SIX Exchange Regulation has reached an agreement with Accu Holding AG in relation to the breaches of Swiss GAAP FER accounting standards in the latter’s 2010 interim financial statements. The defects identified by SIX Exchange Regulation concerned errors relating to the recognition, valuation and presentation of provisions. Under the agreement, the company will restate these errors retrospectively and disclose them in its financial statements for 2010 and its interim financial statements for 2011.
Accu Holding AG is listed in the Domestic Standard of SIX Swiss Exchange. In its interim financial statements for 2010, the company breached the Swiss GAAP FER accounting standards in the following respects:
• The creation of provisions to cover potential future shortfalls in the pension fund, for the deconstruction of buildings and for the development of a neighborhood plan, even though there were neither legal nor constructive obligations to do so with respect to these scenarios
• The provisions for valuation risks as well as liability and warranty risks, which were too high
• The creation of provisions for costs relating to the clean-up of contaminated land and buildings measured at actual values, even though these costs should have reflected the market values
• The costs to clean up the contaminated land and buildings, which were too low
These breaches of the Swiss GAAP FER accounting standards in the interim financial statements for 2010 resulted in the provisions disclosed as liabilities and the land and buildings recorded under fixed assets being too high, and the equity capital being too low. These errors did not impact the half-year group result for 2010.
Accu Holding AG will restate these errors retrospectively and disclose them in its financial statements for 2010 and its interim financial statements for 2011. The investigation into Accu Holding AG ended with an agreement being reached as this course of action resulted in a faster, better public disclosure than would have been the case with a duly completed sanction procedure. This course of action complies with the Rules of Procedure of SIX Swiss Exchange.
Periodic financial reporting is part of the information required under the Stock Exchange Act and the Listing Rules to ensure a functional market. As part of this process, issuers must comply with the applicable accounting standards. It is the responsibility of SIX Exchange Regulation to ensure that issuers adhere to the transparency provisions imposed on them by the Regulatory Board.
SIX will supply financial content to CNNMoney Switzerland, which will be launched on January 24, 2018 SIX will be the source for financial data for th...View article
Today – six months after receiving approval from FINMA – the Swiss trade repository service provided by SIX Securities Services officially...View article