Inventory – end – business year
The obligation to take inventory
results from Sections 240 and 241a of the German Commercial Code and Sections 140 and 141 of the German Fiscal Code. According to these regulations, financial statements are to be prepared on the basis of annual inventories. Accordingly, an inventory is only required if the balance sheet is drawn up. Proper inventory is a prerequisite for the regularity of accounting. In case of improper accounting, the tax office may estimate the profit partially or completely.
The inventory must allow for verification of quantities and assessed values. It is therefore necessary to include the following information about each item in the inventory:
- the quantity (measure, number, weight),
- the comprehensible designation of the assets (type, size, item number),
- the value of the unit of measurement.
To assist with inventory work, guidance is summarized in the attached appendix in our Information Letter 12/2018.
(Register with us and you will receive the latest information letter from us free of charge).
Our next two posts, later this week, will deal extensively with this topic!
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