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.
We take over all tasks related to the preparation of statutory financial statements that comply with commercial laws. Our services include:
Reconciliation to German Commercial Code (HGB) accounting standards
Preparation of statutory financial statements in accordance with German commercial law
Preparation of the (sub-)group financial statements in accordance with German commercial law
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.
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.