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Changing Accounting Principles

Consolidation solutions for efficiently mapping new accounting standards 

Apart from legal regulations such as IFRS or IAS, internal management requirements are today another reason for changing accounting principles or implementing parallel accounting. Such a conversion involves a number of business and system requirements, which have to be taken account of in the process of changing accounting principles. The data delivery requirements for preparing IFRS financial statements, for instance, are stricter than under the German Commercial Code and/or the conversion requires adaptations or a new implementation of consolidation solutions.

ConVista assists you with implementing a successful and cost-effective conversion process that takes into account the business requirements and the technical implementation options. We support you in developing new requirements for the closing process and in preparing an opening balance sheet. Together with you, we develop and implement consolidation solutions to efficiently map the new accounting standards. We also help you to convert last year’s figures, which is a prerequisite for providing comparison data to external and internal recipients of reports.

  • Adapt the relevant master data to the new accounting standards (group consolidation chart of accounts etc.)
  • Design and implementation of any necessary adaptations of the consolidation regulations

Scott Ferrante

+1 646 821 4730

References