Since the restructuring of the IASC into the IASB, standards have indeed kept their validity, but are undergoing constant modifications and are supported by the IFRS with suggestions for the improvement of individual standards. The first IFRS was published in 2003 by the IASB and have been in use ever since. Further standards are constantly being passed and adopted for expansion by the European Commission in an endorsement process, thus giving them national validity. SKS Steuerberatung will prepare annual financial statements in accordance with IAS/IFRS and the newest standards as well as the greatest possible range of structural freedom and flexibility.