October 04, 2012 | by The Swatch Group SA
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October 04, 2012, The Board of Directors of the Swatch Group decided during its meeting today to change the Group's accounting practice: from IFRS back to Swiss GAAP ARR.
The change will be implemented on January 1, 2013. Swiss GAAP allows the Swatch Group as a Swiss company to use a recognized accounting practice that is ideal for industrial companies such as the Swatch Group. The cost-benefit ratio is reasonable and takes account of the special needs of a Swiss industrial company.
By making this move, the Swatch Group is returning to a more practical and less theoretical accounting practice than is the case with IFRS.
Media Contact
The Swatch Group SA Béatrice Howald Spokesperson The Swatch Group Ltd, Biel / Bienne Switzerland Phone: +41 32 343 68 33
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Conclusion of this article: « Swatch Group changes from IFRS back to Swiss GAAP ARR »
Source: The Swatch Group SA, Press release