Switzerland

Update for October 2009
Update for June 2009
Update for October 2008
Update for October 2007
Update for April 2006

Financial Reporting Framework in Switzerland (April 2006 Update)

Adoption of IFRSs in Europe Effective in 2005

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.

October 2009 Update

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)
Further, the SIX Exchange Regulation has updated its Circular No. 2 (PDF 74k), which identifies IFRS issues that have led to discussions with or measures against issuers in the past.

June 2009 Update

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)
Nearly three-quarters of the Exchange's listed companies use IFRSs. Further information on financial reporting can be found on the Financial Reporting Section of the Exchange's Website. In addition, the Exchange's Regulatory Board adopted Revised Listing Regulations (PDF 59k) effective 1 July 2009.

October 2008 Update

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)
Further, the SIX Swiss Exchange has updated its Admission Board Circular Nr. 6 (PDF 167k), which identifies IFRS issues that have led to discussions with or actions against issuers in the past.

October 2007 Update

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)
Further, the SWX has updated its Admission Board Circular No. 6 (PDF 136k), which identifies 24 IFRS issues that have led to discussions with or actions against issuers in the past.


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