They each have their own little nuances depending on transaction that it taken place, but the standards are mostly straight forwards in what the accountants are required to do. This is why it should come as no surprise that the financial disclosures in Swiss GAAP are just a stringent as they are in the US GAAP framework. The disclosure requirements in Swiss GAAP vary by the industry in which the company operates as well as how the big the company’s operations are. To disclosure requirements can be easily looked at by breaking them down in five separate sections to determine if the company needs to comply with the certain disclosures in their financial statements. The first of these sections is Core-FER, which is made of up the FER framework and FER standards 1 to 6. The framework details the general standards according to Swiss GAAP FER. Then the standards 1-6 are requirements that are entities no matter how big or small must comply with. These next section titles additional FER looks at the standards numbered 10-27 while excluding 14, 21, and 26. These three statements deal with industry specific requirements that companies in those sectors must comply with. The others are applied to companies that meet two of the following requirements in two successive years. The first states that the company has a total balance sheet of 10 million Swiss Francs, which is abbreviated “CHF”. Second, the company has total revenues of 20 million CHF. Lastly, the company employs 50 full-time positions on an annual average. If the company meets two of those three then there disclosures must comply with the Core-FER and additional FER. The next disclosure requirement deal with those who have to prepare consolidated financial statements. For those who fit this condition they must refer to FER 30 for the steps to be taken in the disclosure process. Another condition that
They each have their own little nuances depending on transaction that it taken place, but the standards are mostly straight forwards in what the accountants are required to do. This is why it should come as no surprise that the financial disclosures in Swiss GAAP are just a stringent as they are in the US GAAP framework. The disclosure requirements in Swiss GAAP vary by the industry in which the company operates as well as how the big the company’s operations are. To disclosure requirements can be easily looked at by breaking them down in five separate sections to determine if the company needs to comply with the certain disclosures in their financial statements. The first of these sections is Core-FER, which is made of up the FER framework and FER standards 1 to 6. The framework details the general standards according to Swiss GAAP FER. Then the standards 1-6 are requirements that are entities no matter how big or small must comply with. These next section titles additional FER looks at the standards numbered 10-27 while excluding 14, 21, and 26. These three statements deal with industry specific requirements that companies in those sectors must comply with. The others are applied to companies that meet two of the following requirements in two successive years. The first states that the company has a total balance sheet of 10 million Swiss Francs, which is abbreviated “CHF”. Second, the company has total revenues of 20 million CHF. Lastly, the company employs 50 full-time positions on an annual average. If the company meets two of those three then there disclosures must comply with the Core-FER and additional FER. The next disclosure requirement deal with those who have to prepare consolidated financial statements. For those who fit this condition they must refer to FER 30 for the steps to be taken in the disclosure process. Another condition that