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:

Occupancy

Occupancy refers to the use or inhabitance of a space, such as a building or land, typically governed by legal or contractual terms.

Apartments

Residential units within a building or complex, typically available for rent, that consists of living space including bedrooms, a kitchen, and a bathroom.

Statute of Frauds

A legal principle that requires certain contracts to be in writing and signed by the parties involved, to be enforceable.

Real Estate Conveyance

The legal process of transferring the ownership of real property from one party to another, typically involving deeds or legal documents.