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Accounting Standards in Switzerland

Accounting Standards in Switzerland

Updated on Thursday 03rd August 2017

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Accounting-Standards-in-Switzerland.jpgAccounting standards in Switzerland are performed through national regulations, as the country is not a member state of the European Union (EU). Companies in Switzerland are required to comply with the Swiss Generally Accepted Principles (SGAP), as stated by the Swiss Code of Obligations. The main institution which provides the legislative framework for the accounting principles in this country is the Swiss Foundation for Accounting and Reporting. Our team of lawyers in Switzerland can offer in-depth assitance on the legal principles that are to be performed by any commercial company operating here. 

Regulations for accounting procedures in Switzerland  

Companies operating in Switzerland are required to prepare various accounting documents, that should be submitted with the relevant institutions. All companies in Switzerland have to prepare financial statements, except companies which operate as private partnerships and private enterprises
At the same time, listed companies in Switzerland have to submit financial documents following the Swiss GAP, as long they are registered in this country. Our team of Swiss lawyers can offer in-depth advice on other types of legal entities that are required to submit financial documents
It is important to know that a fiscal year in Switzerland starts on 1st of January and ends on 31st of December


Financial documents for Swiss comercial companies

A legal entity operating in Switzerland is considered a commercial company if during the registration procedure, the business form was registered with the Commercial Register
In this case, such companies have to prepare a set of financial documents, as stated by the Swiss Code of Obligations:
a book-of-account;
a balance sheet;
a profit-and-loss statement;
an inventory
the notes
Certain documents, such as the balance sheet, income statements and notes, have to be prepared every financial year. They have to be concluded following the accounting principles applicable here and they should provide a clear image on the financial situation of the company
After completing the company’s financial statements, they will be presented to the Board of Directors, in a period no longer than six months after the end of the financial year. As a general rule, such documents are publicly available, but the regulation is not applicable to non-public Swiss companies
Businessmen are invited to contact our law firm in Switzerland for further advice on the accounting standards available here. Our lawyers can also provide advice on the requirements for submitting such documents. 


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