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European Pensions & Global Finance$
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Gordon L. Clark

Print publication date: 2003

Print ISBN-13: 9780199253647

Published to Oxford Scholarship Online: January 2010

DOI: 10.1093/acprof:oso/9780199253647.001.0001

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Global Finance and German Accounting Rules

Global Finance and German Accounting Rules

(p.79) chapter 4 Global Finance and German Accounting Rules
European Pensions & Global Finance

Gordon L. Clark (Contributor Webpage)

Oxford University Press

Like France and Italy, Germany will be severely affected by an ageing population and the underfunding of social insurance and related retirement benefits. While there is considerable pride in Otto von Bismarck's model of social solidarity and insurance, there is widespread debate about the proper response to the demographic crisis, including continuing conflict over the role and status of private pension privatisation. This chapter examines how and why financial transparency and comparability have become so significant, and the implications of such accountability for management power and private pension systems. The convergence of the United States, international, and European accounting standards is discussed, with emphasis on the underlying assumptions made by accounting professionals about the efficiency of global finance. The patterns of German corporate pension accounting in the DAX 30 index and non-DAX 30 companies are considered, along with pension liability and corporate finance, Germany's adoption of international accounting standards, corporate pension liabilities, and management discretion and retirement plans.

Keywords:   Germany, international accounting standards, demographic crisis, social insurance, retirement benefits, private pension, pension liabilities, global finance, corporate finance

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