29. February 2016

24th public meeting – ASCG adopted GAAS 6

The ASCG adopted the German Amendment Accounting Standard No. 6 (GAAS 6) in its 24th public meeting.

 GAAS 6 amends the following standards: GAS 3 Segment Reporting, GAS 8 Accounting for Investments in Associates in Consolidated Financial Statements, GAS 9 Accounting for Investments in Joint Ventures in Consolidated Financial Statements, GAS 13 Consistency Principle and Correction of Errors, GAS 17 (amended 2010) Reporting on the Remuneration of Members of Governing Bodies, GAS 18 Deferred Taxes, GAS 19 Duty to Prepare Consolidated Financial Statements, Basis of Consolidation, GAS 20 Group Management Report and GAS 21 Cash Flow Statements.

GASs 3-10 Segment Reporting by Financial Institutions and 3-20 Segment Reporting by Insurance Enterprises are being withdrawn by GAAS 6. The sector-specific requirements that are currently contained in those two standards will be integrated into GAS 3.

GAAS 6 will be transmitted to the Federal Ministry of Justice and Consumer Protection for publication under section 342(2) of the HGB.