Austria

Christian Nowotny and Martin Wagner

Chapter Chapter 5 in Transnational Accounting, 1995, pp 315-378 from Palgrave Macmillan

Abstract: Abstract Until the passage of the Financial Reporting Act (Rechnungslegungsgesetz, RLG) in 1990 Austrian law made no provision for the regulation of group accounts. The need for changes in the legislation first became evident in the late 1970s and early 1980s with a succession of company failures. In every case the management had maintained an appearance of financial health and stability for several years by selling goods within the group, issuing shares to other companies in the group, and similar devices (Seicht, 1982, p. 5). Subsequent calls for a legal requirement to prepare consolidated accounts became increasingly strident. After promulgating amendments of the bankruptcy code in 1980 and of company law in 1982, the legislators started looking seriously at group accounts.

Keywords: Balance Sheet; Parent Company; Supervisory Board; Group Account; Consolidate Financial Statement (search for similar items in EconPapers)
Date: 1995
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-349-13233-1_5

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DOI: 10.1007/978-1-349-13233-1_5

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