concern, among other things, the disclosure of the previous year's equity in the financial statements to be prepared as at the first reporting date after a change of legal form takes effect.

IDW RS FAB 41 is to be applied for the first time to changes of legal form that are based on a change of legal form resolution adopted after 31 July 2024.

The adoption of the revised IDW RS FAB 41 was announced in a press release on the IDW website. The announcement will be published in issue 7-8/2024 of IDW Life.