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Review of practical implementation issues relating to international financial reporting standards: Case study on Switzerland


Eberle, Reto; et al (2008). Review of practical implementation issues relating to international financial reporting standards: Case study on Switzerland. In: Intergovernmental Working Group of Experts on International Standards of Accounting and Reporting, twenty-fifth session , Genf, 4 November 2008 - 6 November 2008, 1-19.

Abstract

This case study presents the context, application and enforcement of international financial reporting standards (IFRS) in Switzerland. It begins with an introduction to the Swiss legal framework by presenting the requirements for accounting, reporting, and auditing. It then examines the application and enforcement of IFRS in Switzerland, particularly for listed companies. It concludes with a summary and an overview of expected amendments to the legal framework. The study notes that the regulatory framework for financial reporting in Switzerland is oriented towards the protection of creditors. International exposure and a need to raise external capital motivated Swiss entities to implement International Accounting Standards (IAS) on a voluntary basis and provide consolidated financial statements. The study shows that, between 2001 and 2007, the number of number of entities listed on the Swiss Exchange that prepare their annual reports on the basis of IFRS grew from 155 to 191. In 2007, out of a total of 262 companies listed on the Swiss Exchange, about 73 per cent prepared their financial statements in accordance with IFRS. For 2007, the key areas of focus for enforcement of IFRS for the Swiss Exchange relate to: financial instruments disclosure; accounting policies; income taxes; related party disclosures; and intangible assets from business combinations.

This case study presents the context, application and enforcement of international financial reporting standards (IFRS) in Switzerland. It begins with an introduction to the Swiss legal framework by presenting the requirements for accounting, reporting, and auditing. It then examines the application and enforcement of IFRS in Switzerland, particularly for listed companies. It concludes with a summary and an overview of expected amendments to the legal framework. The study notes that the regulatory framework for financial reporting in Switzerland is oriented towards the protection of creditors. International exposure and a need to raise external capital motivated Swiss entities to implement International Accounting Standards (IAS) on a voluntary basis and provide consolidated financial statements. The study shows that, between 2001 and 2007, the number of number of entities listed on the Swiss Exchange that prepare their annual reports on the basis of IFRS grew from 155 to 191. In 2007, out of a total of 262 companies listed on the Swiss Exchange, about 73 per cent prepared their financial statements in accordance with IFRS. For 2007, the key areas of focus for enforcement of IFRS for the Swiss Exchange relate to: financial instruments disclosure; accounting policies; income taxes; related party disclosures; and intangible assets from business combinations.

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Additional indexing

Item Type:Conference or Workshop Item (Paper), not refereed, original work
Communities & Collections:03 Faculty of Economics > Department of Business Administration
Dewey Decimal Classification:330 Economics
Language:English
Event End Date:6 November 2008
Deposited On:12 Jun 2012 09:10
Last Modified:05 Apr 2016 15:52
Publisher:s.n.
Funders:United Nations
Permanent URL: https://doi.org/10.5167/uzh-63095

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