12. Non-scientific (practical) importance

The practical significance of the research project corresponds to the practical significance of accounting. A clarification of open questions in accounting law through a partial inclusion of IFRS can eliminate ambiguities and close gaps. Accounting defines key figures in stock corporation law serving as linkage points for the elementary duties of boards of directors, just one example here being the obligation to file bankruptcy petitions in the event of overindebtedness. The sub-project on dual-standard accounting would allow an enterprise needing to render accounts as per CO regulations to structure accounting so that it corresponds to the requirements of IFRS. Companies forming part of a group which must consolidate according to IFRS could use dual-standard accounting to prepare a single annual financial statement instead of two, and achieve efficiency gains. Smaller companies not involved in IFRS consolidation could use the possibility of dual-standard accounting to prepare annual financial statements which are also internationally comprehensible, thereby raising their acceptability among business partners. Finally, the sub-project on IFRS as a standard for the financial duties of boards of directors could eliminate uncertainties about the contents of these financial duties, and convey clear criteria to the boards.

Practice is strongly divided on the question of the role of IFRS, some favouring its broad adoption, others rejecting it categorically. However, justification of the various opinions is often superficial and impulsive. Due to its neutrality and openness of results, the research project has found acceptance especially among the ExpertSuisse, Institute of Certified Accountants and Tax Consultants, which has recognized the need for scientific clarification of the question.

The research results can be transferred well to practice. For this purpose, further education seminars should sometimes include lectures addressing practitioners, especially also in cooperation with the ExpertSuisse, Institute of Certified Accountants and Tax Consultants.