Accounting Standard Change & Implementation

The requirements of German commercial law (HGB) represent the basic accounting standards for companies in Germany. The International Financial Reporting Standards (IFRS) are international accounting standards for companies 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 companies in the financial services sector - because every company is different and there is no standardised solution.

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Only customised solutions promise long-term success

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

We support our clients starting with the analysis of strategic implications, continuing with the professional conception and technical implementation of the developed target solution, right through to the stabilisation and optimisation phases. We offer tried-and-tested and innovative KPMG tools and software solutions for every phase of the implementation process - to guarantee an efficient realisation process.

We are happy to support you in the following areas:

Support in the implementation and stabilisation phases

We are implementing the international standards IFRS 9 "Financial Instruments", IFRS 15 "Revenue from Contracts with Customers" and IFRS 16 "Leases" or are now offering effective and proven approaches for the final touches to advanced and completed implementations with our solution. The requirements for macro hedge accounting in accordance with IFRS 9 will give rise to further implementation activities in the future, and we are happy to support our customers with these.

We also take care of the design and implementation of effects on commercial accounting, such as in hedge accounting due to the IBOR reform or the calculation of general loan loss provisions due to the requirements of IDW BFA 7.

We also 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 amended national and international standards and our solutions in a workshop tailored to your individual needs. Please feel free to contact us.

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