Diana Goldau compares international fair value with the German acquisition cost principle
In this era of globalisation many changes are taking place on the world market. The German Federal Government accordingly has recently felt pressured to fight off competition.1 Therefore to make German accounting law internationally more sustainable — especially in the context of IFRS accounting2 — essential legal reforms were necessary. Hence after years of discussions the German Commercial Code has recently been subject to some vital material changes concerning accounting law. The new German Act to Modernise Accounting law3 came into force on 29 May 20094 and constitutes the most important reform in German accounting law in the last two decades.5 Through this Act national accounting has hopefully been given a more international impact and make it globally competitive.6
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Diana Goldau compares international fair value with the German acquisition cost principle
In this era of globalisation many changes are taking place on the world market. The German Federal Government accordingly has recently felt pressured to fight off competition.1 Therefore to make German accounting law internationally more sustainable — especially in the context of IFRS accounting2 — essential legal reforms were necessary. Hence after years of discussions the German Commercial Code has recently been subject to some vital material changes concerning accounting law. The new German Act to Modernise Accounting law3 came into force on 29 May 20094 and constitutes the most important reform in German accounting law in the last two decades.5 Through this Act national accounting has hopefully been given a more international impact and make it globally competitive.6
If you are not a subscriber, subscribe now to read this content.
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