News

Filter

Impact of the new Corporate Sustainability Reporting Directive (CSRD) on clients and audit firms

The EU-Commission will require auditors to audit CSR information and to include the results in the audit opinion.  The Corporate Sustainability Reporting Directive proposal (CSRD) published by the EU Commission in April 2021 both increases corporate social reporting (CSR) requirements and extends the circle of companies that are compelled to report. The new requirements apply to all large European companies for financial years beginning 01 January 2023 or during the calendar year 2023. As of 2026, the same reporting requirements will apply to small and medium-sized …

Implications of the Corporate Sustainability Reporting Directive of the EU Commission (CSRD) adopted on 21 April 2021

All large European public-interest entities with more than 500 employees must disclose a sustainability report that includes both the effects of sustainability on the company and the company’s impact on people and the environment (double materiality). This is similar to other large economies such as the USA, the UK or India. What has changed? On 21 April 2021, the EU Commission issued the Corporate Sustainability Reporting Directive (CSRD). The directive obliges all large European undertakings to include a section for firm-specific relevant sustainability matters within their management …

Germany’s best tax consultants and auditors 2021 – nbs partners receives awards again

The German daily economic newspaper “Handelsblatt” has again awarded the top firms in the field of tax consultancy and auditing for the year 2021. nbs partners is once again one of the top firms in Germany and receives the awards "Best Tax Consultants 2021" and "Best Auditors 2021" from the Handelsblatt. We are very proud that our tax consultants and auditors have been awarded in the overall ranking. In addition, our tax advisors are at the top of German law firms in the media sector and as all-rounders. Our auditors also received awards in the subject areas of corporate and transformation …

Impairment test according to IFRS in times of the Corona Pandemic

"Due to the currently unforeseeable global consequences of the coronavirus pandemic, these estimates and judgments are subject to increased uncertainty. Future changes in the expected cash flows and discount rates may lead to (further) impairment losses or reversals of impairment losses in the future.” (adidas Group, report on the first half of 2020) Since the outbreak of COVID-19 at national and international level, the economic situation for companies has become increasingly difficult. The majority of the companies has to deal with various shortfalls, such as cancelled orders, delivery bo…

Amendments to the German Money Laundering Act

With the implementation of the 4th EU Money Laundering Directive (RL [EU] 2015/849) in the German Money Laundering Act (Geldwäschegesetz, “GWG”), a transparency register was established in Germany on 01 October 2017. According to this, legal representatives of legal entities and registered partnerships (together, “legal entities”) are obliged, among other things, to report details of their beneficial owners to the transparency register. The aim of introducing the transparency register is to record the natural persons behind company law structures. According to Sec. 3, subsec. 2, GWG,…

Duties of the managing directors in times of the COVID-19-pandemic

The COVID-19-pandemic and the government measures taken in this context at federal and state level (such as the closure of facilities and retail stores, the issuing of quarantine orders and exit restrictions) have led to a considerable slump in the German economy, and the financial and capital markets are under considerable pressure. Companies in many industries are directly affected by these negative economic effects in the form of interrupted supply chains, sometimes significant sales losses and the need for protective measures for employees. It is not uncommon for companies to face a con…

Effects of COVID-19 on lease arrangements according to IFRS 16

As a reaction to COVID-19 in Germany, various civil law provisions on the exclusion of termination in tenancy law, on deferral of payment in consumer loan agreements and contracts that secure the further going concern came into force on 1 April 2020. As a result, rental contracts, in particular, may not be terminated due to rent debts in the period from April to the end of June 2020, provided that the incurrence of the rent debts is attributable to COVID-19, such as the closure of retail stores for a certain period of time. On 10 April 2020, the IASB published a statement which addresses th…

On alert: How the coronavirus affects current financial reporting

According to the risk assessment of the Robert Koch Institute of 9 March 2020, the so-called SARS-CoV-2 or COVID-19 („coronavirus“) presents a very dynamic and serious situation worldwide and in Germany. It is therefore debatable what financial impact the virus will have on the economy and not whether there will be any financial implications. The Lufthansa Group, for example, recently reported that it is facing drastic declines in bookings and numerous flight cancellations due to the virus. Flight capacity is therefore to be reduced by up to 50% to mitigate the financial consequences of the sl…

Proposed amendments for IAS 1 in relation to presentation and disclosure issues: ED/2019/7

IAS 1 ‚Presentation of Financial Statements‘ sets out the general framework and requirements for the presentation of financial statements, guidelines for their structure and minimum requirements for the content of financial statements. On 17 December 2019, the IASB published the ED/2019/7 to replace IAS 1 and amend other standards relating to presentation and disclosure issues. The reason for this is the strong need of investors for better comparability and a uniform structure of the income statements. In addition, the use of different performance indicators of companies has often been crit…

nbs partners at the GGI World Conference in Marrakesh from 7th November until 10th November 2019

nbs partners participated in the GGI World Conference from 7th until 10th November in Marrakesh. More than 170 participants from around the world took the opportunity for a professional exchange. Under the guidance of our partner and global chairperson of the Practice Group Meeting Boris Michels (GER) there was a workshop of the practice group Auditing, Reporting and Compliance on 8th November 2019. Focuses were set on the exchange about the most effective tools of recruiting and motivating new employees as well as personnel retention strategies of existing staff memb…