Deutsches Rechnungslegungs Standards Committee (DRSC) [Accounting Standards Committee of Germany]
The Accounting Standards Committee of Germany (ASCG) is the national standard-setter in the area of group financial reporting in Germany. The organization was established on 17 March 1998 as an independent and registered not-for-profit association by German Industry and is domiciled in Berlin. The ASCG had been formally acknowledged by the Ministry of Justice (now the Ministry of Justice and for Consumer Protection) as the private standardization organization pursuant sec. 342 of the German Commercial Code. Formal acknowledgment took place by means of a Standardization Agreement on 3 September 1998. Following a temporary suspension in 2010, this agreement had been renewed on 2 December 2011.