Report on the Federal Financial Statements
The report on the Federal Financial Statements (FFS) serves as a basis for the National Council to exercise its control prerogative and comprises the results of the federal financial administration. The report on the FFS presents assets, earning, and financial position of the Federation and of legal entities it administers as well as provides information on federal debts. It is composed of a text section consisting of three volumes and a figures section. Volume 1 contains the basic elements and information on the report on the FFS on a national level, focussing in particular on a general state overview and the European framework. Volume 2 contains information on the report regarding the individual subsections. Volume 3 contains the results of the audits conducted according to section 9 Court of Audit Act. The figures section elaborated by the Federal Ministry of Finance presents the accounting statements.
Upon the resolution of the National Council on 24 November 2015 (Federal Law Gazette (F.L.G.) No. I 144/2015, 14 December 2015), section 118 Federal Budgetary Law was deleted, hence the obligation of the Austrian Court of Audit (ACA) to submit the comparison of budget estimates by 30 April was no longer in force. The deadline for submitting the report on the FFS was moved to an earlier date, 30 June, in line with international recommendations to present accounting statements within six months after the termination of the financial year. Consequently, the report on the FFS is no longer submitted to the National Council in two stages, but all at once and at an earlier date (until 30 June instead of 30 September of the following financial year).
Pursuant to section 119 Federal Budgetary Law, the report on the FFS comprises in particular:
- statement of financial position of the Federation in the structure of the Federal Finance Bill, divided into expenditures and revenues including the estimate; the statement of financial position must be compared with the estimate (comparison of budget estimate for the statement of financial position),
- operating statement of the Federation in the structure of the Federal Finance Bill; the operating statement must be compared with the estimate (comparison of budget estimate for the operating statement),
- asset statement of the Federation in the federal structure, as well as
- financial statements of legal entities administered by the Federation.
More regulations regarding the composition, submission and structure of the financial statements as well as the annexes were introduced by the ordinance of the ACA about federal accounting (Accounting Ordinance, RLV 2013), F.L.G. No. II 466/2015.