FAQ Requirements for financial reporting
Which accounting standards are accepted?
The Directive on Directive Financial Reporting lays out the recognized accounting standards as follows:
I) Issuers domiciled in Switzerland
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.
Which accounting standards do issuers apply?
The following link provides an overview of listed companies and their accounting standards: List of listed issuers.
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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 31 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.
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 in the notes to their financial statements; for real estate companies, the requirements laid down in Scheme C, Point 2.7.7 apply analogously.
Is there any guidance on the practical application of financial reporting available?
The findings of SIX Exchange Regulation with regard to the IFRS and Swiss GAAP FER financial statements that have been reviewed are published in an annually updated and supplemented Financial Reporting Circular.
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Related requests should be submitted to:
Circular No. 2
Circular No. 2 - Financial Reporting
Scheme C - Real Estate Companies
Scheme B - Investment Companies
Directive Financial Reporting
Directive on Financial Reporting
Directive Alternative Performance Measures
Directive on the Use of Alternative Performance Measures
SIX Exchange Regulation Communiqué No. 3/2019
Updated findings on IFRS and Swiss GAAP FER from the reviews of semi-annual and annual financial statements completed last year