• National Professional Accountancy Organisation Website: Treuhand-Kammer - Swiss Institute of Certified Accountants and Tax Consultants
• National Standard Setter: Swiss Foundation for Accounting and Reporting (Stiftung für Fachempfehlungen zur Rechnungslegung)

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IAS Plus in German

Switzerland is not a member of the European Union and, therefore, is not subject to the EU IAS Regulation or Accounting Directives.

The Swiss Foundation for Accounting and Reporting publishes accounting standards (ARR/FER, or 'Swiss GAAP'). Compliance with ARR/FER is required by all companies. However, compliance with IFRSs ensures compliance with ARR/FER, and many large Swiss companies have, for a number of years, followed IASs/IFRSs.

Starting with annual reports for 2005 and interim reports for 2006, most Swiss companies whose equity shares are listed on the main board of the Swiss Exchange are required to prepare their financial statements using either IFRSs or US GAAP. Swiss GAAP will not be permitted.

The only exception is for Swiss companies listed on the main board that are not multinational (that is, operate primarily in Switzerland). Those companies may continue to use the Swiss GAAP, or they may choose IFRSs or US GAAP.

Foreign listed companies may continue to use a national GAAP that the Exchange deems to be equivalent to IFRS or US GAAP.

The main board of the Swiss Exchange lists the shares of approximately 280 Swiss and 120 non-Swiss companies.

German translation of the 2011 'Red Book'

The IASB has announced the availability of a German translation of the 2011 International Financial Reporting Standards ('Red Book'). The Red Book contains the official pronouncements issued by the IASB as at 1 January 2011 and includes IFRSs with an effective date after 1 January 2011, but not the IFRSs they will replace.

The two volume set is available for purchase for €89. Click for more information (link to IASB website, details in German).

SIX Exchange Regulation IFRS areas of focus for 2011 financial statements

SIX Exchange Regulation, an autonomous division within SIX Group overseeing the SIX Swiss Exchange, has released its annual communiqué identifying the areas on which it intends to focus in its regulatory review of 2011 annual financial statements of companies listed on the SIX Swiss Exchange. SIX Exchange Regulation intends to check, on a random basis, compliance with the IFRS requirements on financial instruments. Particular attention will be paid to the financial statements of banks and securities dealers.

Further, the SIX Exchange Regulation has updated its Circular No. 2 which identifies IFRS issues that have led to discussions with or measures against issuers in the past.

IFRS Survey 2011: A closer look at financial reporting in Switzerland

Deloitte Switzerland has completed the second survey of the application of IFRS accounting standards by Swiss public companies. The survey was based on 2010 annual reports published by 30 companies with a total market capitalisation of 582 billion francs, or 62% of the total market capitalisation of the Swiss stock exchange. The main objectives of the survey were to discover: the level of variety in presentation of the primary statements in listed companies' financial statements; how compliance with disclosure requirements and the accounting policy choices made under IFRSs varied; the quality and relevance of information disclosed in relation to complex areas such as pension, taxes and financial instruments; the impact of changes to accounting standards effective for the first time in 2010; and the forseeable impact of future changes in the areas of pension and and lease accounting. Click for: IFRS Survey 2011: A closer look at financial reporting in Switzerland (PDF 11.4mb)

Swiss and US regulators reach a statement of protocol agreement

The Swiss Federal Audit Oversight Authority and Financial Market Supervisory Authority and the Public Company Accounting Oversight Board of the United States (PCAOB) have entered into a Statement of Protocol, establishing a cooperative framework for supervisory oversight of auditors that practice in each country. The Statement of Protocol between the regulators allows the PCAOB to commence joint inspections of accounting firms in Switzerland that audit, or participate in audits, of companies whose securities trade on U.S. markets. Also, the agreement includes provisions governing the sharing of confidential information between both regulators.

Click for:

• PCAOB press release (link to PCAOB site).
• Statement of Protocol (link to PCAOB site).

IFRS Survey 2010: A closer look at financial reporting in Switzerland

Deloitte Switzerland has completed a first survey of the application of IFRS accounting standards by Swiss public companies. The survey was based on 2009 annual reports published by 30 companies with a total market capitalisation of 572 billion francs, or 62% of the total market capitalisation of the Swiss stock exchange. In selecting the sample, the aim was to include not only the largest listed companies but also to ensure that entities which were selected varied as much by activity as by geographic location. Ten of the companies selected are included in the SMI index. The main objectives of the survey were to discover: the level of variety in presentation of the primary statements in listed companies' financial statements; which critical judgments and key estimations directors consider to be the most significant when preparing their financial statements; how compliance with disclosure requirements and the accounting policy choices made under IFRSs varied; the impact of changes to accounting standards effective for the first time in 2009; and how companies comply with disclosure requirements specific to Swiss listed companies. Click for: IFRS Survey 2010: A closer look at financial reporting in Switzerland (PDF 2,507k)

SIX Swiss Exchange IFRS areas of focus for 2009 financial statements

SIX Exchange Regulation, an autonomous division within SIX Group overseeing the SIX Swiss Exchange, has released its Annual Communiqué (PDF 59k) identifying the areas on which it intends to focus in its regulatory review of 2009 annual financial statements of companies listed on the SIX Swiss Exchange. The areas of focus will be:

• Measurement and disclosure of financial instruments (IAS 39/IFRS 7)
• Reporting on operating segments (IFRS 8/IAS 36)

SIX Swiss Exchange areas of focus for 2009 interim reports

The SIX Swiss Exchange has released its Communiqué 1/2009: Areas of Focus for the Review of 2009 Semi-annual Financial Statements (PDF 56k). Financial reporting issues on which the Exchange intends to focus will be:

• Valuation of financial instruments (IAS 39)
• Impairment of assets (IAS 36)
• Reporting on operating segments (IFRS 8)
• Application of the provisions on business combinations (IFRS 3 and IAS 27)
• Presentation of comprehensive income (IAS 1)

SIX Swiss Exchange areas of focus and updated IFRS circular

The SIX Swiss Exchange (formerly known as SWX) has released its Annual Communiqué (PDF 59k) identifying the areas on which they intend to focus in their regulatory reviews of annual financial reports for 2008 of SIX Swiss Exchange listed companies. The areas of focus will be:

• Measurement and disclosure of financial instruments (IAS 39/IFRS 7)
• Impairment of assets (IAS 36)
• Assets and obligations relating to employee benefit plans (IAS 19/IFRIC 14)
• Non-current assets held for sale and discontinued operations (IFRS 5)

Swiss Exchange guidance on IFRS implementation

The Swiss Stock Exchange (SWX) has released its Annual Communique (PDF 26k) identifying the areas on which they expect to focus in their regulatory reviews of annual financial reports for 2007 and semi-annual financial reports for 2008 of Swiss Exchange (SWX) listed companies. The areas of focus will be:

• Disclosures of financial instruments (IFRS 7)
• Accounting policies (IAS 1)
• Income taxes (IAS 12)
• Related party disclosures (IAS 24)
• Intangible assets from business combinations (IAS 38/IFRS 3)