Dr. Hanne Böckem
Partner, Audit, DPP
KPMG AG Wirtschaftsprüfungsgesellschaft
On 2 December 2024, the IDW's Financial Reporting Committee (FAB) adopted the final revised IDW Statement on Accounting: Commercial law accounting for commercial partnerships (IDW RS FAB 7).
Compared to the draft (IDW ERS FAB 7) (we reported on the draft in Express Accounting News 29/2024), it was added in particular that in situations in which a commercial partnership falls within the scope of application of section 264a HGB for the first time, the legal consequences of the characteristics under section 267 HGB already apply if the conditions specified there are met on the first reporting date after falling within the scope of application of section 264a HGB.
IDW RS FAB 7 must be applied for the first time when preparing financial statements for periods beginning after 31 December 2024. Earlier application is permitted in accordance with the first-time application provisions of section 1a KStG and those of the HGB as amended by the MoPeG, provided that the provisions contained in the statement are fully complied with.
The adoption of the revised IDW RS FAB 7 was announced in a press release on the IDW website on 9 January 2025. The announcement is published in issue 1/2025 of IDW Life.
KPMG Express Accounting News
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