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Non-listed companies in Germany will be permitted to use IFRS

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05 Aug 2003

Non-listed companies in Germany will be permitted to use IFRS, rather than German GAAP, in preparing their consolidated financial statements starting in 2005. For both listed and non-listed companies, statutory (individual company) financial statements would continue to follow German GAAP, though IFRS accounts could be presented in addition.

These provisions were set out in a joint announcement by the German Ministries of Justice and Finance in February, updated in May, but not previously reported on IASPlus. Listed companies were already required to switch to IFRSs in their consolidated statements starting in 2005 under the European Accounting Regulation.

 

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