The Swiss Financial Market Supervisory Authority ("FINMA") Circular ("Circ.") 15/01 "Accounting - banks / Accounting rules for banks, securities dealers, financial groups and conglomerates" has replaced the FINMA Circ. "Accounting - banks / Guidelines on accounting standards under Art. 23 to Art. 27 of the Banking Ordinance" (hereafter "FINMA Circ. 08/02").
Its purpose is to complement and specify the provisions on accounting and filing financial reports set out by the revised version of the Swiss Code of Obligations ("CO"), the revised Federal Act on Banks and Savings Banks ("BA") and the revised Federal Ordinance on Banks and Savings Banks ("BO"). The Circular introduces changes with respect to presentation requirements applicable to the minimum structure of the financial statements. It is binding for financial periods commencing on or after 1 January 2015. Transitional provisions are applicable to some key areas, such as individual valuation and goodwill depreciation.
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