DM opening balance (1990)
The DM opening balance (1990) was the opening balance for bookkeeping in German marks to be drawn up by all those subject to accounting obligations in the GDR on the occasion of the introduction of the monetary, economic and social union on July 1, 1990 .
Legal basis
The legal basis for the DM opening balance sheet was the law on the opening balance sheet in Deutscher Mark and the redefinition of capital (DM balance sheet law - DMBilG) of September 23, 1990, which was incorporated into federal law after reunification. The law has been changed several times.
Completion of bookkeeping in Mark of the GDR
The accounting in Mark of the GDR was completed on June 30, 1990. The basis was the order to close the bookkeeping in Mark of the GDR on June 30, 1990. The corresponding financial statements had to be checked.
Basics
With the DMBilG, the principles of proper bookkeeping applicable in the Federal Republic were also introduced in the GDR. For this purpose, all assets and debts were reevaluated on the basis of an inventory . An appendix was to be prepared for the balance sheet . The identification and valuation regulations of the DMBilG were based on those of the HGB. With the corresponding size of the company, the DMBil was subject to a compulsory audit .
All companies with headquarters in the GDR who were to be regarded as merchants according to the provisions of the Commercial Code had to set up a DMBil .
Reassessment
All assets and debts were revalued; there was basically no conversion from the values of the final balance sheet to GDR marks. The valuation was made on the basis of replacement costs, for fixed assets minus fictitious depreciation according to the depreciation lists of the Federal Ministry of Finance . Claims and liabilities denominated in the GDR mark were a specialty; these were converted to the ratio of 2 GDR marks = 1 DM.
Provisions that were not included in the GDR's bookkeeping were newly introduced . A special loss account from the formation of provisions (Section 17 (4) DMBilG) was created so that the provisions made for the first time on July 1, 1990 have a tax effect. This could be written off with tax effect to the extent that these provisions were used up.
Securing equity
The revaluation of the assets would have resulted in negative equity in many cases, which would have made it impossible to enter the state- owned enterprises converted into corporations into the commercial register . To avoid this, the companies received compensation claims against the Treuhandanstalt (§ 24 DMBilG). In addition, accounting aids (e.g. internally generated intangible assets) could be capitalized and the equivalent value transferred to a provisional revenue reserve (Section 31 DMBilG). When determining the assets, the special loss account from the formation of provisions did not have to be taken into account, as it was not an asset. If the capital was insufficient to form the subscribed capital, additional outstanding contributions were capitalized.
If the assets exceeded the property, plant and equipment minus the land, a compensation liability was set in the excess amount. However, that was practically rare.
Special features for foreign trade companies and financial institutions
In the case of foreign trade companies and financial institutions (banks, savings banks and insurance companies), the compensation claims were not directed against the Treuhandanstalt, but against the currency conversion compensation fund. Foreign trade companies received compensation claims in such an amount that their debts were covered, financial institutions in the amount that was necessary to cover the debts, equity capital of 4% of the balance sheet total and, under Principle I, a utilization of no more than 13 times ( 40 DMBilG).
Correction of the DMBil
If it turned out during the preparation of later annual financial statements that the approaches in the DMBil were incorrect, these had to be corrected if the changes were material (Section 36 DMBilG). In the case of foreign trade companies and financial institutions, the DMBil always had to be corrected.
literature
- Budde / Forster: DM-Bilanzgesetz 1990 (commentary), main volume, Beck-Verlag, Munich 1991 ISBN 978-3-406-34892-1
- Budde / Forster: DM-Bilanzgesetz 1990 (commentary), supplementary volume, Beck-Verlag, Munich 1991 ISBN 978-3-406-35784-8
Individual evidence
- ↑ Text of the D-Mark Balance Sheet Law
- ^ Law Gazette of the GDR I No. 40/1990, p. 593