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IFRS Survey 2014
Financial reporting by listed companies
The complexity of international accounting standards at the heart of the debate
We are pleased to present our annual Survey on IFRS reporting by Swiss listed groups. Now in its fifth year, we have focused our survey on those matters which most concern preparers, investors and regulators alike. The complexity of IFRS requirements and the length of associated disclosures have led to concerns about a lack of transparency in financial statements. As a result, this year our survey delved into the various components of management's communication with investors to provide an extended review of narrative reporting.
Secondly, 2013 was not a peaceful year in the world of IFRS, with many changes to pensions, consolidation and fair value measurement. We also looked at the impact of these changes on financial statements.
Last but not least, our discussions with Swiss listed groups have revealed an increasing interest in Swiss GAAP FER following the conversion of certain high-profile companies to these accounting standards, and so our study includes an analysis of the impact on the financial statements of this change.
The annual reports of 30 Swiss listed companies were reviewed to determine current practice. The sample of companies represents a market value of CHF 765 billion as at 31 December 2013 or 66% of the total market capitalisation of the Swiss exchange.