In this journal, Buchheim and Beiersdorf discussed recent changes in the regulation of the management report (Lagebericht) in Germany. The German Commercial Code (HGB – Handelsgesetzbuch) requires a management report by individual entities classified as companies with limited liability in § 289 and by groups in § 315. The reporting requirements of the latter are specified by the German Accounting Standard GAS 15 on Management Reporting. The authors award the German regulation to potentially lead the way internationally.