New Swiss financial reporting law (Code of Obligations)
The new financial reporting law came into force on the 1st January 2013. Following a transitional phase, it must be applied for the 2015 financial year at the latest and for the 2016 financial year for consolidated financial statements.
The new financial reporting law was put in place to introduce consistent rules for companies with specific requirements, depending on the companies' sizes rather than their legal forms. It further improves the consistency of financial statements' structure and terminology and increases transparency by disclosing a management report and cash flow statements as well as additional information in the disclosure notes.
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