28. February 2021
With effect from 1 March 2021, Georg Lanfermann takes over the office of President of the Accounting Standard setter of Germany (ASCG).
“I am pleased to have been charged with the task of unlocking the field of non-financial reporting to the ASCG complementing its traditionally strong role in financial reporting. There is an urgent need for action here, as new structures are currently emerging at both European and international level. In particular, the creation of a Sustainability Standards Board under the umbrella of the IFRS Foundation offers German companies the opportunity to reduce the current complexity in non-financial reporting. I would therefore like to give the German voice greater weight in the upcoming European legislative debate in order to maintain this international perspective. Effective representation of German interests also requires a structural adjustment of the ASCG. The current recommendations of the Sustainable Finance Committee to strengthen Germany as a financial centre reinforce my conviction that the ASCG should be the new home for modernized, broader corporate reporting that adequately reflects all stakeholder interests.”
In February 2021, the ASCG presented the Federal Ministry of Justice and Consumer Protection (BMJV) with a study which shows in a profound manner the current status of non-financial reporting in Germany. As a result of a series of stakeholder events, the study also provides the BMJV with a comprehensive picture of stakeholder opinions to support its negotiation of the upcoming reform of non-financial reporting at European level.
The outgoing President Andreas Barckow will become the new Chairman of the International Accounting Standards Board (IASB) in London as of 1 July 2021. The current Executive Director Sven Morich will be Vice President from 1 April 2021 and will primarily take care of the traditional area of financial reporting.