On December 4, 2017 the amended version of the German Accounting Standard no. 8 was published in the Federal Gazette by the Federal Ministry of Justice according to paragraph 342 section 2 HGB (German Commercial Code).
By means of the amended version of the German Accounting Standard no. 8 which was adopted on September 22, 2017 by DRSC (German Accounting Standards Committee), DRS 20 group management report is primarily amended to the legal requirements resulting from the act on strengthening companies’ non-financial disclosure in their management reports and group management reports (CSR guideline implementation act). Essentially DRS 20 contains two new paragraphs in which the new reporting requirements are specified. On one hand this relates to the information on the diversity concept for the management body and on the other hand the non-financial (group) declaration.
Furthermore, editorial adaptions on all standards will be made by DRÄS 8. This relates to the movement of certain sections, especially § 315a HGB (German Commercial Code) to § 315e HGB.