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Implementation of Regulatory and Internal Requirements

In addition to a large number of internal requirements, changes in processes and IT systems often result from changes in the legal framework – be it in local commercial law, international accounting, tax law or other legal framework conditions with an impact on processes and systems in finance and accounting. Similarly, changes in internal control requirements frequently have an impact not only on reporting, but also on upstream processes and systems. A necessity for the mapping of further and new regulatory or internal requirements may also arise in the context of globalization, internationalization, expansion of business activities into new markets or the assumption and integration of international subsidiaries. In such endeavors, sufficient internal know-how cannot regularly be drawn upon and the necessary capacities cannot be made available in an adequate form.

An essential success factor, both for projects that are originally based on changes in the regulatory environment and for projects that are originally driven by internal necessities, is a deep understanding of the respective legal or internal issues. For this purpose, proven experts in accounting and controlling are regularly consulted, as they also have in-depth knowledge of the necessary requirements.

Modernization of IT Systems

In addition to system implementations, we also support you in adapting and modernizing your IT systems to meet exogenous and internal requirements. Repeatedly new, sometimes complex regulatory requirements force every company to work sustainably and consistently on their integration into the process and system landscape.

Current challenges in implementing external requirements include, for example, mapping the new and revised IFRS 15 standards for revenue recognition with the SAP module “Revenue Accounting and Reporting,” IFRS 16 Leasing Accounting e.g. with the FAS LeaseBOX, “SAP Real Estate Management” and “SAP Lease Administration by Nakisa,” and consideration of the requirements of the General Data Protection Regulation (GDPR). At the same time, this also has an impact on internal control concepts and consequently on the affected processes and applications. Our experienced experts from the areas of accounting, controlling and process and system consulting will let us support you holistically in identifying the effects and implementing the necessary change processes.

Further potential topics in which we can support you with our extensive experience are the mapping of multi-GAAP accounting requirements (parallel accounting), localization in the context of process/system rollouts, cost of sales accounting, segment reporting as well as the mapping of profit center accounting or a profitability analysis.

If you are interested or have any questions, please contact us.

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 Jürgen Diehm Partner