Accounting in Austria

Overview by

Accounting System

Accounting Standards
Most of the companies are using IFRS, with only a few are now using US GAAP or the Austrian code.
From 2005, it has become mandatory for all listed European companies, including Austrian companies, to use IFRS.
Accounting Regulation Bodies
Institut Osterreichischer Wirtschaftsprufer, Austrian Institut of External Auditors
Accounting Law
The accountancy system in Austria is regulated by the Bilanzbuchhaltungsgesetz 2006 (BibuG - Management Accountancy Law).
Difference Between National and International Standards (IAS/IFRS)
IFRS standards are in use in Austria.
Accounting News
Accounting news on Central Europe by

Accounting Practices

Tax Year
The financial year begins on 1st January and ends on 31st December of each year.
Accounting Reports
The accountancy system in Austria is regulated by the Bilanzbuchhaltungsgesetz 2006 (BibuG - Management Accountancy Law).
Publication Requirements
According to their legal status, Austrian companies have to publish annually a profit and loss account, a balance sheet and an appendix.

Accountancy Profession

The accountancy services (Book-keeping, accounting, controlling, payroll) and related services can be offered by companies or individuals adhering to one of the following (legally regulated) professions :

Public Accountants (Steuerberater - StB) Management Accountants (Bilanzbuchhalter - Bibu) Independent Accountants (Selbständige Buchhalter - SBH) Accountants (Buchhalter - BH) Commercial Accountants (Gewerbliche Buchhalter – GBH) Personalverrechner (Payroll Accountants – PV) A valid business license (concession) is required to provide such services. The type of licence defines the scope of services allowed. Different years of practice and exams determine the type of license.

The accountancy profession in Austria is regulated by Management Accountancy Law ( Bilanzbuchhaltungsgesetz – BibuG 2006, modified 2007). This law created professions Bibu. BH and PV, whereas the previously available licenses SBH and GBH are no longer available. However the current owners of these licenses could continue providing services.

Professional Accountancy Bodies
Paritaetische Kommission Bilanzbuchhaltungsberufe – PK, 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
Member of the International Federation of Accountants (IFAC)
Member of Other Federation of Accountants
International Accounting Standards Board (IASB). Member of the Federation of European chartered accountants.
Audit Bodies
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 (Paritaetische Kommission Bilanzbuchhaltungsberufe – PK or the Chamber of Public Accountants (Kammer der Wirtschaftstreuhaender -KWT).

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