ASCG issues E-GAAS 8 ‘Proposed amendments to GAS 20 Group Management Report’

Today, the ASCG issued for public consultation draft German Amendment Accounting Standard No 8 (E-GAAS 8) specifying certain non-financial reporting requirements.

A particular challenge arose from the fact that the transposition of the EU’s CSR Directive into German law was only completed in April, yet entities have to already apply it as of January. Hence, there was limited time available for amending GAS 20 should entities be provided with helpful guidance. With the proposed amendment to GAS 20 the ASCG aims at specifying the legal text by taking into account all available supporting material to the Implementation Act, without going beyond the legal requirements.

Commenting on the issuance of E-GAAS 8, the Executive Committee of the ASCG said: “The proposals made in E-GAAS 8 aim at limited amendments to GAS 20 but do not constitute an exhaustive review of the standard. As is the case with any standardisation there is the need for appropriately balancing specificity on one the hand and the desire for preserving a certain degree of freedom on the other. We hope to have come to a suitable compromise in E-GAAS 8. Our thanks go to the ASCG working group chaired by Prof Dr Kajueter as well as to our staff for having carried the majority of the burden in producing agenda papers and the draft amendment standard for consideration by our Technical Committees. Without their efforts we would have not been able to meet the tight timeline.”

Comments on E-GAAS 8 can be provided until 14 August 2017 (bahrmann@drsc.de).

As already announced on our website, and as part of our due process, we invite all interested parties to a public outreach event to be held on 31 August 2017 in Frankfurt/Main (Airport Conference Center). Participation is free of charge.

For logistic reasons, however, we kindly ask you to register your interest by sending an email to bahrmann@drsc.de before 24 August 2017.

The ASCG’s Technical Committees will agree upon the final amendments by end of September.