The Accounting Standards Committee of Germany (ASCG) is the national standard setter in the area of group financial reporting in Germany. The organisation was established on 15 March 1998 as an independent and registered not-for-profit association by German Industry and is domiciled in Berlin. The ASCG had been formally acknowledged by the Ministry of Justice (now the Ministry of Justice and for Consumer Protection) as the private standardisation organisation pursuant sec. 342 of the German Commercial Code. Formal acknowledgement took place by means of a Standardisation Agreement on 3 September 1998. Following a temporary suspension in 2010, this agreement had been renewed on 2 December 2011.