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The requirements under commercial law (HGB) represent the basic standards for accounting for business entities in Germany. The International Financial Reporting Standards (IFRSs) are international accounting standards for business entities issued by the International Accounting Standards Board (IASB). They are intended to regulate the preparation of internationally comparable annual and consolidated financial statements independently of commercial law. However, the implementation of these national and international requirements poses considerable challenges for many business entities in the financial services sector. Because every business entity is different, there is no standard solution.

We in the Accounting Standard Change & Implementation Team at KPMG believe that only solutions that are tailored precisely to business entities and deal with the implementation of new or amended HGB and IFRS standards in the financial sector promise long-term success. And that is why we take a detailed look at our clients' needs.

Starting with the analysis of strategic implications, and continuing with the functional conception and technical implementation of the elaborated target solution, we support our customers up to the stabilisation and optimisation phases. For each phase of implementation, we offer proven and innovative KPMG tools and software solutions - to guarantee an efficient implementation process.

We will be happy to assist you in the following areas:

Support in the implementation and stabilisation phases

We implement the international standards IFRS 9 "Financial Instruments", IFRS 15 "Revenue from Contracts with Customers" and IFRS 16 “Leases” or now offer effective and proven approaches to the final finishing touches for advanced and completed implementations with our solution. The requirements for macro hedge accounting according to IFRS 9 will prompt further implementation activities in the future, in which we are happy to support our clients.

We also take care of the conception and implementation of effects on accounting under commercial law, for example, due to the IBOR reform or the determination of the lump-sum value adjustment due to the requirements of IDW BFA 7 in hedge accounting.

Furthermore, we show ways to efficiently automate new complex process steps and integrate them into a digital process landscape. We also ensure the transition between national and international requirements as well as between regulatory and economic information in our solution.

Harmonisation with regulatory requirements

The introduction of new regulatory requirements by the European Banking Authority and the European Central Bank is leading to increasingly complex interactions with commercial law requirements. Our solutions for harmonising different requirements help to avoid parallel process steps as far as possible, while fully complying with regulatory requirements.

We would be happy to present the challenges of new or changed national and international standards as well as our solution approaches in a workshop tailored to your individual needs. Feel free to contact us.