1. How are developments in financial reporting taken into account?
In accomplishing that, SIX Exchange Regulation is supported by a "Financial Reporting Expert Advisory
Panel". This body acts in a consultative capacity and expresses its opinion at the strategic
level relating to the enactment and implementation of financial reporting rules. The Expert Advisory
Panel consists of two issuer representatives, two auditing professionals, two financial analysts, and
Prof. Dr. Conrad Meyer, who acts as its chairman and represents the academia.
2. Which topics are discussed by the Financial Reporting Expert Advisory Panel?
Every six months following the meeting of the Financial Reporting Expert Advisory Panel,
SIX Exchange Regulation provides information on the topics discussed.
II) Issuers not domiciled in Switzerland
Issuers whose registered offices are not located in Switzerland may also apply
the accounting standard valid for their home country (home standard)
if it has been recognized by the Regulatory Board.
An overview of recognized accounting standards can be found in
Annex 1 Directive Financial Reporting.
4. What are the requirements to interim financial reporting?
Issuers of listed equity securities are obligated to publish semiannual financial statements.
If on a voluntary basis quarterly financial reports are published, those financial statements
must be prepared in keeping with the same financial reporting requirements applied in the
semiannual financial statements.
Interim financial statements must be prepared in accordance with the same accounting standard
applied in the annual financial statements. The simplified manner of interim financial reporting
provided for under IAS 34 or, as it were, Swiss GAAP FER 12 is applicable. By way of analogy,
US GAAP preparers could adhere to Financial Accounting Standards Board (FASB) Accounting
Standards Codification Topic 270 in their interim financial statements, but must publish
additionally at minimum a condensed balance sheet, statement of cash flows and statement
of shareholder equity.
5. Are there additional disclosure requirements for real estate and investment companies?
Yes, in their semiannual and annual financial statements, real estate and investment companies
must fulfill disclosure requirements that extend beyond the stipulations of the given accounting
standard. Investment companies must include additional information as per
Scheme B, Point 2.9.7[pdf]
in the notes to their financial statements; for real estate companies, the requirements laid down
in Scheme C, Point 2.7.7[pdf]
apply analogously.
6. Is there any guidance on the practical application of financial reporting available?
The findings of SIX Exchange Regulation with regard to the IFRS financial statements that
have been reviewed are published in an annually updated and supplemented
IFRS Circular.
Additionally, the following guidance on financial reporting is available:
Number
Description
Entry into force
Publication
Download
07/2008
Valuation and recognition of post-employment benefits in the interim financial statements
as per IAS 19
30.05.2008
07/2004
Recommendation on procedure for communicating change in applied accounting standards
26.04.2004
7. Can one subscribe to a newsletter?
Interested individuals can have their names added to the distribution list for
"SIX Exchange Regulation News", a publication that includes the latest media releases
concerning agreements and sanctions as well as notices or new regulations in the area
of SIX Exchange Regulation's enforcement activities.
