Austria is to establish an enforcement process to control the financial reporting of companies listed on the Vienna stock exchange.

The corresponding law will apply in July 2013.

The enforcement process, based on the German system, will be performed by two bodies with shared responsibilities.

The Österreichische Prüfstelle für Rechnungslegung (Austrian Review Panel for Financial Reporting), a government-appointed privately organised institution, will be responsible for ensuring standards of financial reporting.

Meanwhile the Finanzmarktaufsicht (Federal Financial Supervisory Authority, FMA) will then decide on enforcement priorities and audit plans and carry out official proceedings. With its sovereign authority, the FMA will be the ultimate resort should a company not cooperate or question former decisions.

Austria is the last EU country without an IFRS enforcement process.

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Related links

Austrian Parliament

Federal Financial Supervisory Authority

Vienna stock exchange