Audit & Accounting Newsletter September 2026
On 7 July 2026, the Austrian National Council passed an amendment to the Austrian Unfair Competition Act (UWG in German) by majority vote. The amendment implements the Empowering Consumers for the Green Transition Directive (EmpCo Directive, 2024/825), which aims to further combat greenwashing. Environmental claims and claims relating to social impacts will in future need to be clearly substantiated....
In this article, we provide an overview of the Voluntary Standard (formerly VSME). We outline the key differences between the final standard and earlier versions, discuss the implications of the Value Chain Cap, and explain the requirements for voluntary assurance.
With IFRS 18 “Presentation and Disclosure in Financial Statements”, one of the most significant reforms of IFRS financial statement presentation in many years is approaching. IFRS 18 replaces substantial parts of IAS 1 and aims to improve the comparability and transparency of financial performance reporting. However, implementation is far more than a mere change in presentation format. It affects...
Anyone taking out an insurance policy in Europe rarely considers what would happen if the insurer itself became insolvent. At present, the answer varies significantly depending on the Member State in which the insurance undertaking is authorised. At the end of August, the European Insurance and Occupational Pensions Authority (EIOPA) submitted technical advice to the European Commission addressing...
Corporations, as well as partnerships where no natural person is personally liable, certain cooperatives, and branches of foreign corporations (subject to specific conditions), must generally prepare their statutory and consolidated financial statements within five months and submit them to the Commercial Register Court (Firmenbuchgericht)within nine months after the balance sheet date.
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