Checklist
IFRS or local GAAP: what applies to your EU company?
Listed EU groups report consolidated accounts under IFRS as adopted by the EU, while most private companies follow the local GAAP of their own member state. This checklist helps you see which applies to your business.
IFRS or local GAAP: what applies to your EU company?
Listed EU groups report consolidated accounts under IFRS as adopted by the EU, while most private companies follow the local GAAP of their own member state. This checklist helps you see which applies to your business.
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- Is your company or its parent listed on an EU regulated market?
- Does your company prepare consolidated accounts for a group that includes subsidiaries in other member states?
- Which member state's local GAAP applies to your standalone statutory accounts?
- Do lenders or investors require IFRS-basis figures rather than local GAAP?
- Has your local accountant or registered filing partner confirmed which filing requirements apply?
- Does your company operate across more than one EU member state with different local GAAP rules?
- Are your revenue and lease accounting policies documented consistently with the framework you report under?
- Would an acquisition or investment round require IFRS-basis statements even though local GAAP applies today?
- Does your parent company, if any, require monthly reporting on an IFRS basis for consolidation?
- Has your registered filing partner reviewed any recent changes to your member state's local GAAP?
Where to go next
- Pricing for EU businessesPublished bookkeeping plans for businesses operating across the EU, shown in euros, with terms set out in your engagement letter.
- Books, reconciled every weekBookkeepingMonthly bookkeeping in QuickBooks Online, Xero or the platform you already run: every transaction sorted into categories, every bank and card account reconciled, and a clean set of reports each month.
Next step
Talk to the team that would run your books
A short call covers your setup, your software and what a first month would look like. You get a written scope and price after it.