Draft of the IFRS for the middle class disappoints exempt private companies

Dr. Bernd R�dl, R�dl & partner: �The draft of the IFRS for the middle class passes needs of German exempt private companies (openPR) - standard passes needs of exempt private companies

- Resort to �full IFRS' counter-cross-hatched simplifications
- No solution for the demarcation of own and outside capital in IAS 32
- For German enterprises double balance remains after IFRS and HGB
- �IASB on half distance stand remained. Important problems unresolved �

Nuremberg, 15.02.2007: Today published the draft of the IFRS for the middle class, by international the Accounting standard board (IASB) in London, (internationally Financial reporting standard for Small and medium sized Entities (IFRS for SMEs) is evaluated critically by balance experts. The IASB succeeded in reducing the complex IFRS standards by 85 per cent in relation to the complete international accounting standards (full IFRS). But in doubt questions the resort still takes place on full the IFRS, whose complex and extensive regulations pass the needs of medium-size enterprises.

�The draft of the new standard disappoints. The needs of German Mittelst�ndler and family companies are considered still not sufficiently �, explain Dr. Bernd R�dl, founder and acting partner of R�dl & partners. �We welcome it expressly that the IASB submits its own IFRS standard for medium-size enterprises and to these openly discussed. But after the now available draft it remains almost inevitable that the users of the IFRS must argue for SMEs with full the IFRS. This counter-cross-hatched the reached simplifications. �

The most important problem for German exempt private companies, the demarcation of own and outside capital in IAS 32, is not solved from the new standard. After IAS 32 capital placed is to be proven as own capital funds from the partners to the order only if the individual financial source does not have an individual requirement for repayment on the capital invested by it. Since partners von Personengesellschaften in Germany have a tidy legal right to give notice, which cannot be excluded, inserts do not become into German unincorporated firms as own capital funds, but when outside capital classifies. �With it German exempt private companies stand after the conversion to IFRS quasi without own capital funds there. Straight one would have had here to adapt the IASB the IFRS for to SMEs �, explains the expert for international accounting with R�dl & partner, Dr. Peter B�melburg. �It is unfortunate that straight in this problem a solution crucial for German enterprises was not reached. This disqualifiziert the IFRS for the German family entrepreneur. �It stands to hope that the IAS 32 is in principle reformed in the context, of the separate reform project running at present and adapted to the needs of German exempt private companies.

With the IFRS for SMEs a simplified basis is to be made possible for smaller and middle enterprises for balance after international accounting. �Full the IFRS in such a way specified' is obligating for capital market-oriented enterprises in the European union since that 1.01.2005 for the company conclusion to use. In Germany a right to vote exists for medium-size enterprises. Due to the large extent, the high complexity and the change dynamics �full of the IFRS' so far only few enterprises changed over voluntarily to international accounting. The IFRS for SMEs addresses itself to enterprises, which are subject to no public accountability and publish end-of-year procedures to external addressees.

The balance after IFRS offers numerous advantages to enterprises also non-capital market-oriented. �For internationally active family companies the conversion to IFRS is worthwhile itself in particular, because so accounting in the company can be harmonized be standardized and the internal and external account system �, explains the expert for international accounting with R�dl & partner, Dr. Peter B�melburg. �Opposite credit givers and international investors the enterprise with a IFRS balance can present itself substantially better. �The end-of-year procedure becomes substantially more transparent due to the balance of current values and after the profit taking manufacturing progress. �Who would like to open new Finanzierungsquellen or to sell the enterprise to a foreign investor, comes around the IFRS hardly around �, stresses balance expert B�melburg. �However for it simplified IFRS standards, which consider the needs of medium-size enterprises, are enough completely out. �

The IASB will receive 2007 suggestions for improvement by 1 October to the IFRS for SMEs. The final version of the standard is to be published in the middle of 2008. Afterwards the conversion to the respective national right takes place. Also after a possible conversion to the IFRS in the company conclusion German enterprises must submit first further additionally single conclusions after the commercial code (HGB), since this is further necessary for purposes of the distribution of profits and as starting point for the taxation. B�melburg: �For German enterprises thereby the trend goes to the double balance. Because internationally active exempt private companies will not come around on a long-term basis around the conversion to the IFRS. Solid pressure must be exerted on the IASB, in order to achieve a portable solution from view of the German enterprises. With the current draft of the IFRS for SMEs is the IASB on half distance stand remained. Important problems are further unresolved. �

Partner:
Dr. Peter B�melburg, Wirtschaftspr�fer, Steuerberater,
Acting partner,
Tel.: +49 (9 11) 91 93-21 00, E-Mail: peter.boemelburg@roedl.de
Dr. Bernd R�dl, chartered accoutant, tax counsel, attorney,
Acting partner,
Tel.: +49 (9 11) 91 93-20 00, E-Mail: bernd.roedl@roedl.de

Press contact
Matthias Struwe | Eye Communications | agency for pressing and public work
Tel.: +49 (7 61) 137 62-21 | fax: +49 (7 61) 137 62-24 | E-Mail: M.Struwe@eyecommunications.de
Internet: www.eyecommunications.de

R�dl & partner is one the prominent German Wirtschaftskanzleien. The Kanzlei obtained a gross income of 163.5 million in the financial year 2005 euro and employs at present 2,500 coworkers. R�dl & partner are world-wide represented with 69 addresses in 30 countries.
You can download yourselves a photo of the partner free of charge in the R�dl & partner press center in the Internet under www.roedl.de/pressecenter. You find more information about R�dl & partners in the Internet under www.roedl.de.

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