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Realities of globalization of financial reporting standards : evidence from accounting modernization in Germany

Please use this identifier to cite or link to this item: http://hdl.handle.net/1959.14/162350

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Title: Realities of globalization of financial reporting standards : evidence from accounting modernization in Germany
Related: Nelson, William D.. Advances in business and management : Vol. 5, p.205-221
Publisher: New York : Nova Science Publications
Date: 2012
FoR/RFCD Code(s): 150100 Accounting, Auditing and Accountability
Author/Creator: Hellmann, Andreas
Author/Creator: Perera, Hector
Author/Creator: Patel, Chirs
Description: In Germany, the Act to Modernize Accounting Law (Bilanzrechtsmodernisierungsgesetz - BilMoG) which was promulgated on 29 May, 2009 introduced some major changes to the German Commercial Code (Handelsgesetzbuch - HGB), such as removing the close connection to tax rules and controversial policy options currently available to companies for fmancial reporting. This chapter provides a critical examination of the recent reforms of the regulatory environment of accounting in Germany. Data for the study were collected through a document survey and interviews of a selected group of key individuals and an online focus group, who had an influence on and/or interest in accounting regulation in Germany. Findings of this study raise some interesting issues related to international fmancial reporting. We found that as a result of the reforms, German accounting shifted away from the Continental European model and closer to the Anglo-American model. We also found that the reforms were aimed mainly at addressing domestic concerns, and not necessarily at converging with International Financial Reporting Standards (IFRS).
Description: 17 pages(s)
Subject Keyword: 150100 Accounting, Auditing and Accountability
Subject Keyword: convergence
Subject Keyword: Handelsgesetzbuch (German Commercial Code)
Subject Keyword: International Financial Reporting Standards
Subject Keyword: Bilanzrechtsmodernisierungsgesetz (Act to Modernize Accounting Law)
Resource Type: book chapter
Organisation: Macquarie University. Dept. of Accounting and Corporate Governance

Identifier: http://hdl.handle.net/1959.14/162350
Identifier: ISBN:9781621005100
Identifier: mq-rm-2010000504
Language: eng

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