New accounting rules under the German Commercial Code (HGB) – the most significant modification to accounting law for two decades
One of the biggest reforms to German accounting law for two decades has been implemented. When the German Accounting Law Modernisation Act (Bilanzrechtsmodernisierungsgesetzes, BilMoG) entered into force, the provisions of the German Commercial Code (Handelsgesetzbuch, HGB), which form the basis for accounting practices in Germany, were extensively revised and modified.
The application of the codified accounting rules under BilMoG is mandatory for all annual financial statements in respect of financial years commencing after 31 December 2009.
