KPMG's Swiss Code of Conduct outlines the ethical principles that define our business activities.
Clarity on Commodities Trading takes a closer look into the industry’s trends and commodities trade flows.
The latest private banking study conducted by KPMG and the HSG analyzes the major challenges faced by Swiss private banks.
Overview of all current FINMA circulars concerning the application of financial market legislation.
This publication gives you an overview about the coming changes regarding the new financial reporting act.
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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
Partner, Swiss Certified Accountant
+41 58 249 25 51
KPMG Holding AG is a member of the KPMG network of independent firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss legal entity. All rights reserved
KPMG International Cooperative (“KPMG International”) is a Swiss 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.