IFRS and HGB
IFRS are international accounting standards. The German Commercial Code (HGB) governs commercial accounting in Germany. Differences between them can affect the comparability of financial figures.
Accounting rules determine how transactions are recognized in financial statements. The same business may therefore report different figures under IFRS and HGB. Lease accounting is particularly relevant when comparing EBITDA and valuation multiples.
Before applying a multiple, the company’s financial measure and the comparison data must be assessed for consistency. Any adjustments should be clearly documented.
IFRS are international accounting standards. The German Commercial Code (HGB) governs commercial accounting in Germany. Differences between them can affect the comparability of financial figures.