Back to overview

Bilanzrechtsreformgesetz (BilReG - Reform Act on Accounting Regulations)

Germany Current 2004

The EU Modernisation Directive (2003/51/EG) was transposed in Germany through the Bilanzrechtsreformgesetz (BilReG) and has led to amendments to §§ 289 and 315 HGB (Germany's commercial code).

Issuer name

Bilanzrechtsreformgesetz (BilReG)

Government ministry


More information

Beyond this Directive, the BilReG also demands reporting about chances for future developments, in addition to risk reporting to enhance the quality of the management report and to allow for target/performance comparisons. Effective for financial years beginning after December 31, 2012, the German Accounting Standard No. 20 ‘Group Management Report’ (GAS 20) amends GAS 15 ‘Management Reporting’. If non-financial performance indicators are used for internal management, quantitative information on these indicators should be provided. Furthermore, it stipulates that whenever a company uses the reported financial and/or non-financial performance indicators internally under the aspect of sustainability, this connection should be explained in the report. Almost all companies of the N100 Germany required to publish a group management report now include non-financial key indicators in their annual reports.

Organizations covered by the instrument

All Companies

Target organization notes

All organizations except those in the public sector

Industry scope

All/none specified

Disclosure venue

Annual report

ESG coverage- S (Social)

Social Impacts & Value Creation

ESG coverage- G (Governance)


ESG coverage- Eco (Economic & General)

Economic performance, Market presence, Trade and Investment







Date of publication


Issuer type

Governments (governmental department, agency)

Reporting requirements

Public law and regulation

Mandatory or voluntary


The geographical scope


Go to the instrument