“Mickey Mouse Accounting” – www.FinanceMagazin.de


Entities that submit financial statements, either mandatorily or voluntarily, in compliance with international accounting standards as well as national standards, face the question, what is the optimal approach? A “super set of books” that unifies the accounting principles of all countries? Or adjustment accounting that involves a common core for individual financial statements in all countries and only posts the differences for international GAAP? Or parallel accounting that generates entirely separate entries for national and international GAAP in each country? Dr. Karl Kirchgesser, Director, Executive Vice President at FERNBACH, proposes an alternative fourth way: Multi GAAP 2.0 or, playfully nicknamed, “Mickey Mouse Accounting”.