The Austrian Financial Market Authority FMA welcomes the agreement of the two ruling parties on proposed legislation aimed at establishing an enforcement office for accounting standards. The draft legislation stipulates for the FMA to be delegated the role of auditing authority. The FMA will correspondingly be responsible for monitoring the compliance with accounting standards of the financial statements and consolidated financial statements, as well as of other information required to be reported by companies active in the capital market. According to the draft legislation, the FMA is to draw on assistance from an Austrian Review Panel for Financial Reporting (Österreichische Prüfstelle für Rechnungslegung), an office having the legal form of an association, when carrying out the official responsibilities mentioned above. The FMA will have the tasks of specifying the audit priorities and audit plans, of arbitrating in disputes, of performing its own audits and of carrying out the official proceedings. The establishment of an enforcement office for accounting standards in Austria is a major step towards improving the transparency of Austria’s capital market.
Journalists may address further enquiries to:
Klaus Grubelnik (FMA Media Spokesperson)
+43/(0)1/24959-5106
+43/(0)676/882 49 516