Open questions relating to financial reporting in compliance with Swiss GAAP FER are to be solved in line with the framework. The framework, binding for all organisations, contains the principles that form the basis for the accounting according to Swiss GAAP FER.
The framework specifically contains the following elements: purpose and content, objective of financial statements, basis of financial statements, allowed valuation principles for assets and liabilities and qualitative requirements. Additionally, the principles of Swiss GAAP FER are named and the relationship to the tax law is described.
Regulations of new recommendations prevail over those specified in older recommendations.
Financial reporting in compliance with Swiss GAAP FER is developed on the basis of the following principles:
- Promotion of meaningful financial reporting
- True & fair view as a basis
- Principle-based recommendations with a generally valid framework
- Granting of options; disclosure of the applied methods
- Establishing meaningful assumptions for a possible transition to international standards.