Accounting and accounting rules in Austria

Accounting Rules

Tax Year

The financial year begins on 1st January and ends on 31st December of each year.

Accounting Standards

Since 2005 onwards, as adopted by the EU IAS Regulation, European companies listed in the EU securities market are required to prepare their consolidated financial statements in accordance with IFRS Standards. 
Accordingly, all domestic public companies in Austria whose securities trade in a regulated market, are required to use IFRS Standards.
IFRS Standards are required or permitted for listings by foreign companies with an exception of a foreign company whose home jurisdiction's standards are deemed by the EU to be equivalent to IFRS Standards.

Accounting Regulation Bodies

Institut Osterreichischer Wirtschaftsprufer

Accounting Reports

The accounting legal and regulatory environment in Austria is subject to two key pieces of the EU legislation: IAS Regulation, which requires the application of EU-endorsed IFRSs, and EC Statutory Audit Directive and Regulation 537/2014, which stipulate the requirements for the performance of statutory audits.
These EU laws are transposed and supplemented by the following five main national laws which provide the regulatory framework to accounting, auditing and financial reporting in Austria : Unternehmensgesetz (Austrian Commercial Code, UGB), Rechnungslegungsgesetz (Financial Accounting and Reporting Act, RLG), Wirthschafts-Treuhandberufsgesetz (Public Accountants Statute of Professional Practice, WTBG), Abschlussprüfungs-Qualitätssicherungsgesetz (Audit Quality Assurance Act, A-QSG), and Wirtschaftstreuhanderberufs-Ausübungs-richtlinie (WT-ARL, Directive on the Practice of the Public Accounting Professions). (IFAC)

Publication Requirements

Within the first five months of the new financial year, managers must draw up an annual financial statement, notes on the accounts and an annual report for the preceding financial year. The annual general meeting must approve the (audited) financial statements within the first eight months of the new financial year. Company reports must be audited and filed with the commercial register within nine months of the balance sheet date. Fines are imposed for failure to meet this deadline.

GmbHs that are classified as small corporations need not be audited if they do not have a compulsory advisory board and disclosure requirements are less stringent for small corporations. A small corporation is one that does not exceed two of the following three criteria: 50 employees, EUR 5 million in assets and EUR 10 million in turnover in two consecutive years.

Companies that qualify as micro companies are not required to prepare notes on the accounts if certain additional information is provided below the balance sheet (including the total amount of financial obligations, guarantees and contingencies not shown in the balance sheet; real collateral; and the amount of advance payments and loans, together with the interest rate applied, granted to the management and supervisory boards). A micro company is one that does not exceed two of the following three criteria for two consecutive years: EUR 350,000 in assets, EUR 700,000 in turnover and 10 employees. Investment and holding companies cannot be classified as micro companies.

Professional Accountancy Bodies

Wirtschaftskammer Österreich die für alle Bilanzbuchhaltungsberufe , Supervisory body
KWT, Kammer der Wirtschaftstreuhaender , Chamber of Public Accountants
WKO, Wirtschaftskammer Oesterreich , Economic Chamber
Marketing platform of Austrian accountants , Austrian Accountant
BOEB , Private association of accountants

Certification and Auditing

The companies have to seek a statutory auditor to conduct an annual audit of the financial health of their organization. You can contact the Supervisory Body (Wirtschaftskammer Österreich die für alle Bilanzbuchhaltungsberufe) or the Chamber of Public Accountants (Kammer der Wirtschaftstreuhaender - KWT).

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