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Austria

Financial reporting framework in Austria

Adoption of IFRSs in Europe effective in 2005

In June 2002, the European Union adopted an IAS Regulation requiring European companies listed in an EU securities market, including banks and insurance companies, to prepare their consolidated financial statements in accordance with IFRSs starting with financial statements for financial year 2005 onwards. EU countries have the option to:

  • Require or permit IFRSs for unlisted companies.
  • Require or permit IFRSs in parent company (unconsolidated) financial statements.
  • Permit companies whose only listed securities are debt securities to delay IFRS adoption until 2007.
  • Permit companies that are listed on exchanges outside of the EU and that currently prepare their primary financial statements using a non-EU GAAP (in most cases this would be US GAAP) to delay IFRS adoption until 2007.

The European IAS regulation applies not only to the 28 EU Member States but also to the three members of the European Economic Area (EEA) - Iceland, Liechtenstein, and Norway.

Austria is an EU Member State. Consequently, Austrian companies listed in an EU/EEA securities market follow IFRSs since 2005. In February 2012, the European Commission published the results of an updated survey of the (then) 27 EU member states and the 3 EEA member states regarding the four options above. For information on each country's plans, click to access:

The European Commission has adopted the following wording for use in the notes to the accounts and in the audit reports of companies subject to EU Regulation 1606/2002/EC (the 'IAS regulation'):

  • "in accordance with International Financial Reporting Standards as adopted by the EU" or
  • "in accordance with IFRSs as adopted by the EU".

Companies may also state, in a footnote, compliance with IFRSs as adopted by the IASB, if that is the case.

Vienna Stock Exchange

The Vienna Stock Exchange (Wiener Borse) has three markets: Official Market, Second Regulated Market, and Third Market. The EU IAS Regulation does not apply to the Third Market.

The financial instruments traded on the markets of Wiener Borse are grouped into the following segments: equity market, (shares), bond market (bonds), derivatives market (derivatives), structured products (certificates, exchange traded funds, investment funds, and warrants), and other securities (shares, participation certificates). These segments can include both IFRS and non-IFRS companies.

IAS Plus in German

Deloitte Germany offers a German translation of IAS Plus including all news stories and background material. The information is supplemented with news from Germany, Austria, Switzerland and Liechtenstein: www.iasplus.de. There is also an overview of all IAS Plus German language publications available on the site.

German language accounting newsletter from Deloitte Austria

Deloitte Austria publishes a German language newsletter ("Accounting News") on recent developments in Austrian and international Accounting. Please click here for an overview of all issues available (link to Deloitte Austra website).

Related news

  • World Bank launches programme to improve financial reporting in Eastern Europe

  • Oct 02, 2013

  • The World Bank has launched a new programme to strengthen corporate financial reporting in the countries of the EU’s Eastern Partnership. Countries participating in the new programme, "Strengthening Auditing and Reporting in the Countries of the Eastern Partnership" (STAREP), include Armenia, Azerbaijan, Belarus, Georgia, Moldova, and Ukraine.

  • Report from recent IFASS meeting released

  • Jan 17, 2013

  • A report has been issued summarising the discussions at a meeting of the International Forum of Accounting Standard Setters (IFASS, formerly the NSS) held in Zurich on 22-23 October 2012. The meeting covered a broad range of topics, including the future relationships between the IASB and regional and national standard setters, topical issues in financial reporting, reports from regional groups and administrative matters.

  • Austrian parliament adopts law that will see the establishment of an IFRS enforcement body

  • Dec 06, 2012

  • On 5 December 2012, the Austrian parliament passed the 'Rechnungslegungs-Kontrollgesetz'. This law will lead to the establishment of an enforcement process regarding the financial reporting of companies with securities traded on a regulated market. Austria is the last country of the European Union that does not have an IFRS enforcement process yet.

  • Report from recent IFASS meeting released

  • Jun 04, 2012

  • The International Forum of Accounting Standards Setters (IFASS) met in Kuala Lumpur on 29-30 March 2012. A detailed report of proceedings at the meeting has now been released, outlining discussions on numerous topics such as the relationship between standard setters and the IASB, the IASB's work programme and processes, and a report on the possible adoption of IFRS in the United States noting a possible "step back".

  • FEE publishes survey on the accountancy profession in Europe

  • Mar 29, 2012

  • The Federation of European Accountants (Fédération des Experts-comptables Européens, FEE) has released a survey which provides a collection of key features on structure and organisation of the accountancy profession across 30 European countries.

  • EFRAG to hold additional outreach meetings on proactive discussion papers

  • Mar 22, 2012

  • The European Financial Reporting Advisory Group (EFRAG) announced additional outreach meetings on 17 April 2012 in Amsterdam and 18 April 2012 in Vienna regarding discussion papers 'Accounting for business combinations under common control' and 'Improving the Financial Reporting of Income Tax'.

  • Use of Options within the Accounting Directives

  • Sep 20, 2011

  • The European Commission services have published a report on the responses received to the consultation of accounting regulatory committee members on the use of options within the European Accounting Directives.

  • Australia model financial statements for 2010

  • May 28, 2010

  • Deloitte Australia has released their model financial statements for financial years ending on or after 30 June 2010. Australian accounting standards are identical to IFRSs.

  • Updates of Asia-Pacific region pages

  • Mar 09, 2007

  • We have updated the following pages on this website to reflect recent standard setting activity in the Asia-Pacific region: Australia, Hong Kong SAR, Japan, Singapore, and Thailand.

  • Vienna stock exchange requires IFRS reporting

  • Apr 29, 2003

  • Previously, the Vienna stock exchange required all domestic and foreign companies listed on the A-Market and the Austrian Growth Market (AGM) to submit consolidated financial statements under either IFRS or US GAAP.

  • Euro conversion

  • Jul 01, 2001

  • In June 2001, the Euro-Tax Conversion Law was resolved by the Austrian parliament.

  • Country updates added for Europe, South Africa

  • May 18, 2001

  • The Country Updates on this website have been expanded to include Austria, Denmark, France, Germany, Greece, Italy, Luxembourg, Portugal, Russian Federation, South Africa, and United Kingdom.

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