In Germany, many changes of the financial standards were introduced with the German Accounting Law Modernization Act (BilMoG). Before the end of the year 2010, auditors and tax consultants have to consider these changes, especially for financial statements of mid sized companies. Richard Hempe, Partner and Managing Director of SH+C (www.shc.de) Munich, Germany, an AGN member firm, will present several seminars in cooperation with the Chambers of Tax Consultants in Munich and Stuttgart.
In March 2010 Richard Hempe held seminars in Munich and Stuttgart in cooperation with the Chambers of Tax Consultants. At the event in Munich more than 260 tax consultants participated. The high number of participants emphasizes the importance of the seminar.
As background, in Germany there are lots of mid sized companies. For more international comparability, the German government therefore introduced with the German Accounting Law Modernization Act changes of the financial reporting standards. According to the German government the standards are a mixture of traditional German reporting rules (e.g. principle of imparity, principle of prudence etc.) and the IFRS. In addition the government attempted to keep the structure of the new German standards as easy as possible, as the high number of mid sized companies in Germany consequently result in a high number of annual financial statements.
The main issue of the German Accounting Law Modernization Act was to reduce the differences between German national accounting rules (which are in line with the EU Directive) and the IFRS. However there is still a focus on the principle of prudence. So far the advantage of the German principle of prudence has been shown during the financial crisis, because there were only small changes in the valuation of financial assets (compared to IFRS).
Due to the seminar, SH+C is very well prepared to consider the new accounting standards in the current accounting, during the year, as well as the annual financial statements. |
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