Yearly Financial Statements
What are Yearly Financial Statements/Comptes annuels?
Yearly Financial Statements (Jahresabschluss in German or Comptes annuels in French) are mandatory annual reports that Swiss companies must prepare to reflect their financial position and performance over the fiscal year. These formal records summarize a company’s financial activities, providing transparency into its financial health.
Yearly financial statements are a legal requirement for all Swiss entities, regardless of size or industry, and form a critical part of both tax compliance and business decision-making. They are essential tools for informing internal management as well as external stakeholders such as investors, creditors, and regulatory authorities.
Key Components
Swiss yearly financial statements typically include:
- Balance Sheet – A snapshot of assets, liabilities, and equity
- Income Statement – Revenues and expenses over the fiscal year
- Notes to the Financial Statements – Explanatory details and accounting policies
- Cash Flow Statement – Required for medium to large companies, showing the movement of cash and equivalents
Legal Requirements in Switzerland
- Must be prepared in accordance with Swiss Code of Obligations and Swiss GAAP (Generally Accepted Accounting Principles)
- Larger companies or publicly traded firms may need to adhere to international standards such as IFRS or Swiss GAAP FER
- Auditing may be required depending on company size and legal form
Importance for Businesses
- Tax Compliance: Accurate financials are critical for corporate tax filings
- Stakeholder Communication: Used by shareholders, creditors, and investors for evaluation
- Strategic Planning: Enables management to make data-driven decisions
- Legal Record: Forms part of a company’s annual filing obligations with Swiss authorities
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