Presenting Equity in Consolidated Financial Statements considers how to present minority interest, the group's own shares, and items recognized directly in equity such as exchange differences. The draft is available on the German Accounting Standards Committee's website (www.drsc.de), and comments should be received within eight weeks from publication.

E-GAS 6, Interim Financial Reporting, can also be downloaded from the GASC's website. Comments are requested by Nov. 3.

The GASB has also analyzed the comments on two draft standards and concluded that re-exposure is not necessary. Both standards were approved unanimously on Aug. 29. GAS 4, Acquisition Accounting in Consolidated Financial Statements, will be applicable for financial years beginning Dec. 31, 2000.

Among other things, it considers accounting for reverse takeovers - a subject not covered by the EC's Seventh Directove and for which there are no German company law rules. GAS 5-10, Risk Reporting of Financial Institutions and Financial Services Enterprises, will apply for years beginning after Dec. 31, 1999. Both standards have been submitted to the Ministry of Justice requesting publication in the official gazette.

The GASB has also held an initial discussion on deferred income taxes. The requirements in the German Commercial Code are based on the "timing concept" whereas IAS and U.S. GAAP are based on the "temporary concept"; the debate will continue.

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