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Revised “Bilanzeid”/responsibility statement in DRS/GAS 16
Thread poster: RobinB
RobinB  Identity Verified
Germany
Local time: 11:36
German to English
Jul 18, 2007

(cross-posted from the Yahoo Finanztrans newsgroup)

The Deutscher Standardisierungsrat (DSR) / German Accounting Standards Board (GASB) today published a revision to the German wording of the “Versicherung der gesetzlichen Vertreter”, known colloquially as the “Bilanzeid”, that is set out in paragraph 56 of the near final draft of DRS 16 “Zwischenberichterstattung”. The revised version reads:

Versicherung der gesetzlichen Vertreter
56.
Die Erklärung gemäß § 37y WpHG i.V.m. § 37w Abs. 2 Nr. 3 WpHG, die als „Versicherung der gesetzlichen Vertreter“ zu kennzeichnen ist, ist wie folgt zu formulieren:

“Nach bestem Wissen versichern wir, dass gemäß den anzuwendenden Rechnungslegungsgrundsätzen für die Zwischenberichterstattung der Konzernzwischenabschluss ein den tatsächlichen Verhältnissen entsprechendes Bild der Vermögens-, Finanz- und Ertragslage des Konzerns vermittelt und im Konzernzwischenlagebericht der Geschäftsverlauf einschließlich des Geschäftsergebnisses und die Lage des Konzerns so dargestellt sind, dass ein den tatsächlichen Verhältnissen entsprechendes Bild vermittelt wird, sowie die wesentlichen Chancen und Risiken der voraussichtlichen Entwicklung des Konzerns im verbleibenden Geschäftsjahr beschrieben sind.“

At the same time, the GASB has released an updated English translation of the equivalent “responsibility statement” contained in the near final draft of GAS 16 “Interim Financial Reporting”, which also reflects an editorial amendment to the English wording. Paragraph 56 of GAS 16 now reads:

Responsibility statement
56.
The statement required by section 37y of the WpHG in conjunction with section 37w(2) no. 3 of the WpHG, referred to as the “responsibility statement” by management, shall be worded as follows:

“To the best of our knowledge, and in accordance with the applicable reporting principles for interim financial reporting, the interim consolidated financial statements give a true and fair view of the assets, liabilities, financial position and profit or loss of the group, and the interim management report of the group includes a fair review of the development and performance of the business and the position of the group, together with a description of the principal opportunities and risks associated with the expected development of the group for the remaining months of the financial year.”

This revision is significant because it has been released in time for the H1 2007 half-yearly reports to be published by listed German companies. The Transparenzrichtlinie-Umsetzungsgesetz (TUG – Transparency Directive Implementing Act) requires listed German companies to include the responsibility statement in their half-yearly and annual financial reports for periods beginning after 31 December 2006. Publication of the revised GASB-approved translation means that an authoritative English version is now available to translators. Please note that our understanding is that the translation itself may be modified if necessary a) to reflect American English punctuation (“assets, liabilities, financial position, and profit or loss”) and b) to reflect company-specific conventions for “group” (alternatively: “Group”) and “financial year” (alternatively: “fiscal year”).

The full German text of the revised near final draft of DRS 16 is available here:

http://www.standardsetter.de/drsc/docs/press_releases/DRS16_nearfinaldraft_180707_mitAnpassung.pdf

The full English text of the revised near final draft of GAS 16 is available here:

http://www.standardsetter.de/drsc/docs/press_releases/GAS16_nearfinaldraft_180707_inclamend.pdf


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