German Accounting Standards Committee
The DRSC - German Accounting Standards Committee eV (DRSC) is a German association founded on March 17, 1998 to promote the advancement of accounting . It is based in Berlin and acts internationally as the ASCG - Accounting Standards Committee of Germany (ASCG). The DRSC eV was founded by the Federal Ministry of Justice (BMJ; today: Federal Ministry of Justice and Consumer Protection, BMJV) with a contract dated September 3, 1998 and - after a temporary suspension in 2010 - again on December 2, 2011 as a private accounting body in Recognized according to § 342 HGB.
The DRSC represents the interests of its members and the German economy in international accounting committees. This is done by the International Accounting Standards Board (IASB) and the European Financial Reporting Advisory Group (EFRAG) , among others .
The organs and committees of the DRSC are:
The General Assembly is responsible for the election, dismissal and discharge of the members of the Board of Directors and the Nomination Committee, the determination of the amount of the annual contribution, the business plan, the determination of the annual financial statements and the election of the auditor as well as all essential management measures as well as for changes and additions to these Articles of Association the dissolution of the association and the use of its assets.
Members of the DRSC are companies, associations and legal persons that are affected by accounting. According to § 4 of the DRSC statutes, the members are assigned to the following so-called segments:
- Capital market-oriented industrial companies and their associations
- Non-capital market oriented industrial companies and their associations
- Banks and their associations
- Insurance companies and their associations
- Auditing and their associations
According to § 342 HGB, the membership rights of the members may only be exercised by persons who are accountants.
Board of Directors
The board of directors
- defines the principles and guidelines for the work of the association,
- elects the members of the technical committees,
- appoints, advises and supervises the presidium.
The Board of Directors has 20 members. The Chairman of the Board of Directors has been the CFO of Siemens AG Ralf P. Thomas since 2010 .
According to § 12 of the statutes of the DRSC, the Federal Ministry of Justice and Consumer Protection has the right to participate in the meetings of the administrative board without voting rights
The Presidium manages the business of the association and leads the specialist committees. The Presidium is headed by the President. Currently there are no other members of the Presidium besides the President.
The technical committees are responsible for the technical work, i.e. the preparation of interpretations of the international accounting standards within the meaning of § 315a HGB, accounting standards within the meaning of § 342 HGB, statements to national and international addressees on questions of accounting, discussion papers, other statements and publications.
The DRSC has two specialist committees:
- IFRS Technical Committee
- HGB technical committee
According to § 342 HGB, members of the specialist committees may only be persons who are accountants.
The nomination committee submits proposals to the board of directors for the election of the members of the presidium and the specialist committees. According to § 14 of the articles of association of the DRSC, the proposals of the nomination committee are binding for the administrative board in the sense that only persons proposed by the nomination committee can be elected.
Structure until 2010
Until the reform in 2010, the DRSC had the general assembly and the board of directors and the German Standardization Council (DSR) and the Accounting Interpretations Committee (RIC) as bodies.
Organs by 2010
The general meeting, which took place once a year, decided, among other things, on the election and discharge of the board, the annual budget and the three-year budget, as well as changes to the statutes
The board of directors elected the members of the two bodies, approved their rules of procedure, reviewed the strategy of the DRSC and was responsible for securing the financing of the association
Committees until 2010
Until the introduction of the technical committees in 2010, the specialist work was carried out in the bodies of the German Standardization Council (DSR) and the Accounting Interpretations Committee (RIC). According to § 342 HGB, members of the DSR and RIC were only allowed to be persons who are accountants.
German Standardization Council (DSR)
- developed the recommendations for the application of the principles of group accounting within the meaning of HGB, the German accounting standards (DRS),
- prepared statements
- on discussion papers and draft standards of the International Accounting Standards Board (IASB) ,
- on statements by other accounting organizations.
Accounting Interpretations Committee (RIC)
- Developed interpretations of the international accounting standards within the meaning of (1) HGB
- Developed opinions on draft interpretations of the International Financial Reporting Interpretations Committee .
The German Standardization Council (DSR) of the DRSC has so far adopted several standards (DRS) on various topics of group accounting. The standards interpret the accounting regulations of the Commercial Code (HGB) and fill regulatory gaps, whereby they are based on international accounting regulations. The DRS were mainly made known by the BMJ. The legal presumption of Section 342 of the German Commercial Code (HGB) applies that, when these standards are observed, consolidated financial statements under German accounting law comply with the principles of proper bookkeeping . However, the legal character of the DRS and its degree of obligation are controversial. With the exception of the regulations on the management report, they only affect companies that are not capital market oriented and have not opted for group accounting in accordance with international regulations.
In addition to the DRSC, the Institut der Wirtschaftsprüfer (IDW) publishes interpretations of German and international accounting regulations in the form of standards.
The DRSC eV finances its activities completely from the membership fees as well as through licensing, publications and other income.
- Jörg Baetge, Hans-Jürgen Kirsch, Stefan Thiele: Balance sheets . 12th edition. IDW-Verlag , Düsseldorf 2012, ISBN 978-3-8021-1904-0 .
- Bernhard Pellens , u. a .: International accounting: IFRS 1 to 8, IAS 1 to 41, IFRIC interpretations, draft standards. With examples, exercises and case study . 8th edition. Schäffer-Poeschel Verlag , Stuttgart 2011, ISBN 978-3-7910-2938-2 .
- Organs & Committees • DRSC eV In: DRSC eV ( drsc.de [accessed on September 4, 2017]).
- DRSC eV: statutes of the association. July 2, 2018, accessed August 24, 2019 .
- DRSC eV: Annual Report 2009. P. 92 , accessed on August 24, 2019 .
- Bernhard Pellens, u. a .: International accounting: IFRS 1 to 8, IAS 1 to 41, IFRIC interpretations, draft standards. With examples, exercises and case study, 2011, page 51
- Profile • DRSC eV In: DRSC eV ( drsc.de [accessed on September 4, 2017]).