Center for Financial Reporting
and Consolidation (CRFC)


Academic Director

  • Prof. Dr. Henning Zülch
  • Prof. Dr. Bernhard Schwetzler

Members of the Advisory Board

  • Prof. Dr. Mark-Ken Erdmann
  • Dr. Johannes Wirth

Research Areas

  • Accounting for business combinations
  • Impairment of assets
  • Measuring corporate performance
  • Corporate valuation

What we do

The Center for Financial Reporting & Consolidation (CFRC) is assigned to the Chair of Accounting and Auditing. It began its activities in July 2009.
The aim of the CFRC is to provide high quality research and consulting services to help companies, investors, banks and analysts manage the challenging environment of international accounting (IFRS) and corporate valuation. Bringing together accounting and valuation experts from both academia and corporate practice, the CFRC aims at promoting understanding and knowledge of IFRS reporting, consolidation and valuation. The CFRC thus combines consulting services with academic input based on scientific expertise in the area of international financial reporting and consolidation.


Financial reporting, consolidation and valuation according to IFRS have evolved into a complex subject area that requires a high level of expertise. These topics have become even more demanding due to the high pace with which the International Accounting Standards Board (IASB) has published additional standards or revised existing ones. The purpose of the Center for Financial Reporting and Consolidation (CFRC) is to promote HHL’s involvement in consulting challenges regarding current issues in these demanding areas. The CFRC’s consulting services are based on academic input and scientific expertise in international financial reporting, consolidation and valuation. Contributions from experienced accounting and consolidation practitioners as well as valuation experts are a main part of the solutions the Center offers and round up our consulting approach.

Research Areas

The research activities of the Center for Financial Reporting and Consolidation (CFRC) focus on IFRS accounting, consolidation and valuation questions as well as on current topics in corporate practice. The Center’s research is based on profound academic knowledge and the results excel in high relevance in practice. Besides current topics in the areas of international accounting, consolidation and valuation, the following fields are of particular relevance to the Center’s activities:

  • Accounting for business combinations according to IFRS 3
  • Impairment of assets according to IAS 36
  • Measuring corporate performance
  • Corporate valuation (in collaboration with HHL’s Center for Corporate Transactions)