In 2005, the European Union endorsed the International Financial Reporting Standards (IFRS) and, subsequently, listed European companies were required to apply IFRS to their consolidated financial statements. Since then, IFRS have become an omnipresent set of standards that is highly relevant to numerous companies. However, the standards have become increasingly complex and have evolved dynamically. This requires companies to keep up with IASB’s pace and constantly train their staff in order to be able to apply all standards correctly. Additionally the IFRS are increasingly basing their accounting on future oriented information (e.g. IFRS 3, IAS 36) that has to be processed via (valuation) methods and concepts from the field of financial management. Simultaneously, the financial management community (e.g. investors, banks and analysts) use IFRS information for their own decision making process. Thus, a combination and tight cooperation of experts from both fields is not only recommendable but inevitable.
Sharing this philosophy HHL’s Center for Financial Reporting and Consolidation (CFRC) was set up by the HHL Chair of Accounting and Auditing, the HHL Chair of Financial Management and Bertelsmann Business Consulting GmbH, the consulting subsidiary of media giant Bertelsmann AG.
The center’s purpose is to provide high quality research and consulting services to help companies, investors, banks and analysts manage the demanding IFRS/Valuation environment. Bringing together accounting and valuation experts from both academia and practice, the CFRC aims to promote IFRS reporting, consolidation and valuation expertise.
The following pages introduce the center’s team, its research and consulting approach and provide information about how to contact and collaborate with us. Enjoy exploring the website!
Prof. Dr. Henning Zülch Prof. Dr. Bernhard Schwetzler
Dr. Johannes Wirth Dr. Mark-Ken Erdmann
