The Role and Current Status of IFRS in the Completion of National Accounting Rules – Evidence from Austria and Germany
Accounting in Europe, 14 (2017) 1, pp. 13-28, doi: 10.1080/17449480.2017.1298139
25 Pages Posted: 8 Mar 2017 Last revised: 18 Apr 2019
Date Written: January 15, 2017
Austria and Germany share similar accounting traditions. International harmonization in both countries has mainly focused on group accounting. In contrast, single financial statements give rise to legal and tax consequences and, thus, are still tied to the traditional principles of orderly accounting. Recent regulatory changes confirmed this dual role of accounting in both countries, while moving local accounting rules closer to IFRS, although to different extents. We illustrate how recent regulations in the two countries made reference to IFRS, how IFRS were considered during the law-making process and outlines major differences that remain between domestic and international accounting standards.
Keywords: Internationalisation; Harmonization; Accounting Traditions; Contracting; Germany; Austria; IFRS; EU Accounting Directive 2013/34/EU
JEL Classification: M41
Suggested Citation: Suggested Citation