The agency was founded in the business year 2002, based on Art. 7 of the Austrian Health and Food Safety Act and was opened on 1st June 2002 in line with legislation.
The segment medical and pharmaceutical market supervision (Medicines and Medical Devices; MEA, formerly PharmMed) was integrated into AGES in the business year 2006, based on provisions in the Austrian Health and Food Safety Act, which incorporated the Bundesinstitut für Arzneimittel (BIfA; Federal Office for Pharmaceuticals) into AGES establishing the Federal Office for Safety in Healthcare.
The regulations for financial reporting from the Austrian Commercial Code, as amended, were applied to this annual financial statement from 31st December 2013.
The annual financial statement was compiled taking into account accepted accounting principles and general standards to provide the truest possible reflection of the company’s assets, finances and profits.
Accounting and valuation was done based on generally accepted principles. Thus, the principles of accurate and proper accounting codified in Art. 201 par. 2 of the Austrian Commercial Code were observed, as were the provisions on the classification and valuation of the balance sheet and the profit and loss account as stated in Art. 195 to 211 and Art. 222 to 235 of the Austrian Commercial Code.
The profit and loss account is compiled using the aggregate cost method.