Practical Implementation of International Financial by United Nations

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39 Practical implementation of international financial reporting standards: Lessons learned IV. Issues regarding the transition to international financial reporting standards in Germany Developments in the transition to IFRS As mentioned in section II, IAS became relevant when German companies were being listed on the New York Stock Exchange (United States GAAP) and dual consolidated financial statements (Commercial Code/IFRS). In 1997, 20 per cent of the 30 companies listed on the German Primary Index (DAX-30)23 were already publishing financial statements in accordance with IFRS, while 10 per cent of the companies listed on this index published financial statements in accordance with United States GAAP.

The directives were implemented in Germany in 1985. With the implementation of these directives, previously fragmented German accounting laws were restructured to form a broad accounting regulation for all companies (Third Edition of German Commercial Code). 7 The EU has also come to this conclusion been. See, for example, European Commission COM (2000) 359, 13 June 2000 and, for more details on the options: Roques. Service Statistics and the International Harmonization of Accounting Rules. 1996: 284 seq.

IFRS stipulate that if an investor, directly or indirectly, holds 20 per cent or more of the 22 Chapter II voting power of the investee, it is presumed that the investor has significant influence and the equity method must be used. The CVM standard is similar to that of the IASB, in that it stipulates that investments in subsidiaries do not necessarily have to be significant in order to apply the equity method; however, they differ in that CVM standards stipulate that the equity method can be applied for all associated companies with a minimum of a 10 per cent investment in the company’s capital, while the IASB determines that it can only be applied when there is a minimum of 20 per cent ownership of voting stock.

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