That HGB (German Commercial Code) is the central code of commercial law in Germany and is often referred to as the "special private law of merchants". It contains special provisions that apply to merchants and trading companies and supplement or supersede the general provisions of the German Civil Code (BGB). The HGB is divided into five books, which regulate topics such as the status of a merchant, trading companies (OHG, KG), commercial books, commercial transactions and maritime trade. Of particular importance for accounting is the third book ("Handelsbücher"), which sets out the basic bookkeeping, inventory and accounting regulations for all merchants. Here you will find the GoB (generally accepted accounting principles), regulations on the structure of the balance sheet and income statement as well as the central valuation principles such as the lower of cost or market principle. Compliance with these requirements is a basic prerequisite, which is ensured by certified systems such as the GoBD conformity in SAP Business One is guaranteed. In order to map the complex HGB requirements in reporting, add-ons such as the Versino Financial Suite often use predefined reporting structures.
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