Austria

As a member of the European Union (EU), Austria’s accounting, auditing, and financial reporting framework is primarily governed by EU Regulations and Directives, as transposed into national legislation. The Austrian legal framework is aligned with the EU acquis communautaire in the areas of corporate reporting, statutory audit, and public oversight.

Accounting Framework

Financial reporting requirements in Austria are established under the Austrian Commercial Code (Unternehmensgesetzbuch – UGB), as amended. The UGB sets out the requirements for the preparation of financial statements, including recognition, measurement, and disclosure requirements, as well as thresholds for different categories of entities.

In accordance with Regulation (EC) No. 1606/2002, EU-endorsed International Financial Reporting Standards (IFRS) are required for the preparation of consolidated financial statements of public interest entities (PIEs), including listed companies, credit institutions, and insurance undertakings. Other entities may elect to apply EU-endorsed IFRS or apply Austrian Generally Accepted Accounting Principles (Austrian GAAP) as established in the UGB. Austrian GAAP is broadly aligned with IFRS but differs in certain recognition, measurement, and disclosure requirements, reflecting its legal and tax-oriented framework.

Authority for the endorsement and application of accounting standards is exercised at the EU level, while implementation and enforcement are carried out within the national legal framework.

Auditing Framework

Statutory audit requirements in Austria are governed by EU Directive 2014/56/EU on statutory audits and Regulation (EU) No. 537/2014 on specific requirements for statutory audits of public interest entities, both of which have been transposed into Austrian law.

These instruments require the application of International Standards on Auditing (ISA), as issued by the International Auditing and Assurance Standards Board (IAASB), for all statutory audits. ISA are applied in Austria through national implementation mechanisms under the supervision of the Audit Oversight Body of Austria (Abschlussprüferaufsichtsbehörde – APAB).

The Austrian Auditor Oversight Act of 2016 (Abschlussprüfer-Aufsichtsgesetz – APAG) establishes the legal basis for audit regulation and oversight, including quality assurance, investigation and discipline, and registration of auditors and audit firms.

Within this framework, the Chamber of Public Accountants (Kammer der Steuerberater:innen und Wirtschaftsprüfer:innen – KSW) plays a key role in supporting the implementation of auditing standards and professional requirements, including contributing to guidance, professional education, and standard-setting activities within the limits of its mandate and under the oversight of APAB.

In Austria, the accountancy profession is regulated at the state level. The regulatory framework distinguishes between (i) public accountants—tax advisers and auditors—and (ii) self-employed accounting professionals, each governed under separate legislation.

Regulation of Self-Employed Accounting Professionals

Self-employed accounting professionals are regulated under the Accountants Act (Bilanzbuchhaltungsgesetz – BiBuG). This segment includes certified accountants, bookkeepers, and payroll accountants. The law establishes the scope of services, entry requirements, and professional obligations for these professions.

Individuals must meet qualification requirements, including passing professional examinations and fulfilling practical experience requirements as defined in law. The framework also establishes continuing professional development (CPD) obligations and professional conduct requirements. Registered professionals are subject to oversight and disciplinary procedures in accordance with the statutory framework.

Regulation of Public Accountants—Tax Advisers and Auditors

The public accountancy profession comprises tax advisers and certified public accountants (auditors), who are authorized to conduct statutory audits. These professions are regulated under the Public Accountants’ Statute of Professional Practice (Wirtschaftstreuhandberufsgesetz – WTBG), which defines entry requirements, professional rights and obligations, and the structure of the profession.

The WTBG establishes the Chamber of Public Accountants (Kammer der Steuerberater:innen und Wirtschaftsprüfer:innen – KSW) as the statutory professional body. Within its mandate, KSW supports the implementation of professional requirements, including ethical and continuing professional development obligations, and contributes to the development of professional guidance.

Entry into the audit profession requires completion of prescribed education, practical experience, and professional examinations. Only licensed auditors are authorized to perform statutory audits.

The Austrian Auditor Oversight Act of 2016 (Abschlussprüfer-Aufsichtsgesetz – APAG) establishes the Audit Oversight Body of Austria (Abschlussprüferaufsichtsbehörde – APAB) as the independent public oversight authority for statutory auditors and audit firms. APAB operates under the supervision of the Federal Ministry of Finance.

APAB is responsible for the registration of statutory auditors and audit firms, conducting quality assurance (QA) reviews, and overseeing investigation and disciplinary (I&D) systems. All statutory auditors and audit firms performing mandatory audits in Austria are subject to quality assurance reviews at least every six years, while auditors of public interest entities (PIEs) are subject to reviews at least every three years.

APAB is a member of the International Forum of Independent Audit Regulators (IFIAR) and the Committee of European Auditing Oversight Bodies (CEAOB).

Within this framework, APAB also oversees the activities of the Chamber of Public Accountants (Kammer der Steuerberater:innen und Wirtschaftsprüfer:innen – KSW) in relation to statutory auditors and audit firms. KSW, established under the Public Accountants’ Statute of Professional Practice (Wirtschaftstreuhandberufsgesetz – WTBG), is responsible for administering professional examinations, licensing members of the profession, monitoring continuing professional development requirements, and operating investigation and disciplinary mechanisms for its members.

Institute of Austrian Certified Public Accountants (Institut Österreichischer Wirtschaftsprüfer – IWP)

The Institute of Austrian Certified Public Accountants (IWP), established in 1952, is a voluntary professional organization representing auditors and audit firms in Austria. Its primary objective is to support the audit profession through the development of technical guidance, professional publications, and training activities.IWP is a member of IFAC and Accountancy Europe.

Chamber of Public Accountants (Kammer der Wirtschaftstreuhänder – KSW)

The Chamber of Public Accountants (KSW) is a statutory professional body established under the Public Accountants’ Statute of Professional Practice (Wirtschaftstreuhandberufsgesetz – WTBG). Membership in KSW is mandatory for tax advisers and auditors.

Under the WTBG, KSW is responsible for a range of regulatory and professional functions, including: (i) administering professional examinations; (ii) assessing candidates’ fulfillment of initial professional development requirements established in law; (iii) licensing members of the profession; (iv) monitoring compliance with continuing professional development requirements; (v) operating investigation and disciplinary mechanisms for its members; and (vi) establishing and monitoring ethical requirements.

KSW also supports the implementation of professional standards and provides guidance and resources to its members within the framework of Austria’s regulatory and public oversight system.

KSW is a member of IFAC and Accountancy Europe.

The legal basis for the quality assurance (QA) and public oversight system in Austria is established under the Austrian Auditor Oversight Act of 2016 (Abschlussprüfer-Aufsichtsgesetz – APAG), which designates the Audit Oversight Body of Austria (Abschlussprüferaufsichtsbehörde – APAB) as the competent authority responsible for audit oversight.

APAB is responsible for establishing and operating the QA review system for all statutory audits. The system is implemented through APAB’s Committee for External Quality Inspections (Arbeitsausschuss für externe Qualitätsprüfung – AeQ). All statutory auditors and audit firms performing mandatory audits are subject to QA reviews at least every six years, while auditors of public interest entities (PIEs) are subject to QA reviews at least every three years.

The QA review system is operational and covers all mandatory audits. Based on available information, including disclosures from the Institute of Austrian Certified Public Accountants (IWP) and the Chamber of Public Accountants (Kammer der Steuerberater:innen und Wirtschaftsprüfer:innen – KSW), the system incorporates the key elements of SMO 1.

Current Status: Adopted

Initial professional development (IPD) and continuing professional development (CPD) requirements in Austria are established through a combination of legislation and professional regulation, including the Accountants Act (Bilanzbuchhaltungsgesetz – BiBuG), the Public Accountants’ Statute of Professional Practice (Wirtschaftstreuhandberufsgesetz – WTBG), and related implementing regulations.

The framework distinguishes between self-employed accounting professionals and public accountants (tax advisers and auditors), with separate requirements defined in law. For self-employed accounting professionals, the BiBuG establishes requirements for professional examinations, practical experience, and continuing professional development. For public accountants, the WTBG sets out entry requirements, including completion of a relevant university degree, practical experience, and professional examinations, as well as ongoing CPD obligations.

The Chamber of Public Accountants (Kammer der Steuerberater:innen und Wirtschaftsprüfer:innen – KSW) plays a key role in implementing professional requirements for tax advisers and auditors, including administering examinations, assessing practical experience, and monitoring compliance with CPD requirements. Other competent authorities are responsible for the regulation and oversight of self-employed accounting professionals under the BiBuG framework.

Based on available information, including disclosures from KSW and the Institute of Austrian Certified Public Accountants (IWP), the education and training requirements in the jurisdiction incorporate the elements of initial and continuing professional development as set out in the International Education Standards (IES) for professional accountants.

Current Status: Adopted

Austria’s statutory audit framework is based on Directive 2014/56/EU on statutory audits and Regulation (EU) No 537/2014 on specific requirements for statutory audits of public-interest entities, as implemented within the national legal framework. In practice, statutory audits in Austria are conducted in accordance with Austrian auditing requirements that require the application of the International Standards on Auditing (ISA). APAB states that, in its inspections, audit engagements are evaluated against the ISA and the applicable professional pronouncements of KSW.

The Chamber of Public Accountants (Kammer der Steuerberater:innen und Wirtschaftsprüfer:innen – KSW) continues to play the lead role in the national adoption and implementation framework for ISA for statutory audits, and the Austrian profession treats ISA as the applicable auditing standards for mandatory audits. KSW’s and IWP’s technical resources show that Austria continues to maintain an active ISA adoption and implementation framework, including an ISA adoption overview and a current German text edition. IWP’s ISA page refers to the 2025 Handbook of International Quality Management, Auditing, Review, Other Assurance, and Related Services Pronouncements and notes the IDW Textausgabe International Standards on Auditing (KSW-Ausgabe), 3rd updated edition (May 2025) as the current German ISA text used in practice support.

Current Status: Adopted

Ethical requirements for professional accountants in Austria are established through a combination of legislation and professional regulation, including the Accountants Act (Bilanzbuchhaltungsgesetz – BiBuG), the Public Accountants’ Statute of Professional Practice (Wirtschaftstreuhandberufsgesetz – WTBG 2017), and related implementing regulations.

The legal framework establishes ethical and professional conduct requirements for all segments of the profession. The Chamber of Public Accountants (Kammer der Steuerberater:innen und Wirtschaftsprüfer:innen – KSW) issues professional rules and guidance within the scope of its statutory mandate, while other competent authorities oversee requirements applicable to self-employed accounting professionals.

Based on available information, including disclosures from the Institute of Austrian Certified Public Accountants (IWP) and KSW, ethical requirements in the jurisdiction are aligned with the 2018 Handbook of the International Code of Ethics for Professional Accountants (including International Independence Standards). More recent professional guidance indicates that the Austrian profession continues to monitor and incorporate developments in the IESBA Code.

Current Status: Partially Adopted

Public sector accounting in Austria is governed by national legislation, including the Federal Organic Budget Act (Bundeshaushaltsgesetz), which establishes the framework for financial reporting by public sector entities.

The Austrian federal government applies accrual-based accounting for the preparation of its financial statements. Public sector accounting standards are developed at the national level and are based on accrual principles, with reference to the International Public Sector Accounting Standards (IPSAS).

IPSAS have not been adopted in their entirety for application by all public sector entities. Instead, Austria applies national accrual-based standards that incorporate elements of IPSAS.

Current Status: Partially Adopted

Investigation and disciplinary (I&D) requirements for professional accountants in Austria are established through a combination of legislation and public oversight arrangements, including the Accountants Act (Bilanzbuchhaltungsgesetz – BiBuG) and the Public Accountants’ Statute of Professional Practice (Wirtschaftstreuhandberufsgesetz – WTBG 2017).

The framework distinguishes between self-employed accounting professionals and public accountants (tax advisers and auditors). Self-employed accounting professionals are subject to investigation and disciplinary procedures established under the BiBuG, with oversight exercised by the competent authorities within the statutory framework.

For statutory auditors and audit firms, investigation and disciplinary responsibilities are carried out by the Audit Oversight Body of Austria (Abschlussprüferaufsichtsbehörde – APAB) under the Austrian Auditor Oversight Act (Abschlussprüfer-Aufsichtsgesetz – APAG).

The Chamber of Public Accountants (Kammer der Steuerberater:innen und Wirtschaftsprüfer:innen – KSW) operates investigation and disciplinary mechanisms for its members within its statutory mandate, complementing the public oversight system.

Based on available information, including disclosures from KSW and the Institute of Austrian Certified Public Accountants (IWP), investigation and disciplinary systems in the jurisdiction are established and operational for all segments of the profession and incorporate the key elements of SMO 6.

Current Status: Adopted

Financial reporting requirements in Austria are established under the Austrian Commercial Code (Unternehmensgesetzbuch – UGB), as amended, which governs the preparation of financial statements and sets applicable reporting requirements for different types of entities.

In accordance with Regulation (EC) No. 1606/2002, EU-endorsed IFRS Accounting Standards are required for the preparation of consolidated financial statements of publicly accountable entities, including companies whose securities are traded on a regulated market, as well as credit institutions and insurance undertakings.

Other entities may elect to apply EU-endorsed IFRS for consolidated financial statements or apply Austrian Generally Accepted Accounting Principles (Austrian GAAP) as established in the UGB. Separate (individual) financial statements are generally prepared in accordance with Austrian GAAP.

The endorsement of IFRS for use in Austria is carried out at the European Union level, and the standards in effect are those endorsed by the EU at the time of application.

Current Status: Adopted

Relevant Organizations

• Audit Oversight Body of Austria (Abschlussprüferaufsichtsbehörde – APAB)
• Chamber of Public Accountants (Kammer der Steuerberater:innen und Wirtschaftsprüfer:innen – KSW)
• Institute of Austrian Certified Public Accountants (Institut Österreichischer Wirtschaftsprüfer – IWP)

Relevant Legislation

• Austrian Commercial Code (Unternehmensgesetzbuch – UGB)
• Austrian Auditor Oversight Act (Abschlussprüfer-Aufsichtsgesetz – APAG), 2016
• Public Accountants’ Statute of Professional Practice (Wirtschaftstreuhandberufsgesetz – WTBG 2017)
• Accountants Act (Bilanzbuchhaltungsgesetz – BiBuG)
• Regulation (EC) No. 1606/2002 on the application of international accounting standards
• Directive 2014/56/EU on statutory audits of annual accounts and consolidated accounts
• Regulation (EU) No. 537/2014 on specific requirements regarding statutory audits of public-interest entities

Relevant Publications

• IFRS Foundation, IFRS Application Around the World: Jurisdictional Profile – Austria, June 2016