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KPMG's Swiss Code of Conduct outlines the ethical principles that define our business activities.
In this issue of iCircle magazine we cover the multiple changes that currently impact the Swiss insurance industry.
The current issue of SFSN addresses the impact of the automatic exchange of information on Swiss private banking.
This publication gives you an overview about the coming changes regarding the new financial reporting act.
With this publication we aim to make it easier for you to read and comprehend annual reports.
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Audit, Tax, Advisory, Corporate Services – how do you plan to begin? Choose your career at KPMG.
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Terms are independent of the legal form
The provisions on accounting and reporting do not depend on legal form and are applicable to all legal entities as well as stand-alone companies and partnerships with revenue higher than CHF 500,000.
The accounting and financial reporting may be in Swiss francs or a business-relevant currency (indicating all values in CHF as well). The act prescribes that the balance sheet and the income statement of all entities concerned require a minimum structure and for the notes an extended minimum content.
Valuations must be made prudently, without obstructing a reliable assessment of the financial situation. Hidden reserves (even arbitrary ones) continue to be acceptable. However, when recognizing an asset, the principle of acquisition or manufacturing cost remains applicable. Generally, the principle of individual valuation applies.
Consolidated accounts must be prepared if a company controls one or several entities. Associations, foundations and cooperatives may delegate this duty to a controlled entity.
No consolidated accounts must be prepared in the following cases:
The consolidated financial statements of most companies continue to be subject to the principles of orderly financial reporting.
Implementing the new requirements on accounting and disclosure
Preparing a cash-flow statement and Management report for larger entities
Preparing additional financial statements as per a recognized standard for large cooperatives and foundations
Prof. Reto Eberle
Partner, Audit DPP, Swiss Certified Accountant
+41 58 249 42 43
+41 58 249 53 04
KPMG Holding AG/SA, a Swiss corporation, is a member of the KPMG network of independent firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss legal entity. All rights reserved. The KPMG name and logo are registered trademarks.
KPMG International Cooperative (“KPMG International”) is a Swiss legal entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm.