Swatch Group changes from IFRS back to Swiss GAAP ARR
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.
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