The Audit Committee News informs you about all of the latest trends in its core focus areas of corporate governance, risk management & compliance and corporate reporting. The ACNews features articles penned by experts from Switzerland and many other countries around the world.
Escalating trade conflicts are shaping US trade and foreign policy. Switzerland will also be increasingly affected. Jan Atteslander of economiesuisse explains the main developments and how Swiss economic diplomacy is reacting to them.
At the legislative level, the Swiss Anti-Money Laundering Act will have to be amended, which the Swiss Federal Council submitted for consultation in June. The expansion of the due diligence obligations provided for therein is also relevant for companies that are not financial intermediaries. In addition, the Responsible Business Initiative is being given a boost in the Committee of Legal Affairs of the National Council. Their deliberations aim at an indirect counter-proposal that would regulate the scope of companies concerned and the related duties of the Board of Directors.
The new IFRS standards on financial instruments (IFRS 9) and on revenues from contracts with customers (IFRS 15) are to be applied for the first time in the 2018 financial year – the introduction is subject to considerable discretionary powers, the boundaries of which are important for members of the Board of Directors to know. At a political level, the EU has opened a public consultation on corporate reporting in general and the suitability of IFRS for Europe in particular.
Internal auditing is also subject to constant change. It is expected to provide a broader analysis of risks in the future. We show you the 20 most important risks that will shape the risk landscape until 2020.
Enjoy the read!
Philipp Hallauer and Reto Eberle
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