From 1971 to 2012, Bertelsmann was a joint stock company under German law (Aktiengesellschaft). Subsequently, the company was transformed into a partnership limited by shares (Kommanditgesellschaft auf Aktien). The general partner is a European stock corporation (Societas Europaea). Bertelsmann's rationale for this move, among others, was the aim of opening up for investors, thus enabling them to participate in the financing of additional growth. The media commented the change of the legal structure "the turn of an era", as it essentially also enables the company to go public. This move was not ultimately implemented, however. Today, Bertelsmann is a company active in capital markets, issuing bonds, for example. Since 2001, the company has prepared its financial statements according to International Financial Reporting Standards.