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SIX Exchange Regulation publishes areas of focus for 2012 IFRS financial statements

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01 Oct 2012

SIX Exchange Regulation has released its annual communiqué identifying the areas on which it intends to focus in its regulatory review of 2012 annual financial statements of companies listed on the SIX Swiss Exchange.

According to the communiqué, SIX Exchange Regulation intends to check compliance with the IFRS requirements particularly in the following areas:

  • Critical review of disclosures with respect to their relevance, understandability and timeliness.
  • Appropriateness of the measurement of revenues under IAS 18 and the corresponding presentation in the statement of comprehensive income.
  • The correct determination of the scope of consolidation with regard to special purpose entities under IFRS 10 and the distinction between "joint operations" and "joint ventures" under IFRS 11 upon adoption of these standards.
  • Appropriateness of the aggregation of groups of provisions as well as the level of detail of the disclosures for each group of provisions.

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.

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