Austrian GAAP (Generally Accepted Accounting Principles) refers to the accounting standards, rules, and procedures that are commonly accepted in Austria. These principles are established by the Austrian Financial Reporting Enforcement Panel (FREP) and are used by companies to prepare their financial statements in accordance with Austrian accounting regulations. Austrian GAAP may differ from International Financial Reporting Standards (IFRS) in some areas, but it aims to provide a consistent and transparent framework for financial reporting in Austria.