Mechanical and plant engineering is one of the core competencies in Germany, whose products are in demand at home and abroad. The complexity of the production of the products is also reflected in the accounting. Companies accounting in this area for the purpose of parallel accounting, HGB and IFRS know that the principles of accounting can not be more different than in plant engineering.
While according to the strict realization principle in HGB a sales statement with the corresponding realization of income may only be carried out at the time of delivery of the entire work, in IFRS (formerly IAS 11 and IAS 18, today according to the new IFRS 15) a continuous realization of sales and earnings (percentage -of-completion method - short PoC) required.
We have supported several major international companies in the IFRS adoption and conversion of accounting systems (SAP) and are familiar with the accounting requirements and the ERP systems in this area and can therefore provide support in accounting matters.
Our competencies in Engineering & Construction:
IFRS introduction and conversion
Introduction / extension of the percentage-of-completion method - in short PoC
Preparation of model calculations according to local GAAP and IFRS
Creation and adjustment of group accounts according to 3-account or ledger method
Project management for the adaptation of IT systems