Basic Introduction to Financial Accounting and Reporting in Germany
Financial accounting and reporting in Germany is now undergoing rapid change. New legislation and stock market regulations allow German corporations to publish financial statements complying with International Accounting Standards (IASs) and US GAAP. The recently established German Accounting Standards Board has also started issuing new accounting standards that fill a number of gaps, for instance cash flow statements. However, a good grounding in the principles underlying German accounting and reporting is also a prerequisite for translating German IAS and US GAAP financial statements.
This session will provide an overview of the principles of traditional German accounting and reporting based on the Handelsgesetzbuch (HGB-German Commercial code), many of which are not particularly intuitive for translators with a GAAP-based background. It will include a presentation of illustrative financial statements and core terminology, and participants will also receive a list of recommended reference works.
Speaker: Robin Bonthrone