Stay smart about recent accounting standards and financial reporting developments
Financial reporting serves to represent the economic state of a company in a form which outsiders can understand. The 2013 reformed accounting law – which comes into force for most companies as from the fiscal year 2015 – requires various changes at company level. Since the financial report also continues to serve as the basis for tax assessment, it is important to note some of the new aspects. This is the only way to achieve one of the objectives of this legislative reform – the tax neutrality of the amendments.
The Code of Obligations (CO) forms the legal basis for the bookkeeping and accounting of many organisations. Although the accounting of many companies goes beyond the minimum requirements of the CO, the switch to a different set of rules nonetheless brings many technical questions and new organisational problems, which we would be happy to resolve.
Swiss GAAP FER is a basis for financial reporting which provides an attractive alternative to IFRS and the CO for small and medium-sized enterprises, non-profit organisations, as well as building- and health insurers. This national standard for companies that are mainly active in Switzerland, is also approved by the Swiss SIX Exchange (stock exchange) as an alternative for companies in the "Domestic Standard" and "Standard for Real Estate Companies" sectors, and is even prescribed by law for pension funds.
The IFRS (International Financial Reporting Standards) develop constantly – but even with these increasing demands on financial reporting, investors still require reliable and timely reports.
Despite this tension, management must also assess the impact of IFRS on the business model and business operations and take appropriate measures. We can help you to address this very difficult challenge.
Find an overview of our IFRS publications below or on our global site.
Register for our newsletter here and choose "Accounting Standards IFRS" in the Topics section to stay informed.
The US GAAP and the regulations of the US Securities and Exchange Commission are continually being developed and revised – on top of these increasing demands, there is also the added difficulty of always implementing new standards in good time.
In addition, new and revised accounting standards can affect your business model and the operational activities of your company in many ways - we will help you to correctly assess these impacts and comply with accounting standards.
The change from one accounting standard to another is a complex process that affects not only the reporting but also the business processes in numerous sectors and various tax issues. A successful and efficient change of accounting standards therefore requires thorough planning - we will help you achieve this.
Partner, Capital Markets & Accounting Advisory Services Leader, PwC Switzerland
Tel: +41 58 792 25 37
Leader Accounting Consulting Services, PwC Switzerland
Tel: +41 58 792 26 54
Leader Swiss GAAP FER, PwC Switzerland
Tel: +41 58 792 26 76