Tax-Power.com™
Global Business and Tax Solutions
|
Tax-Power.com™
Global Business and Tax Solutions
|
|
|
German American HBII Reporting U.S. subsidiaries of German parent companies often face the sometimes difficult and specialized task of converting their U.S. GAAP financial statements to acceptable German GAAP (HGB) and then preparing a detailed financial report to their German parent company for inclusion in global consolidated financial statements. This often involves an extremely detailed analysis of GAAP accounts followed by numerous reclassifications into specific groups. Once the commercial accounts are presented in an acceptable format, a variety of transfers and valuation adjustments are necessary to conform the U.S. accounts to German (or HGB) GAAP. In addition to the annual reporting requirements, most German American businesses are also faced with Mid Year and often Forecast and Budget reporting responsibilities. Many European private businesses are adopting International Financial Reporting Standards along with publicly traded EC businesses. Once again, U.S. subsidiaries of EC parent companies must prepare reports confirming with International Accounting and Financial Reporting Standards. Powers & Company has the knowledge and experience necessary to assist German other European Community owned U.S. businesses with the complex task of converting US GAAP to IFRS and HGB standards. Give us a call and let us help. |
|
Copyright © 1999-2007 Powers & Company. Disclaimer. The information contained throughout this web site is provided without charge, and although all efforts have been made to ensure the reliability of the information contained in this internet web site, the information contained herein should be used for general understanding only and should not be relied upon exclusively as the basis of any tax or financial decisions or for any positions taken on any tax return. Advice should only be obtained directly through the retention of a competent tax advisor. Last modified: February 08, 2007 |
