Accounting 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
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.