Regulation and Enforcement of Financial Reporting in Austria

Doris Merkl-Davies

Journal of Management & Governance, 2004, vol. 8, issue 2, 199-225

Abstract: This paper provides an overview of financial reporting instruments and enforcement mechanisms in Austria, with special emphasis on the role of the courts in this process. Former research in this area has either focused on the content of judicial rulings and interpretations of the law or on the interplay between regulation and creative accounting, whereas this paper focuses on the involvement of courts and administrative authorities in the regulation and enforcement process by means of a statistical analysis of judicial rulings and interpretations of the law in the case of Austria between 1990 and 2003. The Administrative Court, in its role as the highest court of appeal in all tax matters, emerges as by far the most active enforcement agent in Austria. This is a direct result of fiscal authorities fulfilling the role of an enforcement agency of financial reporting regulations in Austria. Regulation and enforcement of financial reporting regulations occur less frequently in the civil and criminal courts and emerge as a by-product of company litigation issues. Almost fifty percent of cases are not primarily concerned with the enforcement of accounting regulations, but with the enforcement of filing regulations.

Date: 2004
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