- Professional News
- 09 September 2013
Relaxation of accounting rules in Germany
A new draft bill has been introduced in Germany modernising the rules which govern incorporated enterprises’ duty of publication of financial statements.
If the draft bill introduced to modernise the rules governing the publication of financial statements is adopted, German incorporated enterprises will experience a relaxation of the rules within three areas:
- Small and medium-sized incorporated enterprises will experience a reduction in fines for failure to submit or late submission of financial statements from EUR 2,500 to EUR 500 and EUR 1,000 respectively, depending on the size of the enterprise.
- In the event of non-compliance with the time limit for submission of financial statements due to circumstances not owing to the enterprise itself, the enterprise may request a reopening of the case.
- The due process protection of enterprises will be improved in that a process will be introduced for harmonising the decisions made by the various departments of the Ministry of Justice.
(Source: NJW-Spezial no.12, 20 June 2013)