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Financial reporting enforcement mechanisms as an element of corporate governance in Germany and reflections on their further development

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  • Klaus-Peter Naumann

Abstract

The article sets out the different elements involved in the corporate governance and enforcement process in Germany, including the two-tier board, the executive board's responsibility for preparing financial statements, the statutory audit, the approval of the financial statements by the supervisory board, and the arrangements for addressing unsuitable accounting. After having described the current framework, it then goes on to review how corporate governance and enforcement is likely to evolve, including improved accounting, improved audit and changes in the role of the supervisory board. It also examines the case for a compliance review mechanism.

Suggested Citation

  • Klaus-Peter Naumann, 2000. "Financial reporting enforcement mechanisms as an element of corporate governance in Germany and reflections on their further development," European Accounting Review, Taylor & Francis Journals, vol. 9(4), pages 655-672.
    • Handle: RePEc:taf:euract:v:9:y:2000:i:4:p:655-672
    DOI: 10.1080/09638180020024043
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    Cited by:

    1. Ernstberger, Jürgen & Vogler, Oliver, 2008. "Analyzing the German accounting triad -- "Accounting Premium" for IAS/IFRS and U.S. GAAP vis-à-vis German GAAP?," The International Journal of Accounting, Elsevier, vol. 43(4), pages 339-386, December.
    2. Leuz, Christian & Wüstemann, Jens, 2003. "The role of accounting in the German financial system," CFS Working Paper Series 2003/16, Center for Financial Studies (CFS).
    3. Zimmermann, Jochen & Volmer, Philipp & Werner, Jörg, 2006. "New governance modes for Germany's financial reporting system," TranState Working Papers 34, University of Bremen, Collaborative Research Center 597: Transformations of the State.
    4. Axel Haller, 2002. "Financial accounting developments in the European Union: past events and future prospects," European Accounting Review, Taylor & Francis Journals, vol. 11(1), pages 153-190.

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