Handelsgesetzbuch (HGB) is a German commercial code and accounting standards that govern how companies should prepare and present financial statements.
The HGB also prescribes various corporate ordinances and regulations regarding the treatment of employees.
The guidelines set out in the HGB are largely similar to US GAAP and IFRS, with some notable differences.
German law and IFRS use historical costs as the basis of accounting, but German law generally does not allow revaluation as IFRS does.