The new financial reporting law
Overview of the key aspects and challenges
The new financial reporting law came into force on 1 January 2013. Following a transitional phase, it must be applied for the 2015 financial year at the latest and for the 2016 financial year for consolidated financial statements. In spite of the numerous changes, the new financial reporting law should have neutral effect on taxes.
The financial statement in compliance with commercial law also serves as the bases for tax assessment. However, certain aspects require particular attention and present the user with new challenges.
With this brochure, Deloitte has put together a clear overview of the main changes to make it easier for you to apply the new financial reporting law and thus ensure your accounting and financial reporting complies with legal requirements.
For small businesses, the new financial reporting law brings reduced requirements, whilst larger entities must fulfil additional, qualified requirements.
This brochure "The new financial reporting law - Example of annual report" contains a sample annual report consisting of the financial statements for Sample AG under the new financial reporting law, and a management report. The sample annual report applies the regulations set out by the new financial reporting law and helps users with the preparation of accounts. The objective of this sample annual report is to illustrate the rules of presentation and disclosure.
Reflections on the first year of implementation
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