Neue Rechnungslegungsnormen im Handelsrecht (New Accounting Standards in Commercial Law)
Fordham University School of Law; European Corporate Governance Institute (ECGI)
June 30, 2001
Martin Gelter, NEUE RECHNUNGSLEGUNGSNORMEN IM HANDELSRECHT, Verlag Österreich, 2001
This book (published in 2001 in German language by Verlag Österreich in Vienna) discusses the internationalization of financial accounting from a corporate and accounting law perspective.
Chapter 1 discusses criticism of the traditional accounting systems in the German-speaking countries, and why policymakers were seeking to remedy these by transitioning to IAS (now IFRS) on the level of group accounts.
Chapter 2 describes the accounting principles in existence at the time of writing, their legal character, and the standard setting process. Besides accounting law, this includes the “principles of proper bookkeeping” in Germany and Austria, EU principles such as the “true and fair view”, and pronouncements of professional bodies.
Chapter 3 provides an international comparison by looking at the accounting standard setting process in the United States, the United Kingdom, and at the IASC (now IASB), and it also discusses the legal basis of the recently created German Accounting Standards Committee.
Chapter 4 investigates potential problems the introduction of IAS (now IFRS) would have to face in a corporate law system such as the Austrian one, which is heavily based on the Second EU Company Law Directive and thus defines core legal concepts (e.g. “asset”) in a different way than IAS/IFRS or US GAAP do. The use of concepts such as fair value in individual accounts would therefore require, from the 2001 perspective, various changes to the legal capital system.
Consequently, chapter 5 addresses the possibility of distinguishing between different sets of accounting standards within the legal system, i.e. between entity level and consolidated accounts, between different legal forms, between publicly traded and privately held firms, and between financial and tax accounting.
Chapter 6 discusses whether and how an Austrian accounting standards board could be introduced, and what legal basis its pronouncements could have.
Note: Downloadable document is in German.
Number of Pages in PDF File: 408
Keywords: IAS, IFRS, FASB, ASB, IASB, Tax Conformity, Massgeblichkeitsprinzip, DRSC, Fourth Directive, Seventh Directive, Second Directive, ÖNORMEN, Capital Maintanance, HGB, Commercial Code, Austria, Germany
JEL Classification: K22, M41Accepted Paper Series
Date posted: August 25, 2011 ; Last revised: August 26, 2011
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