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24.July.2023
Audit, News

European Commission publishes draft for adoption of ESRS

The European Commission published the long-awaited draft delegated act on the first set of European Sustainability Reporting Standards (ESRS) on June 9, 2023. Companies and stakeholders had until July 7, 2023 to submit comments on the draft. The final version is expected to be published by the end of July. The draft is based on the ESRS drafts developed by the European Financial Reporting Advisory Group (EFRAG) (Set 1), which were submitted to the EU Commission in November 2022. It includes some significant changes compared to the original drafts, which aim to reduce entities' reporting req…
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24.March.2023
News, Tax

Germany’s Best Tax Consultants 2023 – nbs partners receives award again

The most relevant German financial magazine “Handelsblatt” has again awarded firms in the field of tax consulting for the year 2023. nbs partners is again one of the top tax consulting firms in Germany and receives the award "Best Tax Consultants 2023" from the Handelsblatt. "It fills me with pride that we have been awarded in the specialist area of "Trade". This shows that our focus on tax consulting in national as well as international trade is leading" says Niels Webersinn, tax consultant at nbs partners. This once again confirms the consistently high quality of tax advice provided to clie…
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24.March.2023
Audit, News

Germany’s Best CPAs 2023 – nbs partners again receives award

The most relevant German financial magazine “Handelsblatt” has again awarded firms in the field of auditing for the year 2023. nbs partners is again one of the top auditing firms in Germany and receives the award "Best Auditors 2023" from the Handelsblatt. "We are very proud that our auditors have again been awarded by the Handelsblatt. We are particularly pleased about the award in the overall evaluation" says Boris Michels, CPA and partner at nbs partners. This once again confirms the consistently high quality of our auditing and consulting services for clients. The auditing team was also v…
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13.June.2022
News

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 …
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9.December.2021
News

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 …
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26.March.2021
News

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 …
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9.November.2020
Corona, News

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…
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8.June.2020
Corona, News

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,…
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27.April.2020
Corona, News

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…
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3.March.2020
News

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…
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