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CFS Working Paper Series, Universität Frankfurt a. M. >
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http://hdl.handle.net/10419/25392
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| Title: | | The role of accounting in the German financial system  |
| Authors: | | Leuz, Christian Wüstemann, Jens |
| Issue Date: | | 2003 |
| Series/Report no.: | | CFS Working Paper 2003/16 |
| Abstract: | | This chapter analyzes the role of financial accounting in the German financial system. It starts from the common perception that German accounting is rather uninformative. This characterization is appropriate from the perspective of an arms length or outside investor and when confined to the financial statements per se. But it is no longer accurate when a broader perspective is adopted. The German accounting system exhibits several arrangements that privately communicate information to insiders, notably the supervisory board. Due to these features, the key financing and contracting parties seem reasonably well informed. The same cannot be said about outside investors relying primarily on public disclosure. A descriptive analysis of the main elements of the Germany system and a survey of extant empirical accounting research generally support these arguments. |
| Subjects: | | Accounting Disclosure Germany Standards Survey |
| JEL: | | M41 G3 D82 K0 |
| Document Type: | | Working Paper |
| Appears in Collections: | | CFS Working Paper Series, Universität Frankfurt a. M.
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