Consolidated financial statements


Character of consolidated financial statements

Consolidated financial statements are financial statements seeing the group as one unit. They result from a combination of the single entities' financial statements. Transactions and deals between group companies have to be eliminated. All financial statements included have to date from the same balance sheet date, be based on the same accounting policies and have to be transferred to a common currency.


German HGB vs. IFRS

Publicly listed companies in Germany are obliged to set up their group financial statements according to International Financial Reporting Standards (IFRS), as assessed by the European Union. All other companies set up their group financial statements according to German HGB.

As to the question, whether there is an obligation to set up group accounts, German HGB is the relevant source. If you have any questions related to this topic, do not hesitate to contact us.



Group consolidation needs special knowhow - no matter if it concerns German HGB or IFRS. This knowhow being necessary only once a year (or quarterly), outsourcing might be an economic solution. We will gladly take this task. Contact us


Staffing shortage

You can either outsource the complete consolidation process or  involve a specialist for certain topics only, e.g. to surpass a staffing shortage. Contact us


Introduction of new standards

The introduction of new standards can be a great challenge for companies. It is recommended to initiate a project in time to introduce a new standard.



Pubicly listed companies may be subject to examination by the Financial Reporting Enforcment Panel (FREP, Deutsche Prüfstelle für Rechnungslegung e.V., Berlin (DPR)). 

A running or past examination might raise complex questions and the wish to have external support. We will gladly assist you. Contact us


Internal Audit

You would like a trustworthy independant person to check your internal control system or to clarify a specific question? We conduct this task in an efficient and discrete way. In Germany or in your international subsidiaries. We speak German, English, French and Spanish.