Austrian Review Panel for Financial Reporting Commences Activities
The Accounting Control Act (Rechnungslegungskontrollgesetz, RL-KG) empowers Austria’s Financial Market Authority (FMA) to act as an enforcement authority responsible for the accounting control of financial reports published by listed companies, either directly or with the assistance of the Austrian Review Panel for Financial Reporting, which examines the annual reports of capital market oriented companies to verify compliance with the International Financial Reporting Standards (IFRS).
This new form of control comes into effect for the first time for annual accounts for the year ended 31 December 2013 or later, and is therefore currently being carried out, now that the first of these annual accounts have been published.
In our early bird seminar "Dienstantritt der Bilanzpolizei" (The Financial Reporting Police Reports for Duty), we are going to
- introduce you to the procedure of an audit under this new regime, the consequences it can have and how these can be prevented,
- based, above all, on examples from Germany, and
- provide practical tips relating to the main areas of emphasis that the FMA has set for this year’s audit, namely: write-offs and valuation allowances.
The focuses of this part of the seminar will include write-offs on loans and advances in the banking sector as well as goodwill amortisation and asset depreciation in other sectors.