Integration of Russian business into the global economy results in the necessity of presentation of financial reporting not only on the basis of international principles, but also on the basis of national standards.
All the rules governing the accounting and financial reporting in Germany are contained in the so-called German Commercial Code (HGB: Handelsgesetzbuch).
In Germany, the basis for determination of dividends payable to shareholders, and calculation of taxes can only be statements prepared in line with national standards. That is why subsidiaries residing in Germany, which consolidate their statements in line with the IFRS or other national standards at the level of the parent company are still required to prepare their financial statements according to German standards (HGB).
Therefore, if the consolidated statements of the holding company are prepared in accordance with IFRS or other national standards (if the shareholders or the parent company is a resident of another country), subsidiaries also have to, along with individual financial and personal tax statements according to German standards, prepare report forms to consolidated statements of a higher level. Such report forms have a specific name in Germany — “HB II” (rough translation — the second financial statements).
Significant discrepancies of metrics of financial statements prepared in accordance with national and international standards require a professional interpretation and explanation of the differences both for the audited parties themselves, and external users.
The Sterngoff Audit’s specialists will be happy to offer you services for preparation of the required statements in line with German HGB II, and keep confidentiality of your data, follow professional ethics and be impartial.
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