A milestone in German accounting

Article Abstract:

Germany has taken the first step towards recognizing the importance of international standards with the publication of a new draft legislation that would allow German companies to comply with International Accounting Standards (IASs) or US generally accepted accounting principles (GAAP). Although the bill does not openly refer to IASs or US GAAP, it responds to recent accounting developments in the country which concern these two accounting regimes. Interest in moving beyond German GAAP began to grow after Daimler Benz adopted the US GAAP to prepare for a full listing on the New York Stock Exchange in 1993. Other firms later followed suit, with Bayer and Schering using both German GAAP and IASs and Deutsche Telecom and Veba combining German and US GAAP. Despite its long-standing protectiveness of its accounting traditions and concepts, Germany is now responding to market-led demands for change.

Laws, regulations and rules, Germany

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Fast track? Good news

Article Abstract:

The International Accounting Standards Committee (IASC) is being urged by different sectors to accelerate its work program for the completion of a core set of international accounting standards (IASs). The International Organization of Securities Commissions (IOSCO) has submitted a proposal that the shortest feasible time for finishing the projects be set 15 months earlier than the program underlying the IASC/IOSCO agreement. Completing the IASs at an earlier time will allow international companies to use the standards for reporting as early as possible. Production schedule for such areas as financial instruments, income taxes, intangible assets, segment information, earnings per share, presentation, employee benefits costs, interim reporting, discontinued operations, provisions, impairment revision, leases and agriculture is presented.

International Accounting Standards Board, Calendar

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The global revolution

Article Abstract:

There is an increasing worldwide shift from a cash basis to an accrual basis of government accounting. Cash accounting has been partly responsible for the poor quality of information received by government agencies which, in turn, contributes to the poor performance of economies. The transition to accrual accounting began in the late 1980s as part of management and financial reforms in the public sector in various parts of the world. The countries that have already adopted this accounting method include Australia, New Zealand, Canada, the UK and a number of developing countries. In response to changes in government accounting, the International Federation of Accountants' Public Sector Committee has embarked on a project to develop guidelines for financial reporting in the public sector worldwide.

Accounting Methods, Accrual Accounting, Usage, Accounting and auditing, Public finance, Government accounting, Accrual basis accounting

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