Accounting

In Continental-Europe the commercial profit under National - GAAP's (General Accepted Accounting Principles) is close to the taxable profit in contrast to the Anglo-American law system.

International Financial Reporting Standards (IFRS/IAS) are developed by the International Accounting Standards Board in London for the purpose to eliminate the differences between different GAAP's. Additionally the International Financial Reporting Interpretations Committee (IFRIC/SIC) works out interpretations which are obligatory provisions.