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deutsche Grundsätze

English translation: German Generally Accepted Accounting Principles <GAAP>

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GLOSSARY ENTRY (DERIVED FROM QUESTION BELOW)
German term or phrase:deutsche Grundsätze / Grundsätze ordnungsmäßiger Buchführung <GoB>
English translation:German Generally Accepted Accounting Principles <GAAP>
Entered by: Steffen Walter
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08:50 Feb 4, 2009
German to English translations [PRO]
Bus/Financial - Accounting
German term or phrase: deutsche Grundsätze
Context:
Wir haben unsere Jahresabschlussprüfung nach § 317 HGB unter Beachtung der vom Institut der Wirtschaftsprüfer (IDW) festgestellten deutschen Grundsätze ordnungsmäßiger Abschlussprüfung vorgenommen.

I suspect there may well be a set phrase for "(die vom Institut der Wirtschaftsprüfer (IDW) festgestellten) deutschen Grundsätze ordnungsmäßiger Abschlussprüfung".
David Williams
Germany
Local time: 05:26
German Generally Accepted Accounting Principles
Explanation:
Keywords: German Generally Accepted Accounting Principles (Grundsätze ordnungsmäßiger Buchführung),. Evaluation of assets and liabilities, Depreciation, ...
www.springerlink.com/index/QQ3N7181L824783J.pdf - Ähnliche Seiten
von R HANSEN - 1999 - Zitiert durch: 5 - Ähnliche Artikel - Alle 3 Versionen
Selected response from:

Stephen Sadie
Germany
Local time: 05:26
Grading comment
"German generally accepted standards" seems to win in terms of Ghits, but this definitely looks like the correct official name of the beast. Thanks!
4 KudoZ points were awarded for this answer

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Summary of answers provided
4 +2german generally accepted standards ...Aidan Cosgrove
3 +1German Generally Accepted Accounting Principles
Stephen Sadie
Summary of reference entries provided
German generally accepted standards for the audit of financial statementsRobinB

Discussion entries: 3





  

Answers


12 mins   confidence: Answerer confidence 3/5Answerer confidence 3/5 peer agreement (net): +1
deutschen Grundsätze
German Generally Accepted Accounting Principles


Explanation:
Keywords: German Generally Accepted Accounting Principles (Grundsätze ordnungsmäßiger Buchführung),. Evaluation of assets and liabilities, Depreciation, ...
www.springerlink.com/index/QQ3N7181L824783J.pdf - Ähnliche Seiten
von R HANSEN - 1999 - Zitiert durch: 5 - Ähnliche Artikel - Alle 3 Versionen

Stephen Sadie
Germany
Local time: 05:26
Native speaker of: Native in EnglishEnglish
PRO pts in category: 56
Grading comment
"German generally accepted standards" seems to win in terms of Ghits, but this definitely looks like the correct official name of the beast. Thanks!

Peer comments on this answer (and responses from the answerer)
agree  Charles Rothwell: Agree. Link: http://www.dict.cc/english-german/generally accepted account...
5 mins
  -> thanks charles

agree  Camilla Seifert: Indeed.
21 mins
  -> thanks Camilla

agree  conny: genau das ist es
27 mins
  -> danke conny

disagree  TonyTK: This is about auditing not accounting!
1 hr

disagree  RobinB: As Tony says, this is auditing, not accounting. This answer is 100% wrong!
3 hrs
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16 mins   confidence: Answerer confidence 4/5Answerer confidence 4/5 peer agreement (net): +2
deutschen Grundsätze
german generally accepted standards ...


Explanation:
Hi David, do a google search on "german generally accepted standards for the audit of financial statements promulgated by".
It seems to quite common.

Aidan Cosgrove
Germany
Local time: 05:26
Works in field
Native speaker of: English
Notes to answerer
Asker: Thanks nevertheless Aidan!


Peer comments on this answer (and responses from the answerer)
agree  TonyTK: This is more like it, although I'm not sure the IdW can promulgate anything ...
1 hr

agree  RobinB: Yes, and I'm afraid that the IDW does indeed talk about "promulgating".
2 hrs
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Reference comments


3 hrs peer agreement (net): +1
Reference: German generally accepted standards for the audit of financial statements

Reference information:
David,
I'm afraid you're going to have to ignore the answer given by Stephen Sadie because it's wrong. This isn't about GAAP, but about auditing standards, which are an entirely different kettle of fish.

The English wording of German audit reports (Bestätigungsvermerke) is stipulated by the IDW. Nobody really likes their translation, but the auditors won't accept any material variations. Here's a standard audit report for a listed German company reporting under IFRSs:

We have audited the consolidated financial statements – comprising the balance sheet, income statement, cash flow statement, statement of changes in equity and the notes – and the group management report prepared by XXX Aktiengesellschaft, YYY, for the financial year from 1 January to 31 December 2008. The preparation of the consolidated financial statements and the group management report in accordance with IFRSs as adopted by the EU and the supplementary provisions of German commercial law required to be applied under section 315a(1) of the Handelsgesetzbuch (HGB – German Commercial Code) is the responsibility of the Company's management. Our responsibility is to express an opinion on the consolidated financial statements and the group management report based on our audit.

We conducted our audit of the consolidated financial statements in accordance with section 317 of the HGB and German generally accepted standards for the audit of financial statements promulgated by the Institut der Wirtschaftsprüfer (IDW). Those standards require that we plan and perform the audit such that misstatements materially affecting the presentation of the net assets, financial position and results of operations in the consolidated financial statements in accordance with the applicable financial reporting standards and in the group management report are detected with reasonable assurance. Knowledge of the business activities and the economic and legal environment of the Group and expectations as to possible misstatements are taken into account in the determination of audit procedures. The effectiveness of the accounting-related internal control system and the evidence supporting the disclosures in the consolidated financial statements and the group management report are examined primarily on a test basis within the framework of the audit. The audit includes assessing the annual financial statements of the companies included in the consolidated financial statements, the determination of the companies to be included in the consolidated financial statements, the accounting and consolidation principles used, and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements and the group management report.
We believe that our audit provides a reasonable basis for our opinion.

Our audit has not led to any reservations.

In our opinion, based on the findings of our audit, the consolidated financial statements comply with IFRSs as adopted by the EU and the supplementary provisions of German commercial law required to be applied under section 315a(1) of the HGB and give a true and fair view of the net assets, financial position and results of operations of the Group in accordance with these requirements. The group management report is consistent with the consolidated financial statements, as a whole provides a suitable understanding of the Group's position and suitably presents the opportunities and risks of future development.

Place, Date

AAA BBB
Wirtschaftsprüfer Wirtschaftsprüfer

RobinB
Germany
Specializes in field
Native speaker of: Native in EnglishEnglish
PRO pts in category: 909

Peer comments on this reference comment (and responses from the reference poster)
agree  TonyTK: I've just copied and pasted that into a reference file. How much do I owe you?
3 mins
  -> Couple of beers. What else can I do you for? Audit report for German GAAP/HGB preparers? Responsibility statements? BTW, I've just been asked if I'd be interested in doing the next edition of "German Accounting Legislation" once the BilMoG is through.
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Changes made by editors
Feb 4, 2009 - Changes made by Steffen Walter:
Edited KOG entry<a href="/profile/62748">David Williams's</a> old entry - "deutsche Grundsätze Grundsätze ordnungsmäßiger Buchführung <GoB>" » "German Generally Accepted Accounting Principles <GAAP>"
Feb 4, 2009 - Changes made by Steffen Walter:
Term askeddeutschen Grundsätze » deutsche Grundsätze
Field (specific)Finance (general) » Accounting


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