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The new accounting law in practice

26 August 2016
KENDRIS Author(s): 

Neues Rechnunglegungsrecht

Mandatory conversion of 2015 financial reporting

On 23 December 2011, the parliament passed a new accounting law. On 31 December 2015, the two-year transition period will expire, which means financial reporting must comply with the new law from 31 December 2015.

Have you adapted your financial reporting to meet the requirements of the new accounting law? The annual financial statements must be presented in accordance with the provisions of the new law from 2015. Our factsheet shows which points have to be taken into consideration for implementing accounting practices compliant with the new legal regime.

If your accounting still conforms to the old standards, you have until the end of the year to analyse your accounts structure and harmonise it with the new minimum requirements, so you can make the necessary adjustments to your financial reporting without delay. We recommend you take the following steps regarding the compilation of your 2015 financial statements as soon as possible, assuming you haven't done so already:

  1. Review the structure of the balance sheet and income statement against the applicable minimum legal requirements (ensure that the prescribed sequence and designation of items comply with Art. 959a and Art. 959b);
  2. Analyse previous valuation principles and their conformity with the new legal requirements (e.g. mandatory inclusion as assets and mandatory individual valuation);
  3. Obtain information pertaining to more extensive disclosures in the notes;
  4. Formulate a draft of the notes, especially the formulation of disclosures on the accounting principles applied;
  5. Establish whether a cash flow statement and management report are required (only mandatory for larger companies);
  6. If Point 5 does apply, define the structure of the cash flow statement and content of the management report;
  7. Decide whether and, if so, how to use the interim regulations.

The presentation from our last client event outlines the opportunities presented by the accounting changes, for example from a tax perspective and how the accounting system is structured now.

German Presentation client event on the new accounting law 1012

German Presentation client event on the new accounting law 1013

You can also find anything else you may need to know, such as the extract of the new accounting law on the official web page of the Swiss Confederation.

Our accounting experts can offer you pragmatic and practical solutions, including in the short term, to convert your financial reporting to the new legal requirements.

Annual statements according to the new accounting law

Have you any questions? Please feel free to get in touch.