With the draft bill and government proposal for the law to modernize accounting law, the Federal Ministry of Justice has initiated the largest reform of accounting law in many years. The reform is an attempt to keep the provisions of the HGB competitive in the international market. To achieve this goal, the provisions of the HGB are being aligned with international accounting standards, which in some cases seems only possible by breaking established accounting principles. The HGB evidently had a number of weaknesses that were also the focus of the reform. This work now addresses the question of whether the current reform is suitable for increasing the competitiveness of HGB accounting to the extent that it can stand its ground in a globalized market. Another question that needs to be answered is whether for d.