Copyright IFRS Foundation 1

IFRSAPPLICATIONAROUNDTHEWORLD

JURISDICTIONALPROFILE:Switzerland

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ThisProfilehasbeenpreparedbytheIFRSFoundationbasedoninformationfromvarioussources.Thestartingpointwasthe
answersprovidedbystandardsettingandotherrelevantbodiesinresponsetoasurveythattheFoundationconductedonthe
applicationofIFRSaroundtheworldbetweenAugustandDecember2012.TheFoundationdraftedtheprofileandinvitedthe
respondentstothesurveyandothers(includingregulatorsandinternationalauditfirms)toreviewthedrafts,andtheir
commentsarereflected.
Profilelastupdated 1October2013
PARTICIPANTINTHEIFRSFOUNDATIONSURVEYONAPPLICATIONOFIFRS
Organisation SwissGAAPFERFoundation
Roleoftheorganisation SwissGAAPFERFoundationisthestandardsettingbodyforfinancialreporting
standardsprovidingatrueandfairview.
Website www.fer.ch
Emailcontact philipp.leu@fer.ch
COMMITMENTTOGLOBALFINANCIALREPORTINGSTANDARDS
Hasthejurisdictionmadeapublic
commitmentinsupportofmovingtowardsa
singlesetofhighqualityglobalaccounting
standards?
No.
Hasthejurisdictionmadeapublic
commitmenttowardsIFRSasthatsingleset
ofhighqualityglobalaccountingstandards?
No.
Whatisthejurisdiction'sstatusofadoption? SwitzerlandhasalreadyadoptedIFRSforsomecompanies.
Additionalcommentsprovidedonthe
adoptionstatus?
IFRSasissuedbytheIASBareacceptedasareportingstandardforlistedand
unlistedcompanies.
Thefollowingtableshowsthefinancialreportingframeworkusedbythe266
companieswhosesecuritiestradeontheSIXSwissExchangeinOctober2013,
bysegmentoftheExchange:

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MainStandard*
Domestic
Standard**
Investment
Companies
RealEstate
Companies
Total
IFRS 138 84% 5 7% 17 100% 9 75% 169 63%
SwissGAAPFER 0 0% 47 65% 0 0% 3 25% 50 19%
USGAAP 27 16% 0 0% 0 0% 0 0% 27 10%
Banklaw 0 0% 20 28% 0 0% 0 0% 20 8%
165 100% 72 100% 17 100% 12 100% 266 100%
*TheMainStandardisintendedforcompaniesseekingcapitalfrominternationalinvestors.
**ThedomesticstandardisintendedforcompaniesseekingcapitalonlyfromSwissdomesticinvestors.
IfthejurisdictionhasNOTmadeapublic
statementsupportingthemovetowardsa
singlesetofaccountingstandardsand/or
towardsIFRSasthatsetofstandards,
explainthejurisdiction'sgeneralposition
towardstheadoptionofIFRSinyour
jurisdiction.
Althoughaformalpublicstatementhasnotbeenmade,theSwissGovernment
acceptsIFRSasissuedbytheIASB(inadditiontotheIFRSforSMEs,USGAAP,
IPSASs,andSwissGAAPFER)asanacknowledgedaccountingframeworkin
accordancewiththeSwissCodeofObligations.
EXTENTOFIFRSAPPLICATION
ForDOMESTICcompanieswhosedebtorequitysecuritiestradeinapublicmarketinthejurisdiction:
Areallorsomedomesticcompanieswhose
securitiestradeinapublicmarketeither
requiredorpermittedtouseIFRSintheir
consolidatedfinancialstatements?
ListedcompaniesarepermittedtouseIFRS.
IfYES,areIFRSREQUIREDorPERMITTED? Permitted.
DoesthatapplytoALLdomesticcompanies
whosesecuritiestradeinapublicmarket,or
onlySOME?Ifsome,whichones?
All.
AreIFRSalsorequiredorpermittedformore
thantheconsolidatedfinancialstatements
ofcompanieswhosesecuritiestradeina
publicmarket?
Yes,permitted.However,entitiesarestillrequiredtoprepareseparate
financialstatementsundertheSwissCodeofObligations.
Forinstance,areIFRSrequiredorpermitted
inseparatecompanyfinancialstatementsof
companieswhosesecuritiestradeinapublic
market?
Listedcompaniesthatdonothavetoprepareconsolidatedfinancialstatements
becausetheydonothavesubsidiariesmustprepareanadditionalsetof
separatecompanyfinancialstatementsaccordingtoIFRS,USGAAPorSwiss
GAAPFER.Statutoryseparatecompanyfinancialstatementsmustalsobe
preparedinaccordancewiththerulesprescribedbytheSwissCodeof
Obligations;thosestatementsaretheauthoritativebasisforthedistributionof
dividends,fortaxpurposes,andfordetermininginsolvency.
Forinstance,areIFRSrequiredorpermitted
forcompanieswhosesecuritiesdonottrade
inapublicmarket?
Companieswhosesecuritiesdonottradeinapublicmarketarepermittedto
useIFRSfortheirconsolidatedfinancialstatementsand(iftheyhaveno
subsidiaries)fortheirseparatecompanyfinancialstatements.Statutory
separatecompanyfinancialstatementsmustbepreparedaccordingtothe
rulesprescribedbytheSwissCodeofObligations;thosestatementsarethe
authoritativebasisforthedistributionofdividends,fortaxpurposes,andfor
determininginsolvency.

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IfthejurisdictioncurrentlydoesNOTrequire
orpermittheuseofIFRSfordomestic
companieswhosesecuritiestradeinapublic
market,arethereanyplanstopermitor
requireIFRSforsuchcompaniesinthe
future?
Notapplicable.
ForFOREIGNcompanieswhosedebtorequitysecuritiestradeinapublicmarketinthejurisdiction:
Areallorsomeforeigncompanieswhose
securitiestradeinapublicmarketeither
REQUIREDorPERMITTEDtouseIFRSintheir
consolidatedfinancialstatements?
ForeigncompanieswhosesecuritiestradeinapublicmarketinSwitzerlandare
permittedtouseIFRS,USGAAP,IFRSasadoptedbytheEuropeanUnion,or
JapaneseGAAP.Foreigncompaniesthatissueonlydebtsecuritiesmayuse
anotherGAAPifspecifiedconditionsaremet;iftheotherGAAPisnottheGAAP
ofanEUorEEAcountry,thenareconciliationofprofitorlossandshareholders
equitytoeitherIFRS orUSGAAPmightbe required.
IfYES,areIFRSREQUIREDorPERMITTEDin
suchcases?
Permitted.
DoesthatapplytoALLforeigncompanies
whosesecuritiestradeinapublicmarket,or
onlySOME?Ifsome,whichones?
All.
IFRSENDORSEMENT
WhichIFRSarerequiredorpermittedfor
domesticcompanies?
IFRSasissuedbytheIASB,iestandardsandamendmentsareadoptedasand
whenissuedbytheIASB.
Theauditor'sreportand/orthebasisof
presentationfootnotesstatesthatfinancial
statementshavebeenpreparedin
conformitywith:
IFRS.
Doestheauditor'sreportand/orthebasisof
preparationfootnoteallowfordual
reporting(conformitywithbothIFRSand
thejurisdictionsGAAP)?
Yes.
AreIFRSincorporatedintolawor
regulations?
AccordingtotheRegulationofRecognisedAccountingStandards,listed
companiesarepermittedtouseIFRSasissuedbytheIASB.
Ifyes,howdoesthatprocesswork? Standardsandamendmentsareautomaticallyadoptedasandwhenissuedby
theIASB.
Ifno,howdoIFRSbecomearequirementin
thejurisdiction?
Notapplicable
Doesthejurisdictionhaveaformalprocess
forthe'endorsement'or'adoption'ofnew
oramendedIFRS(includingInterpretations)
inplace
No.
Ifyes,whatistheprocess? Notapplicable.
Ifno,howdoneworamendedIFRSbecome
arequirementinthejurisdiction?
Standardsandamendmentsareautomaticallyadoptedasandwhenissuedby
theIASB.
Hasthejurisdictioneliminatedany
accountingpolicyoptionspermittedbyIFRS
and/ormadeanymodificationstoanyIFRS?
No.

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Ifyes,whatarethechanges? Notapplicable.
OthercommentsregardingtheuseofIFRSin
thejurisdiction?
None.
TRANSLATIONOFIFRS
AreIFRStranslatedintothelocallanguage? TheIFRSFoundationmakesavailabletranslationsintoFrench,German,and
Italian,whichcanbeusedinSwitzerland.
Iftheyaretranslated,whatisthetranslation
process?Inparticular,doesthisprocess
ensureanongoingtranslationofthelatest
updatestoIFRS?
Notapplicable.
APPLICATIONOFTHEIFRSFORSMEs
HasthejurisdictionadoptedtheIFRSfor
SMEsforatleastsomeSMEs?
Yes.WhereanSMEisrequiredbytheSwissCodeofObligationstoprepare
financialstatementsinadditiontothestatutoryfinancialstatementsor
choosestodoso,SMEsmayusetheIFRSforSMEs.Inaddition,statutory
financialstatementsmustbepreparedinaccordancewiththerulesprescribed
bytheSwissCodeofObligations;thosestatementsaretheauthoritativebasis
forthedistributionofdividends,fortaxpurposes,andfordetermining
insolvency.
Ifno,istheadoptionoftheIFRSforSMEs
underconsideration?
Notapplicable.
Didthejurisdictionmakeanymodifications
totheIFRSforSMEs?
No.
Ifthejurisdictionhasmadeany
modifications,whatarethose
modifications?
Notapplicable.
WhichSMEsusetheIFRSforSMEsinthe
jurisdiction,andaretheyrequiredor
permittedtodoso?
AnySMEmayusetheIFRSforSMEs,butthereisnorequirementtodoso.
ForthoseSMEsthatarenotrequiredtouse
theIFRSforSMEs,whatotheraccounting
frameworkdotheyuse?
WhereanSMEpreparesconsolidatedfinancialstatementsorchoosesto
preparefinancialstatementsinadditiontothestatutoryfinancialstatements,
theSMEmayalsousefullIFRS,USGAAP,SwissGAAPFER,oranyotherGAAP.
OthercommentsregardinguseoftheIFRS
forSMEs?
None.