Why Does German Accounting Practice Differ from IFRS

question 22

Multiple Choice

Why does German accounting practice differ from IFRS?

• A)German accounting rules are much more specific in most areas than IFRS.
• B)German accounting law is less specific in some respects than IFRS.
• C)Germany has not adopted a policy on accounting standard harmonization.
• D)Germany is not interested in foreign direct investment.

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Definitions:

Health Care Plans

Arrangements made by individuals or employers to cover medical expenses, offering a range of medical services often through a network of providers.

Property Damage Liability

Insurance coverage that pays for damage caused by the policyholder’s vehicle to another person’s property.

Insurance

A financial product sold by insurance companies to safeguard against financial losses from specified risks, such as accidents, theft, or natural disasters.

Damage

Refers to the loss or harm resulting from injury to a person, property, or reputation.