TY  - UNPD
A1  - Leuz, Christian
A1  - Wüstemann, Jens
T1  - The role of accounting in the German financial system
T2  - Center for Financial Studies (Frankfurt am Main): CFS working paper series ; No. 2003,16
N2  - 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 arm´s 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.
T3  - CFS working paper series - 2003, 16 
KW  - Accounting
KW  - Disclosure
KW  - Germany
KW  - Standards
KW  - Survey
KW  - Deutschland
KW  - Bilanzrecht
KW  - Außerbilanzielles Geschäft
KW  - Bankbilanz
KW  - Informationsgehalt
KW  - Informationswert
KW  - Kreditwesen
Y1  - 2003
UR  - http://publikationen.ub.uni-frankfurt.de/frontdoor/index/index/docId/4473
UR  - https://nbn-resolving.org/urn:nbn:de:hebis:30-10219
N1  - Draft of Chapter 14 of the book "The German Financial System", edited by Jan P. Krahnen and Reinhard H. Schmidt, forthcoming with Oxford University Press, London 2003.
IS  - Version June 2003
PB  - CFS
CY  - Frankfurt am Main
ER  -