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The Challenge

The preparation of statutory financial statements according to German Commercial Law (HGB) constitutes an annoying compliance obligation for many international companies. There is no value added for the management, because in most cases key performance indicators (KPI) are rather defined on the international group GAAP (e.g. IFRS, US-GAAP, J-GAAP) than on local GAAP.

Nevertheless, extensive preparation requirements and publishing deadlines continue to apply in Germany for statutory financial statements from which companies can only be partially exempted.

Employees at German subsidiaries of international groups of companies are not always up to speed with the requirements of local German commercial laws, as they are used to accounting or reporting in accordance with the international accounting standards employed by the parent company, possibly located outside Germany. Or the local entity is even completely taking care of by an internal shared service center focusing on group GAAP located abroad.

Our Services - Your benefit

We take over all tasks related to the preparation of statutory financial statements that comply with commercial laws. Our services include:

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Reconciliation to German Commercial Code (HGB) accounting standards

  • Analysing the necessary reconciliation entries from group reporting packages according to IFRS,  US-GAAP or other international GAAP to German GAAP
  • Performing and documenting the necessary reconciliation entries 
  • Mapping from Group chart of accounts to German GAAP
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Preparation of statutory financial statements in accordance with German commercial law

  •  Preparation of balance sheet and statement of profit or loss
  •  Preparation of accompanying notes in accordance with commercial law
  •  Support in preparing the management report
  •  Support in formulating necessary shareholder resolutions
  •  Support in the publishing of the statutory financial statements
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Preparation of the (sub-)group financial statements in accordance with German commercial law 

  • Preparation of sum balance sheet including validation
  • Performance of consolidation entries
  • Preparation of group balance sheet and group statement of profit or loss, group statement of equity, group cash flow
  • Preparation of accompanying notes to the group financial statements including group asset movement table
  • Support in the preparation of the group management report in accordance with German Accounting Standard 20 (DRS 20)
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Reconciliation with the Auditor 

We will prepare the documentation needed for the audit during our preparation activities. We are also happy to support during the audit. Our services contain the discussion of the financial statements with the auditor as well as the incorporation of audit findings and the finalization of the financial statements.

Optimally configured for you

With our team from the Finance as a Service department and processes that have been thoroughly tried and tested, we are able to offer expert support in tackling complex challenges. This leaves you free to concentrate on the important matters: your business.

Our auditors, tax advisers, accountants and trained support staff are specialised in the efficient and swift takeover of financial functions. You will receive a personal contact to ensure individual and constant support.

Where necessary we can take advantage of the national and international KPMG network of specialists. This allows you to benefit from both our extensive international and sector knowledge.

Our modern IT infrastructure, combined with KPMG's core skills, will make preparing financial statements a breeze for you. And it goes without saying, that we will ensure our independence. 

If you would like more information or have a query please feel free to contact us.

Your Contact Person