The accounting representation of hedging relationships is a subject of ongoing debate in academia and is continuously subject to a variety of legal and regulatory changes. Recently, with the enactment of the BilMog, the accounting for valuation units has been legally codified for the first time in German commercial law. The aim of this study is to present and compare the rules of hedge accounting nationally according to the Commercial Code and the Income Tax Act in commercial and tax balance sheets, as well as internationally according to the International Financial Reporting Standards in the commercial balance sheet. To this end, the topics of risk, hedging, and financial instruments will first be explained. Following this, a structured presentation of the requirements for the formation of accounting valuation units will be provided, categorized by the areas of HGB, IFRS, and EStG.