(1) The Federal Ministry of Justice may recognise by contract a body incorporated under private law and may assign the following tasks to such body:
1. develop recommendations for the application of principles governing group financial reporting,
2. provide consultancy services to the Federal Ministry of Justice on legislative proposals for accounting legislation,
3. represent the Federal Republic of Germany in international fora concerned with the standardisation of financial reporting and
4. develop interpretations of international accounting standards within the meaning of section 315e (1).
However, only that body may be recognised that warrants, by its statutes, that the recommendations and interpretations are developed and resolved upon independently and exclusively by accountants in a process that involves interested members of the public. Insofar as enterprises or organisations of accountants are members of such a body, the membership rights may be exercised only by accountants.
(2) Compliance with the principles of proper accounting as regards group financial reporting is assumed insofar as the recommendations made by a body recognised pursuant to subsection (1) sentence 1 have been followed where the Federal Ministry of Justice has published by notice such recommendations.