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The term IFRS (International Financial Reporting Standards) refers to the international accounting regulations of the IASB. These form an accepted global standard which, similar to the regulations of the German Commercial Code (HGB), is primarily intended to provide investors and creditors with as precise an overview as possible of a company’s current financial situation.
Capital market-oriented companies have been obliged to prepare their consolidated financial statements according to IFRS since 2005, all other companies are free to do so.
Companies that operate internationally benefit particularly from consolidated financial statements according to IFRS standards. The direct comparability created in this way ensures particular transparency and barrier-free trading on the international capital market.
Smaller companies that are not obliged to apply IFRS standards can also benefit from their application, as they almost always have an advantage when competing for investors.
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