Disclosure checklist in accordance with the Swiss Accounting and Reporting Recommendations(Swiss GAAP FER)Based on Swiss GAAP FER as of 1 January 2012
2 Ernst & Young | Swiss GAAP FER
Introduction 4
1 Framework/Basics 7
2 Valuation 11
3 Presentation and format 12
4 Cashflowstatement 15
5 Off-balance-sheet transactions 17
6 Notes 18
7 Consolidatedfinancialstatements 20
8 Inventories 24
9 Tangiblefixedassets 25
10 Intangible assets 26
11 Leases 28
12 Impairment 28
13 Provisions 29
14 Incometaxes 30
15 Pensionbenefitobligations 31
16 Equityandtransactionswithshareholders 33
17 Long-termcontracts 38
18 Relatedpartytransactions 39
19 Derivativefinancialinstruments 40
20 Interim reporting 41
21 Consolidatedfinancialstatementsofinsurancecompanies 43
22 Accountingforcharitable,socialnon-profitorganizations(NPOs) 51
23 Accountingofpensionplans 59
24 Accountingforrealestateinsurersandhealthinsurers 70
Contents
3Ernst & Young | Swiss GAAP FER
General Ernst & Young has put together this checklist as a useful aid to support all users of the generallyacceptedaccountingprinciplesinSwitzerland,i.e.,theSwissAccountingand ReportingRecommendations(SwissGAAPFER).ThechecklistcomprisesquestionstoverifythecompletenessofdisclosuresmadeinseparateandconsolidatedfinancialstatementspreparedinaccordancewithSwissGAAPFER.ItcoversallofthedisclosurerequirementsoftheAccountingandReportingRecommendations2010/11,includingtherecommendations on accounting for real estate insurers and health insurers which were enactedasof1January2012.
ThischecklistdoesnotdealwithanyoftheotherprovisionsofSwissGAAPFER,suchas accountingprinciples,termsanddefinitions.Formoreinformationontheseaspects, pleaserefertotheSwissGAAPFERBrochure2010/11.
FurtherinformationonSwissGAAPFERincludingpressreleases,publicationsor informationbrochurescanbefoundatwww.fer.ch.
Application
Thischecklisthasamodularstructure.Itstartswiththerecommendationsthatare applicabletoallusers,regardlessofcompanysize(coreFERandrecommendationsonconsolidatedfinancialstatements).Thechecklistthendealswiththerecommendations onindividualitemsofthefinancialstatementsforusersapplyingSwissGAAPFERinitsentirety.Attheenditaddressesspecialissuessuchasinterimreportingandaccountingforcharitableorganizations,pensionplansorrealestateandhealthinsurers.Thecheck-listshouldbecompletedbyanswering“yes”,“no”or“n/a”toeachofthequestions.Iftheoption “no” is selected, the departure from/breach of the disclosure requirements should beexplainedinthecommentssection.
Completeness and accuracy
Wehavemadeeveryefforttoaccuratelyreflectalldisclosurerequirementsinfullinthischecklist.However,wecannotentirelyexcludethepossibilityoferrors.Wetherefore recommendconsultingtheapplicableSwissGAAPFERbrochureandseekingprofessionaladvicebeforereachingimportantdecisions.Ernst&Youngshallnotbeheldliableforanydamagesarisingfromtheuseofthischecklist.Wewelcomesuggestionsforimprovement.
Information and advice Edgar Christen Partner,SwissGAAPFERDeskLeaderErnst & Young Ltd, ZugOffice:0582867575|Mobile:[email protected]
Introduction
4 Ernst & Young | Swiss GAAP FER
Effective date of the relevant Swiss GAAP FER standards
No. TopicSwiss GAAP FER effective date
FW SwissGAAPFERFramework 01.01.2006
1 Basics 01.01.2009
2 Valuation 01.01.2007
3 Presentation and format 01.01.2009
4 Cashflowstatement 01.01.2009
5 Off-balance-sheet transactions 01.01.2007
6 Notes 01.01.2007
10 Intangible assets 01.01.2007
11 Incometaxes 01.01.2007
12 Interim reporting 01.01.2009
13 Leases 01.01.2007
14 Consolidatedfinancialstatementsofinsurancecompanies 01.01.2002
15 Related party transactions 01.01.2009
16 Pensionbenefitobligations 01.01.2011
17 Inventories 01.01.2007
18 Tangiblefixedassets 01.01.2010
20 Impairment 01.01.2007
21 Accountingforcharitable,socialnon-profitorganizations(NPOs) 01.01.2007
22 Long-term contracts 01.01.2007
23 Provisions 01.01.2010
24 Equity and transactions with shareholders 01.01.2007
26 Accounting of pension plans 01.01.2009
27 Derivativefinancialinstruments 01.01.2010
30 Consolidatedfinancialstatements 01.01.2009
41 Accounting for real estate insurers and health insurers 01.01.2012
TheindividualSwissGAAPFERstandardsareapplicableforfinancialstatementsbeginningfromthefiscalyearonoraftertheeffectivedate.
5Ernst & Young | Swiss GAAP FER
Disclosure checklist in accordance with the Swiss Accounting and
Reporting Recommendations (Swiss GAAP FER)
Company Financial statements as of Separate financial statements Yes No
Consolidated financial statements Yes No
Name Date
prepared
approved
6 Ernst & Young | Swiss GAAP FER
Checklist components This checklist aims to help users ensure compliance with the disclosure requirements of the SwissAccountingandReportingRecommendations(SwissGAAPFER).Pleasenotethattheterminologyusedinthischecklistisforguidanceonly.Actualtermsmayvary.Ifyouareunsureaboutanyofthequestion,pleaserefertothecorrespondingrecommendation. Thechecklistcomprisesthefollowingsections:
Core FER – questions 1 to 51Thissectionisapplicableforallorganizations,regardlessofsize.
Swiss GAAP FER 30 – questions 52 to 78Thissectionisapplicableforconsolidatedfinancialstatements,regardlessofthesizeofthecompany.
Swiss GAAP FER 10–27 (except 12, 14, 21 and 26) – questions 79 to 161ThissectionmustbeappliedifthecompanyexceedsthesizecriteriadefinedinSwissGAAPFER1para.2andisnotpermittedtousecoreFER.
Swiss GAAP FER 12 – questions 162 to 168Thissectionisapplicableforinterimreporting.
Swiss GAAP FER 14 – questions 169 to 203Thissectionisapplicablefortheconsolidatedfinancialstatementsofinsurance companies.
Swiss GAAP FER 21 – questions 204 to 244Thissectionisapplicablefortheaccountingofcharitable,social,non-profitorganiza-tions.
Swiss GAAP FER 26 – questions 245 to 258Thissectionisapplicablefortheaccountingofpensionfunds.
Swiss GAAP FER 41 – questions 259 to 292Thissectionisapplicablefortheaccountingofrealestateinsurersandhealthinsurers.
7Ernst & Young | Swiss GAAP FER
Core FER
1
2
3
4
5
6
FW 41.7
FW 7
FW 8
FW20
FW 28
FW 28
Arethefollowingsizecriteriamet?•Reporting year • TotalassetsofmorethanCHF10m • AnnualrevenueofmorethanCHF20m • Morethan50FTEsonaveragefortheyear•Prior year • TotalassetsofmorethanCHF10m • AnnualrevenueofmorethanCHF20m • Morethan50FTEsonaveragefortheyear
Iftwooftheabovecriteriaarenotmetfortwoyearsinarow,theorganizationisentitledtoapplycore FERonly.
Inthesectiononaccountingprinciples,doesthecompanydisclosethatthefinancial statementswerepreparedinaccordancewithSwissGAAPFERanddoesitstate learlywhetherSwissGAAPFERasawholeorcoreFERwasapplied?
Dothe(consolidated)financialstatementsconsistofatleastthefollowing components?•Balance sheet• Income statement• Cashflowstatement•Statement of changes in equity•Notes
IftheorganizationisapplyingcoreFERorSwissGAAPFERasawholeforthefirst timeasitsbasisforaccounting,orisswitchingfromcoreFERtoSwissGAAPFER, has the prior-year balance sheet been restated in accordance with the new standards?
Arecontingentassetsandcontingentliabilitiesdisclosedseparately?
Dothenotescontaindisclosuresofanysignificanteventsafterthebalancesheet datetogetherwithdetailsoftheestimatedfinancialimpactoftheseevents?
Istheapprovaldatedisclosed(i.e.,thedatethatthe(consolidated)financial statements were approved by the corporate body responsible for preparing the financialstatements)?
Yes No n/a
1 Framework/Basics (Swiss GAAP FER 1)
FW = FrameworkCO = Swiss Code of Obligations
Reference
8 Ernst & Young | Swiss GAAP FER
7
8
9
10
11
12
13
14
15
FW306.6
FW306.6
FW306.6
FW306.6
FW306.6
FW306.6
FW306.6,6.5
FW306.6
FW33
Thefinancialstatementsaretobepreparedinaccordancewiththesameprinciplesusedintheprioryear.Areanybreachesoftheprincipleofconsistency (valuation,presentationanddisclosure)disclosed?
Haveanychangesinaccountingprinciplesbeenmadeinthefollowingjustified cases?• ChangewasrequiredbyaSwissGAAPFERrecommendation• Theorganization‘sbusinessactivitieshavechangedsignificantly• Contributiontoanew/differentorganization•Anoptionthatismoreinformativeandappropriateforthefinancialstatements andthefutureoftheorganizationhasbeenapplied(withintheoptions providedbySwissGAAPFER)
Arethefollowingpointsdisclosedinthenotes?•Reasons why an accounting principle has been changed•Nature of the change•Financial impact of the change
Havetheprior-yearfinancialstatementsbeenrestatedasifthenewaccounting principleshadalwaysbeenapplied?
Istheimpactoferrorsinpreviousfinancialstatementsexplainedinthenotes,includingthefinancialimpactoftheerror?
Havethefinancialstatementsbeenrestatedasiftheerrorshadneverbeenmade?
Arechangestoestimatesdisclosedinthenotes?
Dothechangestoaccountingerrorsaffectthenetprofit/lossforthecurrentperiod and/or future period
Arecross-referencestothenotesmadeforitemsofthefinancialstatements, ifnecessary?
Yes No n/a Reference
9Ernst & Young | Swiss GAAP FER
16
17
18
19
FW34
662a CO
662a/b CO
960CO
Comments
Doestheannualreportcontainstatementsonatleastthefollowingaspects?• Environment:Outlineoftheeconomicenvironmentofthepastyearand expectationsforitsfuturedevelopment
• Fiscalyear:Commentsonthecomponentsofthefinancialstatementsonthebasis of key business ratios of the balance sheet and the income statement and their development
•Outlook:Commentsonthefurtherdevelopmentoftheorganizationwithfocuson thesubsequentfiscalyear,especiallywithregardtorisksandopportunities
UnlessaSwissGAAPFERrecommendationallowsfororrequiresadifferent treatment,areallfiguresfromtheprioryearpresentedinthefinancialstatements?
Dothenotestothefinancialstatementsdisclosereasons(ifpossiblewithfigures) fordeviationsfromthefollowingprinciples?• Goingconcern•Prohibition of offsetting•Reliability
Ismentionmadeofthecurrency(e.g.,CHF,euro)andunit(e.g.,million,thousand,CHFkor’000)?
Yes No n/a Reference
10 Ernst & Young | Swiss GAAP FER
2 Valuation (Swiss GAAP FER 2)
20
21
22
23
24
25
26
27
2.19
2.32.20
2.22
2.6
2.6
2.24
2.28
2.33
Comments
If special provisions are applied for valuation purposes, is reference made to thisfactappropriatelyinthefinancialstatements?
Arethereobjectivereasonsforanydeviationsfromthechosenvaluationbasisor combinationthereof(e.g.,valuationofcertainitemsofPPEatmarketvalues)and arethesedisclosedinthenotes?
Do the notes contain disclosures on the method used to determine depreciation/amortizationandimpairment?
Are the valuation principles for the individual items and the valuation basis for the financialstatementsasawholedisclosedinthenotes?
Inparticular,arethevaluationprinciplesforthefollowingitemsdisclosed?• Securitiesclassifiedascurrentassets•Receivables• Inventories•Property, plant and equipment•Financial assets• Intangible assets•Liabilities•Provisions•Other material items
Aretheassumptionsusedtodeterminetheflatrateallowanceforreceivables disclosedinthenotes?
IsthedepreciationmethodanddepreciationperioddisclosedforPPE?
Dothenotescontaindisclosuresontheestimatedusefullivesandtheamortizationmethod used for intangible assets
Yes No n/a Reference
11Ernst & Young | Swiss GAAP FER
28 3.2 Areatleastthefollowingitemsdisclosedseparatelyinthebalancesheet?ASSETS – current assets•Cash and cash equivalents•Securities•Trade receivables•Other current receivables• Inventories•Prepayments and accrued income•TOTAL current assetsASSETS – non-current assets•Property, plant and equipment•Financial assets• Intangible assets•TOTAL non-current assetsEQUITY AND LIABILITIES – current liabilities•Current liabilities•Trade payables•Other current liabilities•Current provisions•Accrued liabilities and deferred income•TOTAL current liabilitiesEQUITY AND LIABILITIES – non-current liabilities•Non-currentfinancialliabilities•Non-current provisions•Other non-current liabilities•TOTAL non-current liabilitiesEQUITY AND LIABILITIES – equity• Capitaloftheorganization• Capitalreserves(contributionreserves,sharepremium,etc.)• Treasuryshares(shownasaminusitem)• Capitaloftheorganizationthathasnotbeenpaidup(shownasaminusitem)•Revaluation reserves•Retained earnings or accumulated losses•TOTAL equity
3 Presentation and format (Swiss GAAP FER 3)
Yes No n/a Reference
12 Ernst & Young | Swiss GAAP FER
29
30
31
32
663a no.4CO
3.4
3.5
3.5
Arethefollowingitemsdisclosedseparatelyinthebalancesheetorinthenotes?Trade receivables/other receivables•From related parties•From shareholdersProperty, plant and equipment •Undeveloped land•Land and buildings•Plant and equipment•Assets under construction•Other property, plant and equipmentFinancial assets•Securities based on a long-term investment strategy• Deferredincometaxes•Participations•Participations in related parties•OtherfinancialassetsIntangible assets• Internallygeneratedintangibleassets(includingcapitalizeddevelopmentcosts inparticular)
Trade payables/financial liabilities/other liabilities• to related parties• to shareholdersProvisions• Taxprovisions•Pension provisions•Restructuring provisions•Other provisionsEquity• Breakdownofcapitaloftheorganizationbytype(amount)
Are the changes in individual equity items between the beginning and the end of the reportingperioddisclosedseparatelyinthestatementofchangesinequity?
Isimpairmentofcurrentandfinancialassetitemsdisclosedinthenotes?
If the indirect depreciation method is used, is accumulated depreciation and impairment of PPE items disclosed within the corresponding asset item or disclosed separatelyinthenotes?
Yes No n/a Reference
13Ernst & Young | Swiss GAAP FER
33
34
35
3.7
3.8
3.9
Istheincomestatementclassifiedaccordingtothenatureofexpensemethod asfollows?•Net revenue from goods and services•Other operating income• Changeinworkinprocessandfinishedgoodsaswellasunbilledgoodsandservices•Cost of materials• Personnelexpenses•Depreciation of property, plant and equipment•Amortizationofintangibleassets•Otheroperatingexpenses•Operating result•Financial result •Ordinary result•Non-operating result• Extraordinaryresult• Profit/lossbeforeincometaxes• Incometaxes• Profit/loss
Istheincomestatementclassifiedaccordingtothefunctionofexpensemethodasfollows?•Net revenue from goods and services•Acquisition or production cost of goods and services sold•Administrativeexpenses• Sellingexpenses•Other operating income•Otheroperatingexpenses•Operating result•Financial result•Ordinary result•Non-operating result• Extraordinaryresult• Profit/lossbeforeincometaxes• Incometaxes• Profit/loss
Are the following items disclosed separately in the income statement or in the notes andexplainedinthenotes?• Financeexpenseandincome•Non-operatingexpensesandincome• Extraordinaryexpensesandincome
Yes No n/a Reference
14 Ernst & Young | Swiss GAAP FER
36
37
38
39
40
41
3.10
Comments
4.1
4.2
4.3
4.3
4.64.14
Ifthefunctionofexpensemethodwasused,arethefollowingitemsdisclosed separatelyinthenotes?• Personnelexpenses•Depreciation of property, plant and equipment•Amortizationofintangibleassets
Doesthecashflowstatementdisclosethechangeincashandcashequivalent asaresultofinflowsandoutflowsfromthefollowingactivities?•Operating activities• Investing activities•Financing activities
Ifthedirectmethodisused,dothenotesshowareconciliationoftheprofit/lossfor theperiod(oralternativelyoperatingresult)withthecashflowfromoperating activities?
Isthecompositionofcashandcashequivalentsshown?Thefollowingarepermissible:•Cash•Netcash(i.e.,cashlessshort-termbankdeposits)
Dotheopeningandclosingfiguresforcashandcashequivalentscorrespondtothe balancesheetitems?
Areinvestingandfinancingactivitiesthatdonottriggeracasheffectexplained inthenotes?
4 Cash flow statement (Swiss GAAP FER 4)
Yes No n/a Reference
15Ernst & Young | Swiss GAAP FER
42
43
44
4.9
4.10
4.11
If applying the direct method, is the cash flow from operating activities broken down into at least the following?• + Payments received from clients for the sale of products, goods and services• – Payments made to suppliers for goods and services• – Payments made to employees• + Other inflows• – Other outflows• = Cash in/outflow from operating activities
If applying the indirect method, is the cash flow from operating activities broken down into at least the followingProfit/loss• +/– Depreciation/amortization/write-ups (revaluations through profit and loss)
of non-current assets +/– Loss from impairment/reversal of impairment +/– Non-cash increase/decrease in provisions (incl. deferred taxes) +/– Other non-cash expenses/income +/– Loss/gain on the disposal of non-current assets +/– Decrease/increase in trade receivables +/– Decrease/increase in inventories +/– Decrease/increase in other receivables and prepayments and accrued income +/– Increase/decrease in trade payables +/– Increase/decrease in other current liabilities and accrued liabilities and
deferred income• = Cash in/outflow from operating activities
Is the cash flow from investing activities broken down into at least the following categories?• – Cash paid for investments in (purchase of) property, plant and equipment• + Cash received from the disposal of property, plant and equipment• – Cash paid for investments in (purchase of) financial assets (incl. loans, equity
investments, securities, etc.)• + Cash received from the disposal of financial assets (incl. loans, equity
investments, securities, etc.)• – Cash paid for investments in (purchase of) intangible assets• + Cash received from the disposal of intangible assets• = Cash in/outflow from investing activities
Yes No n/a Reference
16 Ernst & Young | Swiss GAAP FER
45
46
4.12
Comments
5.35.6663b no.1CO
Comments
Isthecashflowfromfinancingactivitiesbrokendownintoatleastthefollowing categories?• +Cashreceivedfromcapitalincreases(incl.sharepremium)• – Cash paid for capital reductions with release of funds• – Profitdistributionstoequityowners• +/–Purchase/saleoftreasuryshares/sharesintheorganization’scapital•+ Cash received from issuing bonds• – Repayment of bonds• +/–ssuance/repaymentofcurrentfinancialliabilities• +/–Issuance/repaymentofnon-currentfinancialliabilities• =Cashin/outflowfromfinancingactivities
Arethefollowingcontingentliabilitiesandothernon-recognizableobligations disclosedinthenotestogetherwiththeunderlyingvaluationprinciples?•Total amount of sureties, guarantee obligations and liens pledged to third parties•Otherquantifiablecontingentliabilities•Othernon-recognizableobligations,e.g.,lettersofcomfort,endorsementliabilitie
5 Off-balance-sheet transactions (Swiss GAAP FER 5)
Yes No n/a Reference
17Ernst & Young | Swiss GAAP FER
47
48
49
6.2663gCO
6.3
6.6
Arethefollowingpointsdisclosedinthenotes?•Applicableaccountingandreportingstandards(especiallythevaluationbase appliedandvaluationprinciplesforindividualbalancesheetitems)
• Explanationsofothercomponentsofthefinancialstatements• Furtherinformationthathasnotyetbeenconsideredinotherpartsofthefinancial
statementsDisclosures on:•Cash and cash equivalent•Trade receivables• Inventories•Work in process•Property, plant and equipment•PPE held for investment purposes• Intangible assets•Financial assets • Securities
• Equityinvestments(shareincapital>20%) • Loans•Trade payables•Provisions•Other items
Areatleastthefollowingadditionalitemsdisclosedinthenotes?• Extraordinarypendingtransactionsandrisks(e.g.,litigation)•Subsequent events
Dothedisclosuresonvaluationmethodscontaindetailsofatleastthefollowing?•Valuation basis•Valuation principles for individual balance sheet items•Objectivereasonsforanydeviationsfromthechosenvaluationbasis• Reason,natureandfinancialimpactofanychangestoaprinciple• Explanationandamountoferrorsinpreviousfinancialstatements•Changes to estimates
6 Notes (Swiss GAAP FER 6)
Yes No n/a Reference
18 Ernst & Young | Swiss GAAP FER
50
51
6.7663bCO
663bCO
Comments
Isthefollowinginformationdisclosed?•Assets pledged and type of charge
relating to: • Property, plant and equipment • Financial assets • Intangible assets • Inventories • Securities • Cash and cash equivalents • Sundry•Disclosure of non-current liabilities including type and form of the collateral pledged•Liens•Retention of title•Collateral•Warranties•Sureties•Others
Arethefollowingitemsdisclosedinthenotes?•Liabilities to pension schemes•Amounts, interest rates and maturities of bonds issued by the company• Everyequityparticipationmaterialtotheassessmentofthecompany’snetassets
and results of operation• Detailsoftheobjectandamountofwrite-ups•Disclosures on performance of a risk assessment• Ifapplicable,thereasonsthatledtotheprematureresignationoftheauditfirm•Acquisition,disposalandnumberofownsharesheldbytheorganization•Amountofcontingentandauthoritzedsharecapitalincrease•Other disclosures required by law
Yes No n/a Reference
19Ernst & Young | Swiss GAAP FER
SwissGAAPFER30
52
53
54
55
56
57
58
59
60
61
62
30.10
30.11
30.13
30.14
30.16
30.18
30.20
30.29
30.30
30.31
30.32
Isthecapitalshareofminorityinterestsdisclosedseparatelywithinequity?
Istheshareofminorityinterestsinprofit/lossdisclosedseparatelyinthe incomestatement?
Istheresultfromassociatesdisclosedseparatelyintheincomestatement?
Is goodwill disclosed under intangible assets in the balance sheet or separately inthenotes?
If acquired goodwill is offset against equity upon acquisition, is the theoretical impactofcapitalizingit(acquisitioncost,netbookvalue,usefullife,amortization) andofanyimpairmentpresentedinthenotes?
If it was offset directly against equity, was goodwill disclosed separately in the statementofchangesinequity?
Are currency effects on long-term intercompany loans that are equity by nature recordeddirectlyinequity?
Arethefollowingitemsalsodisclosedundercashflowfrominvestingactivities?• Cashpaidfortheacquisitionofconsolidatedorganizations(lesscashacquired)• Cashreceivedfromthesaleofconsolidatedorganizations(lesscashtransferred)
Arethefollowingitemsalsodisclosedundercashflowfromfinancingactivities?• Dividendstominorityinterests(ofsubsidiaries)•Capital contributions or repayments of minority interests
Ifapplyingtheindirectmethod,arethefollowingadditionalitemsdisclosed?•Share in losses as a result of applying the equity method•Share in gains as a result of applying the equity method
When valuing items at acquisition or production cost, does the statement of changes in property, plant and equipment disclose changes to the consolidated group and currency effects separately under cost and accumulated depreciation and impairment?
7 Consolidated financial statements (Swiss GAAP FER 30)
Yes No n/a Reference
20 Ernst & Young | Swiss GAAP FER
63
64
65
66
30.33
30.3430.230.330.430.4530.4630.50
30.35
30.35
Does the schedule of provisions show the changes to provisions as a result of currencydifferencesorchangestotheconsolidatedgroupseparately?
Arethefollowingitemsdisclosedinthenotes?•Disclosures on the basis of consolidation•Consolidation principles•Full consolidation takes place when the parent controls the subsidiary • aduetoamajorityofvotingrights(>50%) • forotherreasons(agreements,majorityonthecorporateboards)•Associates(20%to50%ofvotingrights,butnocontrol)arerecognized
using the equity method• Jointventuresare: • consolidated proportionately • consolidated using the equity method• Subsidiariesthatarenotmaterialonaggregateandcanbeexcludedfromfull
consolidation•Measurementbasisandprinciples•OtherissuesthathavetobedisclosedbasedonthisoranotherSwissGAAPFER
recommendation
Arethefollowingpointscoveredinthenotesontheconsolidatedgroup?• Treatmentoforganizationsintheconsolidatedfinancialstatements (methodofconsolidationapplied)
•Nameandregisteredofficeoftheconsolidatedorganizations (subsidiariesandassociates)
• Shareincapitaloftheseorganizations;shareinvotingrightsifdifferent from share in capital
•Changes in the scope of the consolidated group compared to the prior year, including date from which this change is considered
•Deviations from balance sheet date of the group
Arethefollowingpointscoveredinthenotesontheconsolidationprinciples?• Consolidationmethod,i.e.,applicationofthepurchasemethodforacquisition
accounting•Translation method used for amounts denominated in foreign currency
and treatment of translation differences• Treatmentofassociatesandjointventures• Treatmentofintercompanyprofits
Yes No n/a Reference
21Ernst & Young | Swiss GAAP FER
67
68
69
70
71
72
73
74
75
76
30.3430.68
30.68
30.36
30.38
30.70
30.69
30.69
30.40
30.40
30.41
Isthegeneralvaluationbasisandanydeviationsfromitdisclosedinthenotes?
Arethevaluationprinciplesapplicableforindividualitemsdisclosed,ifrequired?
If offsetting goodwill against equity, do the notes include a presentation of how theoreticallycapitalizinggoodwill,includingamortizationandanyimpairment,would impact the balance sheet and income statement over the assumed useful life for the reportingperiodandprioryear?
Do the notes disclose the valuation method used for equity investments in organizationswithavotingrightsoflessthan20percent?
Isanygoodwillrecognizedwithregardtoassociatesdisclosedseparatelyin thenotes?
Issignificantbalancesheetinformationofnon-consolidatedparticipationsdisclosed inthenotesifthevalueoftheparticipationexceeds20percentofgroupequity) (e.g.,largeitems,realestate,contingentliabilities)?
Isthetaxrateusedtocalculatedeferredincometaxesdisclosedinthenotes?
Are receivables from and liabilities to associates disclosed separately in the balance sheetorinthenotes?
Withregardtofinancialassets,arenon-consolidatedparticipationsandreceivables from non-consolidated participations disclosed separately in the balance sheet or inthenotes?
Do the notes disclose the treatment of translation differences and their impact on theconsolidatedfinancialstatements?
Yes No n/a Reference
22 Ernst & Young | Swiss GAAP FER
77
78
30.43
30.43
Comments
Do the notes provide a breakdown of net revenue from goods and services by geographicmarketandbusinessarea?
Upon acquisition or sale of consolidated companies, are the most important componentsoftheirbalancesheetspresentedasoftheacquisitionordisposaldate?
Yes No n/a Reference
23Ernst & Young | Swiss GAAP FER
SwissGAAPFER10–278 Inventories (Swiss GAAP FER 17)
79
80
81
82
83
84
17.217.11
17.217.29
17.8
17.18
17.617.28
17.6
Comments
Prepaymentsreceivedfromcustomerscanbenettedwithinventories.Ifthisisthe case, is the amount thereof disclosed as a separate item in the notes or in the balancesheet?
Are prepayments to suppliers either allocated to the corresponding subcategory of inventoriesordisclosedasatotalamount?
If material, are consumables and supplies disclosed separately as inventory in the balancesheetorinthenotes?
Do the notes state whether settlement discounts are disclosed as purchase price discountsorfinancialincome?
Is the carrying amount broken down into the most important items in the balance sheetorinthenotes?
Are the valuation principles and methods disclosed in the balance sheet or in thenotes?
Yes No n/a Reference
24 Ernst & Young | Swiss GAAP FER
9 Tangible fixed assets (Swiss GAAP FER 18)
85
86
87
88
89
90
18.2
18.218.22
18.2
18.15app.toFER 18
18.16
18.17
Areatleastthefollowingcategoriespresentedinthebalancesheetorinthenotes?• Undeveloped land• Land and buildings• Plant and equipment• Assets under construction• Other property, plant and equipment
Is plant and equipment and other PPE broken down further if there are additional materialassetcategories?
Arematerialprepaymentsforassetsunderconstructiondisclosedseparately?• In the balance sheet• In the notes
Do the notes contain a statement of changes in property, plant and equipment in tableform?• For the reporting year• For the prior year
If valuing on the basis of acquisition or production costs, does the statement of changesinPPEcontainatleastthefollowinginformationforeachcategory?Acquisition costs• Grossvaluesatthebeginningofthereportingperiod• Additions • Disposals• Reclassifications• GrossvaluesattheendofthereportingperiodAccumulated depreciation and impairment• Accumulated depreciation at the beginning of the reporting period• Depreciation• Impairment• Disposals• Reclassifications• Accumulated depreciation at the end of the reporting periodNet carrying amounts• Net values at the beginning of the reporting period• Net values at the end of the reporting period
AreitemsofPPEheldexclusivelyforinvestmentpurposesdisclosedseparately?• In the notes• Withinfinancialassets
Yes No n/a Reference
25Ernst & Young | Swiss GAAP FER
91
92
93
94
95
18.18
18.19
18.2018.21
663bno.4CO
Comments
10.2
If measuring PPE at fair value, is the following information provided in the statementofchangesfixedassets?• Increases/decreases over the period for each asset category• The difference between the fair values and the original acquisition or
production cost as of the balance sheet date
If valuing items at fair value, are the valuation basis and principles for each categoryofPPEdisclosedinthenotes?
IsatleastthefollowinginformationonPPEdisclosedinthenotes?• Depreciation method• Range of depreciation period/useful lives• Explanationforeachcategoryiftherangeofusefullifeisrelativelylarge• Any change to a previously determined depreciation method• Financial impact of a change in depreciation method• Totalamountofcapitalizedinterestexpensesinthereportingperiod• Capitalizationbasisandprinciples
ArethefireinsurancevaluesofPPEoftheconsolidatedgroupdisclosedinthenotes?
If material, are at least the following categories disclosed in the balance sheet orinthenotes?• Licenses/franchises• Patents and technical know-how• Brands and publishing rights• Software• Development costs• Other intangible assets
10 Intangible assets (Swiss GAAP FER 10)
Yes No n/a Reference
26 Ernst & Young | Swiss GAAP FER
If there are further material categories, are other intangible assets broken downfurther?
Isanamortizationperiodofmorethan5years(butnomorethan20)justified and disclosed in the notes when the useful life of intangible assets cannot be determineddefinitively?
Isthefollowinginformationonintangibleassetsdisclosedinthenotes?• Estimated useful life • Amortizationmethod• Subsequentchanges,withfinancialimpactofapreviouslydeterminedusefullife• Financial impact of the change on the balance sheet and income statement
Isthestatementofchangesinintangibleassetsdisclosedintableforminthenotes?
Isthefollowinginformationdisclosedforeachcategory?Acquisition costs• Grossvaluesatthebeginningofthereportingperiod• Additions • Disposals• Reclassifications• GrossvaluesattheendofthereportingperiodAccumulated amortization and impairment• Accumulatedamortizationatthebeginningofthereportingperiod• Amortization• Impairment• Disposals• Reclassifications• AccumulatedamortizationattheendofthereportingperiodNet carrying amounts • Net values at the beginning of the reporting period• Net values at the end of the reporting period
96
97
98
99
100
10.2
10.8
10.910.10
10.12
10.13
Comments
Yes No n/a Reference
27Ernst & Young | Swiss GAAP FER
101
102
103
104
13.4
13.513.11663bno.3CO
Comments
20.20
20.20
Comments
Arethefollowingamountsdisclosedseparatelyinthebalancesheetorinthenotes?• Carryingamountoftheleasedassetsfromfinanceleases•Total amount of associated liabilities
Are at least the following disclosures made in the notes for operating leases that are notcancelablewithinoneyear?•Total amount of future lease installments•Maturitystructureofleaseinstallments
Arematerialimpairmentlossesdisclosedseparately,withfinancialimpact,inthe incomestatementorinthenotes?
Arethefollowingeventsandcircumstancesexplainedinthenotes?Events• that triggered impairment• that triggered the reversal of an impairment
11 Leases (Swiss GAAP FER 13)
12 Impairment (Swiss GAAP FER 20)
Yes No n/a Reference
28 Ernst & Young | Swiss GAAP FER
105
106
107
108
109
110
111
112
23.10
23.10
23.11
23.11
23.11
23.12
23.12
23.13
Comments
Is the following information disclosed separately in the balance sheet or in the notes?• Tax provisions• Pension provisions• Restructuring provisions• Other provisions
If there are further material categories, are other provisions broken down further?
Does the company disclose a statement of changes in provisions containing the following information?• Carrying amount at the beginning of the reporting period• Additions to provisions• Utilization of provisions• Reversalofprovisionsthroughprofitandloss• Carrying amounts at the end of the reporting period
Is the statement of changes in provisions supplemented by a brief explanation of the nature of the obligation and extent of uncertainty for material provisions?
Is the discount rate disclosed if a provision is discounted?
How does the company distinguish between current and non-current provisions?
Is the amount of current provisions per category disclosed in the notes?
Ifthereareprovisionsthathavebeensetupduetospecificlegalrequirementsbut do not exhibit the economic character provided for by Swiss GAAP FER 23, are these explained in the notes?
13 Provisions (Swiss GAAP FER 23)
Yes No n/a Reference
29Ernst & Young | Swiss GAAP FER
113
114
115
116
117
118
11.3
11.4
11.9
11.10
11.11
11.17
Comments
Isthecurrentincometaxexpensedisclosedinthefinancialstatements?
Areliabilitiesfromcurrentincometaxesdisclosedunderaccruedliabilitiesand othershort-termliabilities?
Arethefollowingitemsdisclosed?• Deferredincometaxliabilitiesasaseparatelinewithinprovisionsinthebalance
sheet or in the notes • Deferredincometaxassetsasaseparatelinewithinfinancialassetsinthebalance
sheet or in the notes
Isthedeferredtaxexpense(income)resultingfromperiodicchangesindeferred taxesdisclosedseparatelyintheincomestatement?
Aredeferredtaxassetsforunusedtaxlosscarryforwardsdisclosedinthenotes?
Aretaxprovisionsrecognizedinconnectionwithrevaluationsandwithoutanimpact on/profitlossdisclosedseparatelyinthenotes?
14 Income taxes (Swiss GAAP FER 11)
Yes No n/a Reference
30 Ernst & Young | Swiss GAAP FER
119
120
121
122
123
16.3
16.3
16.4
16.4
16.5
Areanyeconomicbenefitsrecognizedundernon-currentfinancialassetsas „assetsfrompensioninstitutions“.
Areanyeconomicobligationsrecognizedundernon-currentliabilitiesas „liabilitiestopensioninstitutions“.
Areassetsfromtheemployercontributionreservesrecognizedwithin non-currentassets?
Areemployercontributionreservesbrokendowninatableforeachofthefollowing:• Employer welfare funds/employer pension institutions• Pension institutionsDisclosingthefollowing?• Nominal value of the employer contribution reserve as of the balance sheet date• Amount of any waiver of use as of the balance sheet date• Amountofassetsatthebeginningofthereportingperiod(asoftheprior-year balancesheetdate)
• Creation/utilizationofemployercontributionreserve• Amount of assets at the end of the reporting period• Resultfromemployercontributionreservesaspartofpersonnelexpenseforthe
reporting period and prior year • Interestincomeorexpenseontheemployercontributionreservesiftheseare includedinthefinancialresult
Isthereatableshowingeachofthefollowingseparately:• Employer welfare funds/employer pension institutions• Pension institutions without a surplus• Pensioninstitutionswithoutadeficit• Pension institutions with a surplus• Pensioninstitutionswithadeficit• Pension schemes without own assetsAnddisclosingthefollowing?• Amountofthesurplus/deficitonthebalancesheetdate• Economicbenefitoreconomicobligationasofthecurrentandprior-yearbalance
sheet date• Changeintheeconomicbenefitoreconomicobligation(differencebetween disclosureoneachofthetwobalancesheetdates)
• Thecontributionsfortheperiod(includingresultfromemployercontribution reserve)withdetailsofextraordinarycontributionsinthecaseofanytemporary measures applicable to remedy gaps in coverage
• Thepensionbenefitcostwiththemostimportantparameters–aspartofpersonnel expense–forthereportingandprioryear
• Notesexplainingwhyanyeconomicbenefitorobligationisrecognizedinthe balance sheet
15 Pension benefit obligations (Swiss GAAP FER 16)
Yes No n/a Reference
31Ernst & Young | Swiss GAAP FER
124
125
126
16.7
16.8
16.8
Comments
Aretheeconomiceffectsofsignificantdevelopmentssincethemostrecentsetof financialstatements(datednotmorethan12monthspreviously)takenintoaccount anddisclosedinthenotes?
Ifaffiliatedtoacollectiveplanandtheinformationtobedisclosedcannotbe determined on the basis of the individual contract, is this issue disclosed in the notesalongwithdetailsofcoverageofthecollectiveplan?
If part of a collective or multi-employer plan with reinsurance arrangements (e.g.,fullinsurancewithintheframeworkofacollectiveinsurancecontact),isthere a disclosure in the notes indicating that the pension institution is not the risk bearer andthereforethatnoadditionalpaymentobligationscanariseintheeventofadeficit?
Yes No n/a Reference
32 Ernst & Young | Swiss GAAP FER
127
128
129
130
131
132
133
Does the balance sheet disclose at least the following equity components (ifapplicable)?• Capitaloftheorganization• Capitaloftheorganizationthathasnotbeenpaidup(shownasaminusitem)• Capitalreserves(incl.sharepremium)• Ownshares(shownasaminusitem)• Retained earnings or accumulated loss• Total equity
Is a statement of changes in equity included as a separate component of the financialstatements?
Doesthestatementofchangesinequitycoverthefollowingperiods?• Reporting period• Prior period
Doesthestatementofchangesinequity(setoutasatable)presentthefollowing foreachofthemainequitycomponents?• Opening balance• Closing balance• Reconciliation between opening and closing balance
Are the following components disclosed separately in the statement of changes inequity?• Capitaloftheorganization• Capitaloftheorganizationthathasnotbeenpaidup(shownasaminusitem)• Capital reserves• Ownshares(shownasaminusitem)• Retainedprofits(partofretainedearnings)• Revaluationreserves(partofretainedearnings)• Anyothersignificantcomponents• Total equity
Istheamountofownsharesdisclosedseparatelyunderequityasaminusitem?
Does the statement of changes in equity present each movement of relevance for assessingthefinancialstatementsseparately?
16 Equity and transactions with shareholders (Swiss GAAP FER 24)
24.724.23
24.8
24.8
24.8
24.27
24.2
24.8
Yes No n/a Reference
33Ernst & Young | Swiss GAAP FER
24.28
24.3
24.4
24.4
24.4
24.5
24.524.21
For each of the equity components set out above, are the following changes in equitydisclosedseparatelyinthestatementofchangesinequity?• Capital increases and decreases• Equity transactions• Acquisition of own shares• Sale of own shares• Netprofit/loss• Profitdistributions/dividends• Change in the revaluation reserves• Effect of changes in accounting and reporting principles• Effect of errors• Anyothersignificantitemsofprofitorlossinsofarasanotherrecommendation
allows or requires their recognition in equity
Is any gain or loss on the sale of own shares presented as an addition to or deductionfromthecapitalreserves?
Is capital paid in and other contributions and reductions credited to or debited from thecapitalreservesafterdeductingtheparvalueofanysharesissuedorrecalled?
Are government grants issued to public sector companies to absorb operating lossesrecognizedintheincomestatement?
Aredistributionsofaccumulatedearningschargedtoretainedearnings?
Are the costs of equity transactions incurred as a result of procuring (capitalincrease,saleofownshares)orredeeming(capitalreduction,purchase ofownshares)equityrecognizedasareductionincapitalreserves?
Is the effect of the deductible cost of a capital increase credited to the capital reservesbydebitingthetaxexpense?
134
135
136
137
138
139
140
Yes No n/a Reference
34 Ernst & Young | Swiss GAAP FER
24.9663bno.10CO
24.9
24.29
Isthefollowinginformationaboutownsharesdisclosed?• Thenumberandnatureofrecognizedownsharesatthebeginningandattheend
of the reporting period• The number, nature, average transaction price and average net selling price of own sharesacquiredanddisposedofduringthereportingperiod.Ownsharesissued inconnectionwithshare-basedcompensationaretobedisclosedseparately.
• Any contingent liabilities in connection with own shares disposed of or acquired• The number and nature of own shares of the parent company that are held by subsidiaries,jointventures,associatedcompanies,pensionfundsandrelated-party foundations
• The number, nature and conditions of own shares at the beginning and at the end ofthereportingperiodwhicharereservedforaspecificpurpose
• The number, nature and conditions of own shares at the beginning and at the end ofthereportingperiodwhichareheldbyrelatedparties(e.g.,foremployeestock compensationplansorconvertibleandoptionbonds)
Isthefollowinginformationaboutderivativesonownsharesdisclosed?• Thenumberandnatureofrecognizedderivativesonownsharesatthe
beginning and at the end of the reporting period• The number, nature, average transaction price and average net selling price of derivativesonownsharesacquiredanddisposedofduringthereportingperiod.
Derivatives on own shares issued in connection with share-based compensation aretobedisclosedseparately.• Any contingent liabilities in connection with derivatives on own shares disposed of or acquired• The number and nature of derivatives on own shares of the parent company that areheldbysubsidiaries,jointventures,associatedcompanies,pensionfundsand related-party foundations
• The number, nature and conditions of derivatives on own shares at the beginning andattheendofthereportingperiodwhicharereservedforaspecificpurpose
• The number, nature and conditions of derivatives on own shares at the beginning and at the end of the reporting period which are held by related parties (e.g.,foremployeestockcompensationplansorconvertibleandoptionbonds)
If applicable, does the company disclose the fact that the number of own shares/derivativesonownsharesheldbysubsidiaries,jointventures,associated companies,pensionfundsandotherrelated-partyfoundationsisnotknown?
141
142
143
Yes No n/a Reference
35Ernst & Young | Swiss GAAP FER
24.10
24.11663b no. 11 CO
24.24
24.30
24.32
Is the following information about transactions with shareholders in their capacity as shareholders disclosed?• Description and amount of transactions with shareholders that were not settled
in cash or that were offset against other transactions• Reasons for applying a different valuation basis, and the basis itself, applied to
transactions with shareholders that could not be recognized at net selling price• The description of transactions with shareholders that were not conducted at
arm’s length, including the difference between the net selling price and the contractual price of the transaction that was recognized within capital reserves
Is the following information about equity components disclosed? • Number and nature of shares issued and paid in, per category of the capital of
the organization• Par values, per category of the capital of the organization• Rights and restrictions attached to the shares, per category of the capital of
the organization• Amount of contingent and authorized capital• Amount of reserves barred from distribution, legal reserves or reserves required
by the company’s articles of incorporation
Are shareholder loans disclosed under liabilities, event if they were granted by the shareholder on an interest-free basis and without fixed maturity but with the obligation of repayment?
Are obligations to repurchase own shares disposed of disclosed insofar as this transaction leads to the derecognition of own shares from the balance sheet?
Is the number of participation certificates and the related rights and restrictions disclosed?
144
145
146
147
148
Yes No n/a Reference
36 Ernst & Young | Swiss GAAP FER
663cno.1 and 2 CO
Comments
Forcompanieswhosesharesarelistedonastockexchange,arethefollowing disclosuresmadeinthenotestothebalancesheet?• Significantshareholders(shareholdersandgroupsofshareholderslinkedthrough votingrightswhoownmorethan5percentofallvotingrights.Wherethearticles of association provide for a lower percentage threshold for registered shares, that thresholdappliesforpurposesofthedutyofdisclosure)
• Participationofsignificantshareholders
149
Yes No n/a Reference
37Ernst & Young | Swiss GAAP FER
22.822.2822.29
22.6
Comments
Are the following details and values disclosed in the notes, unless already shown in thebalancesheetorintheincomestatement?• Accounting principles applied to long-term contracts• Methodapplied: • Percentageofcompletionmethod(POCM) • Completedcontractmethod(CCM)• Revenuerecognitiontotheextentofrecoverableexpenses(withoutrealizing anyprofit)
• Methodusedtodeterminethedegreeofcompletionoflong-termcontracts accountedforunderPOCM
• Amountofrevenuerecognizedintheperiodfromlong-termcontracts accountedforunderPOCM
• Capitalizedborrowingcost,ifany,andhowtheyweredetermined• Specificbalancesheetitemsrelatedtolong-termcontractssuchas: • ReceivablesfromPOCMcontracts • Inventories • Work in progress • PrepaymentsreceivedfromcustomersforPOCMcontracts • Other items • Prepayments received in connection with long-term contracts
Ifaclawbackrightexists,areprepaymentsreceiveddisclosedasliabilities?
150
151
17 Long-term contracts (Swiss GAAP FER 22)
Yes No n/a Reference
38 Ernst & Young | Swiss GAAP FER
18 Related party transactions (Swiss GAAP FER 15)
152
153
154
155
156
15.3
15.9
15.5
15.315.11
15.10
Comments
Areallsignificanttransactionsandtheresultingreceivablesfromorpayablesto relatedpartiesdisclosed?
Areatleastthefollowingmatters/transactionsdisclosed?• Purchasesandsales(includingitemsoffixedassets)• Commission and licensing agreements• Financing• Rendering or receipt of services and know-how• Rental or lease agreements• Transfer of research and development• Guaranteesandcollateral• Property transactions with own pension institutions
Aretransactionswithrelatedpartieswithoutaconsideration(e.g.,provisionof know-howorthetransferofresearchanddevelopment)disclosed?
Dothefinancialstatementsdiscloseatleastthefollowing?• Description of transaction• Volumeoftransaction(generallyamountorproportion)• Othersignificantterms/conditions• Identity of the related party if this is necessary to understand the transaction
Thefollowingtransactionsdonotqualifyasrelatedpartytransactions.ArethesethereforeNOTincludedinthedisclosures?• Ordinary compensation of related parties from their normal activities as employeesorasspecificallyappointedbodies
• Ordinary contributions to pension institutions
Yes No n/a Reference
39Ernst & Young | Swiss GAAP FER
19 Derivative financial instruments (Swiss GAAP FER 27)
157
158
159
160
161
27.8
27.8
27.18
27.20
27.21
Comments
Do the notes contain disclosures on the amount of open derivatives, broken down intothefollowing?• Interest rates• Foreignexchange• Equity instruments and corresponding indices• Other underlying values
Arethefollowingdetailsdisclosedforeachcategoryofopenderivatives?• Total assets• Total liabilities• Purpose of holding derivatives
Arechangesincashflowhedgesdisclosed?Where?• Directly in equity• Inthenotes(measurementofderivativeinlinewithunderlying)
Ifderivates,asanexception,cannotberecognizedatfairvalues,howarethey treated?
• Disclosed separately • Reasonsprovidedexplainingwhythefairvaluecannotbedetermined
Is the total fair value of derivatives disclosed in the notes reconciled to the amounts recognizedinthebalancesheetbyshowingtheimpactofnetting?
Yes No n/a Reference
40 Ernst & Young | Swiss GAAP FER
SwissGAAPFER1220 Interim reporting (Swiss GAAP FER 12)
162
163
164
165
166
12.2
12.3
12.9
12.512.15
12.8
Ifanorganizationpublishesconsolidatedannualfinancialstatements,doesitalso publishitsinterimreportinginaconsolidatedform?
Arethefollowingdisclosuresmadeforthereportingperiodandthepriorperiod?• Condensed income statement • Condensed opening balance sheet for the reporting period • Condensed closing balance sheet for the reporting period• Thecondensedincomestatementandbalancesheetincludeatleastthemajor captionsandsubtotalsthatwerereflectedinthemostrecentannual financialstatements
Forallitemsinthereportingyear,includingnon-financialitems,arethe correspondingprior-yearfigurespresented?
Does the interim report contain notes on the following developments in activities and businessdevelopment?• Explanationofchangesinaccountingprinciplesandimpactthereof• Referencetofactorsaffectingthenetassets,financialpositionandresultsof operationsoftheorganizationduringthereportingperiod,including:
• Restructuring • Impairment • Changes in the consolidation process • Pendingsignificantlegalproceedings • Majorproductlaunches • Changes in the capital structure • Extraordinarydevelopmentsinfinancialincome/expense • Changes in liquidity• Extraordinaryincomeorexpense,withfiguresiftheyhaveasignificantimpact onprofitorloss
• Acomparisonwiththecorrespondingperiodofthepriorfiscalyear• Disclosure of any material events occurring after the interim balance sheet date• Dothenotescommentontheoutlookforthecurrentfiscalyear
DoestheinterimreportmentioncompliancewithSwissGAAPFER12?
Yes No n/a Reference
41Ernst & Young | Swiss GAAP FER
Areexplanationsprovidedaboutanyseasonalityaffectingearningsinthereporting period,including,ifpossible,quantifiedeffects?
To improve comparison with the reporting period, is reference made to factors affectingthenetassets,financialpositionandresultsofoperationsofthe organizationduringthereportingperiod?
167
168
12.14
12.15
Comments
Yes No n/a Reference
42 Ernst & Young | Swiss GAAP FER
SwissGAAPFER1421 Consolidated financial statements of insurance companies (Swiss GAAP FER 14)
169
170
171
172
173
14.1
14.15
14.2
14.3
14.3
Arethefollowingcomponentsincludedintheconsolidatedfinancialstatements?• Balance sheet • Income statement • Cashflowstatement• Notes
Istheincomestatementclassifiedasfollows?• Technical section • Technical account for non-life insurance business • Technical account for life insurance business • Non-technical(financial)section
Istheincomestatementbrokendownatleastasfollows?• Non-life insurance business • Life insurance business
Arethefollowingassetitemsdisclosedseparatelyinthebalancesheet?• Investments • Investmentsforthebenefitoflifeinsurancepolicyholderswhobearthe
investment risk • Intangible assets • Other assets/property, plant and equipment • Receivables • Cash • Prepayments and accrued income
Arethefollowingequity/liabilityitemsdisclosedseparatelyinthebalancesheet?• Equity • Capitaloftheorganization• Capital reserves • Capitaloftheorganizationthathasnotbeenpaidup(shownasaminusitem)• Ownshares(shownasaminusitem)• Revaluation reserves • Retained earnings • Profit/loss• Minorityinterests• Liabilities • Provisions for actuarial risks • Provisions for life insurance policies where the investment risk is borne by the
policyholders • Provision for future policyholder dividends • Non-technical(financial)provisions• Deposits received from re-insurers
Yes No n/a Reference
43Ernst & Young | Swiss GAAP FER
• Subordinated liabilities • Bonds • Other non-current liabilities • Other current liabilities • Accrued liabilities and deferred income
Arethefollowingitemsdisclosedseparatelyinthebalancesheetorinthenotes?Receivables:• Receivables from policyholders • Receivables from intermediaries and agents • Receivables from insurance companies • Receivables from non-consolidated companies and other related partiesIntangible assets:• GoodwillInvestments and investments for the benefit of life insurance policyholders who bear the investment risk:• Land and buildings • Participations • Loans from non-consolidated companies and other related parties • Shares • Own shares • Fixed-rateanddebtsecurities• Mortgages• Time deposits and similar investments • Other investments • Funds deposited with ceding companiesOther assets:• Start-upandexpansionexpensesTotal provisions for actuarial risks:• Grossamount• Re-insurer’sshare• Amount for own accountNet provisions for actuarial risks (amount for own account) are further separated into:• Provision for unearned premiums • Life insurance provision • Provision for claims outstanding • Mandatoryequalizationprovision• Provision for credited policyholder dividendsNon-technical (financial) provisions:• Incometaxes• Pension provisionsNon-current liabilities: • Liabilities to non-consolidated companies and other related parties
174 14.4
Yes No n/a Reference
44 Ernst & Young | Swiss GAAP FER
Current liabilities:• Due to creditors arising from insurance transactions • Liabilities to non-consolidated companies and other related partiesCapital of the organization:• Amount of shares in each share category
Are provisions for potential losses and aging reserves for the non-life insurance businesstreatedasfollows?• Added to the provision for unearned premiums • Disclosed separately
If one or several group companies are required by regulatory provisions to createanequalizationprovision,isitdisclosedseparately?• In the consolidated balance sheet • In the notes
If a distinction between receivables from policyholders and receivables from intermediaries is practically impossible, are these receivables disclosed togetheranddescribed?
Are at least the following items disclosed separately in the consolidated incomestatement?Technical account for non-life insurance business:• Grosspremiumsaccountedfor• Outward re-insurance premiums • Net change in provision for unearned premiums • Technical income • Other technical income • Claims paid • Change in the provision for claims outstanding • Expensearisingfrompolicyholderdividends• Technical cost • Other technical cost • Balance on the technical account for non-life insurance businessTechnical account for life insurance business:• Grosspremiumsaccountedfor• Outward re-insurance premiums • Net change in provision for unearned premiums • Other technical income • Claims paid • Change in the provision for claims outstanding • Change in life insurance provision • Technical cost • Other technical cost
175
176
177
178
14.16
14.17
14.18
14.5
Yes No n/a Reference
45Ernst & Young | Swiss GAAP FER
• Expensearisingfrompolicyholderdividends• Investment income • Investmentexpense• Allocated investment return transferred from/to the non-technical account • Unrealizedgainsoninvestmentsforlifeinsurancepolicyholderswhobearthe
investment risk • Unrealizedlossesoninvestmentsforlifeinsurancepolicyholderswhobearthe
investment risk • Balance on the technical account for life insurance businessNon-technical (financial) section of the income statement: • Investment income • Investmentexpense• Allocated investment return transferred from/to the technical account for life
insurance business • Technical interest for non-life insurance business • Otherfinancialincome• Otherfinancialexpense• Extraordinaryincome• Extraordinaryexpenses• Profit/lossbeforeincometaxes• Incometaxes• Profit/lossallocabletominorityshareholders• Profit/loss
Are differences arising from foreign currency transactions disclosed under the captions„otherfinancialincome“or„otherfinancialexpense“?
Arethefollowingitemsdisclosedseparatelyintheincomestatementorinthenotes?Change in provision for unearned premiums, claims paid, change in claims outstanding, change in life insurance provision and technical expense, for:• Grossamount• Re-insurer’sshare• Amount for own accountInvestment income:• Income from land and buildings • Income from non-consolidated interests • Income from loans from non-consolidated companies and other related parties • Income from securities • Other investment income • Interest income on amounts deposited • Income from revaluation of investments • Gainsonthedisposalofinvestments
179
180
14.19
14.6
Yes No n/a Reference
46 Ernst & Young | Swiss GAAP FER
Investment expense:• Administrativeexpense• Interestexpense• Depreciation/amortizationofinvestments• Losses on the disposal of investments
Is the basis for the transfer of investment returns to or from the non-technical account/life insurance technical account or non-life insurance technical account disclosedinthenotes?
Istheceded(indirect)lifeinsurancebusinessdisclosedinthenon-lifeinsurance technicalaccount(providedthatthere-insurerdoesnotunderwritedirectlife insurancebusiness)?
Is the gross amount of the technical cost allocated according to appropriate criteria(e.g.,origin,functionsortypeofcost)?
Aredeferredorcapitalizedacquisitioncostdisclosedinthenotes?
Are buildings occupied by the insurance company for its own activities disclosed separatelyifnoadequateownrentischarged?
Dothenotesshowthedevelopmentofgrossvaluesforthefollowingitems?• Intangible assets • Land and buildings • Non-consolidated companies • Loans to other related parties
Aregrosspremiumsbrokendownbyinsuranceclassandgeographicalarea?
181
182
183
184
185
186
187
14.6
14.7
14.8
14.9
14.10
14.12
14.13
Yes No n/a Reference
47Ernst & Young | Swiss GAAP FER
Are gross premiums disclosed separately for each of the following groups of classes?Non-life• Accident and health • Motor• Marine,aviationandtransport• Fire and other damage to property • Third-party liability • Credit and surety • MiscellaneousLife• Life insurance • Life insurance where the investment risk is borne by the policyholdersRe-insurance acceptances• Life insurance • Non-life insurance
If investments are shown at fair value, is the historical cost for the individual itemsdisclosedinthenotes?
Ifinvestmentsarevaluedbasedontheirhistoricalcost(acquisitioncostorproductioncost),isthefairvalue(marketvalueorreplacementcost)fortheindividualitemsdisclosedinthenotes?
Arethefollowingrecommendationsfollowedforrecordingrealizedandunrealizedgainsoninvestmentsandrevaluationreserves?• EIf investments valued at current value show an increase over their historical
cost, then this increase in value must be allocated to the revaluation reserve with no effect on the income statement
• Anyincreaseinvalue(comparedtothehistoricalcost)arisingfromthe realizationofaninvestmentmustbebookedasprofitfromthesaleof investments(capitalgains)
• If investments valued at current value show a decline over their historical cost, thenthecorrespondingdevaluationmustbedisclosedasanexpensefor investments in the income statement for those investments where the preconditions or indicators for impairment are given
• If an increase over historical cost was recorded for this investment valued at current value in a previous accounting period, then the revaluation reserve must be debited by the difference between the previous current value and the historical cost
• Istheamortizationrecognizedasnegativechangeoftherevaluationreserve onfinancialassetsaswellasthereleasednegativerevaluationreserveasa consequenceofdisposaldisclosedseparately,foreach.
(Thisalsoappliestointerimfinancialstatements.)
188
189
190
191
14.13
14.22
14.22
14.26
Yes No n/a Reference
48 Ernst & Young | Swiss GAAP FER
• WIs the negative change of the revaluation reserve in connection with disposals disclosedseparately?(Thisalsoappliestointerimfinancialstatements)
Iftheamortizedcostmethodisusedforfixed-incomeinvestments(bonds, debtsecurities,loans),istheproratadifferenceallocatedtoinvestment incomefromsecurities?
Is the market value for these investments, which are also measured using the amortizedcostvaluemethod,alsodisclosedinthenotes?
Areallowances,depreciation/amortizationandothervalueadjustmentswhich werepostedtoprofitandlossasanexpenseinthepreviousyearbutareno longernecessaryasofthebalancesheetdatereleasedtoprofitandlossas incomeinthecurrentyear?
If there are different local supervisory regulations, is the application of different principles for the measurement of different acquisition costs and the provisions foractuarialrisksdisclosedinthenotes?
Is any discounting of provisions for claims outstanding for the non-life insurance businessdisclosedinthenotes?
Ifthecashflowfromoperatingactivitiesispresentedusingtheindirectmethod (basedontheconsolidatedfinancialstatements),areatleastthefollowing itemsdisclosedseparately?• Thedepreciationandamortizationof • Investments • Land and buildings • Non-consolidated companies • Loans to other related parties • Intangible assets• Theincreaseanddecrease(netchange)inthefollowingitems: • Provisions for actuarial risks • Provision for credited policyholder dividends • Provision for future policyholder dividends • Receivables arising from insurance transactions • Liabilities arising from insurance transactions • Non-technical(financial)provisions • Prepayments and accrued income • Accrued liabilities and deferred income
192
193
194
195
196
197
14.27
14.27
14.28
14.33
14.34
14.35
Yes No n/a Reference
49Ernst & Young | Swiss GAAP FER
Isthecashflowfrominvestingactivitiesshownseparatelyforatleastthe followingitems?• Investments • Land and buildings • Non-consolidated companies • Loans to other related parties • Intangible assets
Forthecashflowfromfinancingactivities,istheincreaseordecreasein financialliabilitiesshownseparatelyandonagrossbasis?
Dotheinsurancecompaniesdefinecashandcashequivalentsasfund?
Ifaninsurancecompanythatpublishesconsolidatedannualfinancialstatementscannot present an interim report in a consolidated form, is the basis for the reported figuresanddisclosuresexplained?
Ifaninsurancecompanydoesnotpresentinterimpremiumandresultfigures on an accrual basis, does it at least disclose the written premiums separately by non-life business and life business and according to the most important geographicalmarkets?
Arefiguresandexplanationsdisclosedforactuarialexpenses,inparticular insuranceclaimsandtechnicalexpenseandforthenon-technicalaccount(profitandlossoninvestments?
198
199
200
201
202
203
14.36
14.37
14.38
14.42
14.43
14.43
Comments
Yes No n/a Reference
50 Ernst & Young | Swiss GAAP FER
SwissGAAPFER21
204
205
206
207
208
Definition
Definition
21.3
21.5
21.5
21.6
21.8
Arethefollowingcriteriaofacharitable,socialnon-profitorganization(NPO) met,regardlessoflegalform?Theorganizationllt?• Provides services in the interest of the general public, in particular services of
charitable nature, independent from the claims of third parties and/or members• Raisesfundspubliclyfromanundefinednumberofdonors • Receivescontributions(withoutaconsideration)• Receives restricted contributions from public authorities Doesthecompanyqualifyasalargenon-profitorganizationbyattainingtwoof thefollowingthresholdsattwoconsecutivebalancesheetdates?• TotalassetsofCHF2million• Proceedsfrompublicfundraising(donations,legacies)andrestricted contributionsfrompublicauthoritiestotalingCHF1million
• Tenfull-timeequivalentsofsalariedemployeesonaverageinafiscalyear
Providedthattheydonotmeetthesizecriteriaintwoconsecutiveyears, small-sizedorganizationsmayrecognizeexpenseandincomeonacashbasis. Ifso,isthistreatmentdisclosedinthenotes?
Havedeviationsfromtheconceptofconsistencyinpresentation,disclosure andvaluationbeendisclosedinthenotes?
Havedeviationsfromtheconceptofconsistencyinpresentation,disclosureandvalu-ationbeenquantifiedanddisclosedintheconsolidatedfinancialstatements?
Forprojectsthatareorganizedseparately,istherelevantexpenseandincome presentedatgrossamounts?• In the income statement• In the notes
Arecomparativefiguresincludedintheindividualaccountsandinthe consolidatedfinancialstatementsforthefollowingfigures?• Reporting period• Prior-year period
22 Accounting for charitable, social non-profit organizations (NPOs) (Swiss GAAP FER 21)
Yes No n/a Reference
51Ernst & Young | Swiss GAAP FER
209
210
211
212
213
214
215
21.9
21.1121.46
21.46
21.10
21.45
21.13
3.221.1421.1521.1621.1721.1821.1921.49app.1
Are the valuation principles and accounting treatments applied to individual items in thefinancialstatementsdisclosedinthenotestothefinancialstatements?
Doesthenon-profitorganizationeffectivelycontrolanotherorganizationand, asaresult,prepareconsolidatedfinancialstatementsaccordingtothe recommendations? Doescontrolmainlyrelateto:• Majorityofvotingorcapitalrights• Controloverthemajorityofthedirectors/trustees• Contractual or statutory requirements
Iforganizationsareexcludedfromthescopeofconsolidationsoasnottoimpairtheinformativevalueoftheconsolidatedfinancialstatements,arethoseorganizationsrecognizedintheconsolidatedfinancialstatementsusingtheequitymethod?
Arethefollowingdisclosuresmadefororganizationsexcludedfromconsolidation?• Nameoftheorganizationexcludedfromfullconsolidation• Reasonfortheexclusionfromfullconsolidation Arethefollowingcomponentsincludedinthefinancialstatements?• Balance sheet• Income statement• Cashflowstatement(onlymandatoryforlargeorganizations)• Statement of changes in capital• Notes• Performance report Isthebalancesheetclassifiedasfollows?ASSETS • Current assets •Cash and cash equivalents •Securities •Trade receivables •Other current receivables • Inventories •Prepayments and accrued income
Yes No n/a Reference
52 Ernst & Young | Swiss GAAP FER
• Non-current assets •Property, plant and equipment •Financial assets • Intangible assets •Restricted assets EQUITY AND LIABILITIES • Current liabilities •Financial liabilities •Trade payables • Other liabilities •Current provisions •Accrued liabilities and deferred income • Non-current liabilities •Financial liabilities •Other liabilities •Non-current provisions• Restricted funds •Restricted income funds •Restricted capital and endowment funds • Capitaloftheorganization •Paid-in capital •Revaluation reserves • Internally generated unrestricted capital •Unrestricted capital • Internally generated designated capital • Surplus/deficitfortheyear Is the income statement prepared in accordance with the recommendation (especiallySwissGAAPFER3)andhaveappropriatetermsbeenselectedfor theorganization‘sactivities?
Accordingtowhichmethodistheincomestatementprepared?• Natureofexpensemethod• Functionofexpensemethod
Istheincomestatementstructuredinaccordancewithappendix2of SwissGAAPFER21??
Does the income statement at least differentiate between restricted and unrestrictedfunds?
216
217
218
219
21.2221.53
21.223.7
21app.2
21.23
Yes No n/a Reference
53Ernst & Young | Swiss GAAP FER
Arechangesinrestrictedfundsdisclosedintheincomestatement?• Separately• Gross
Doestheresultoftherestrictedfundscontainincomeandexpenseforthese fundsseparately?• Income• Expense Areadministrativeexpensesdisclosedseparately,regardlessofhowtheincome statementispresented(function/natureofexpense)?
Ifusingthefunctionofexpensemethod,istheincomestatementpresented basedonthepurposeoftheorganizationandclassifiedasfollows?Broken down into: • Cost center• Projects• Tasks• Purposes• Etc. Isacashflowstatement(esp.pursuanttoSwissGAAPFER4)preparedand disclosed, using appropriate terms for the purpose and activity of the charitable,socialnon-profitorganization?
Isthecashflowfromoperatingactivitiesbrokendownintoatleastthe followingcategories?• Cashflowfromservicesrendered(thirdparties)• Fundraising campaigns
Doesthecashflowstatementpresentthecashflowfromthefollowingareas?• Operating activities• Investing activities• Financing activities
220
221
222
223
224
225
226
21.24
21.54
21.26
21.26
21.2721.2821.55app.3
21.2821.56
21.29
Yes No n/a Reference
54 Ernst & Young | Swiss GAAP FER
Does the statement of changes in capital present the following information (separatelyforthecapitaloftheorganizationandrestrictedfund)?• Allocation• Utilization• Opening and closing balances
Arethechanges(openingbalanceplusadditionslessreductionsequalsthe closingbalance)disclosedseparately?• Forrestrictedfunds(forspecificpurposes)• For the paid-in capital• For the internally generated unrestricted capital Isinformationprovidedaboutthepurposeofrestrictedfunds?
Are transfers between the funds disclosed separately in the statement of changesincapital?
Arethereasonsforthetransfersdisclosedinthenotes?
Isthefollowinginformationdisclosedinthenotes?• Accounting and valuation principles applies• Notes to the balance sheet• Notes to the income statement• Notestothecashflowstatement• Notes to the statement of changes in capital Istheremunerationoftheexecutivebodies(directors/trustees) (e.g.,personnelcost,bonuses,out-of-pocketexpenses)disclosed?
227
228
229
230
231
232
233
21.30app.4
21.31
21.31
21.32
21.32
21.34
21.36
Yes No n/a Reference
55Ernst & Young | Swiss GAAP FER
Arethefollowingitemsdisclosedseparatelyinthebalancesheetorinthenotes?• Cash and marketable securities • Amountofmarketablesecurities(valuedatmarketvalues)• Receivables • Receivablesfromcommunityorganizations •Receivables from related parties (organizations/individuals/projects/institutions)
• Prepayments and accrued income • Paymentsforprojectsrelatingtothenewaccountingperiod• Investmentsandrestrictedinvestments(financialassets) •Marketablesecurities(valuedatmarketvalues) •Receivables from related parties (organizations/individuals/projects/institutions)
• Liabilities • Fromprojects • Duetocommunityorganizations• Other liabilities • Financialcontributionstohelpcoverdeficits •Self-insurance for property damage • Duetothirdparties,arisingfromownprojects• Provisions •Changes in provisions including the declaration of the purpose (openingbalanceplusadditionslessreductionsequalsclosingbalance)
• Capitaloftheorganization •Disclosure of paid-in capital •Names of the donors of the paid-in capital • Committed/designated capital •Statutory and legal reserves • Reservesforspecificpurposes• Unrestricted capital •Operating reserves • Equalizationreserves •Reserves from unspent fundraising campaigns • Unrestrictedcapital(funds) • Generalreserves• Contingent liabilities• Further information to be disclosed in accordance with the laws Istheexpenseforfundraisingcampaigns(e.g.,advertising,establishingdonorfiles,campaignsorsimilaractivities)disclosedseparately?• In the income statement• In the notes
234
235
21.37
21.38
Yes No n/a Reference
56 Ernst & Young | Swiss GAAP FER
Iftheincomestatementhasbeenpresentedaccordingtothefunctionofexpensemethod,isthecostofrenderingservices(directexpenditureandadministrativeexpenditure)disclosedinthenotesunderthefollowingcaptions?• Personnelexpenses• Travel and representation • Non-personnelexpenses• Maintenance• Fundraising• Amortization/depreciation
Aresignificantservicesrenderedfreeofchargedisclosedinthenotes (basedonfairvalues/estimatesorstatistics)?• Goodsorservicesrenderedwithoutconsideration• Services rendered at preferential discounts or voluntarily• Gifts-in-kind• Special discounts• Other favorable conditions and discounts
If goods or services are rendered fully or partially free of charge, are they reportedatapriceforarm‘slengthtransactions? Ifgoodsorservicescanonlybevaluedatanexcessivelyhighcost,isthevolumedisclosedstatistically?
Areallmaterialliabilitiesconcerningprojectsdisclosedinthebalancesheetor inthenotes?
Forconsolidatedprojects,areincomeandexpenseaswellastherelevantfundsdisclosedinthenotes?
Dothenotesdisclosetransactionswithrelatedparties(pursuanttoSwissGAAPFER15)?• Withorganizationsthatareseparatelegalentities• Withrelatedparties(companies)• Withrelatedparties(persons)• Projects
236
237
238
239
240
241
242
21.38
21.3921.57
21.57
21.57
21.40
21.40
21.4121.58
Yes No n/a Reference
57Ernst & Young | Swiss GAAP FER
Doestheperformancereportdisclosethefollowing?• Thepurposeoftheorganization• Thedirectors/trusteesandtheirtermsofoffice• The individuals responsible for management • Connections to related parties if these details are not contained in the notes • Thelegalobjectivesandadescriptionoftheservicesrenderedwithregardto theobjectivesaswellastheuseoftheavailablefunds
Doestheperformancereportalsocontaindetailsofthefollowingaspects?• Anassessmentofthesatisfactionofthebeneficiariesoftheservices• A description of the future services planned • Information on how to measure and assess the achievement of the qualitative objectivesoftheorganization
• Meaningfulperformanceindicatorsfortheachievementoftheobjectives,ina multiple-year comparison, if possible
• Themainrisksthattheorganizationfacesaccordingtotheassessmentofthe directors/trustees as well as any systems in place to control these risks
243
244
21.43
21.60
Comments
Yes No n/a Reference
58 Ernst & Young | Swiss GAAP FER
SwissGAAPFER2623 Accounting of pension plans (Swiss GAAP FER 26)
245
246
247
248
Definition
26.2
26.2
26.2
26.13
Thestandardappliestothefollowingtypesofpensioninstitutions:• Pensionplanscoveringorfinancingmandatoryand/ornonmandatorybenefits foraccountofoneormoreinterrelatedemployers(pensionplanswithstatutorybenefits,registeredornonregistered,employers’pensionfoundationsand funds).
• Pensionplanscoveringorfinancingmandatoryand/ornon-mandatorybenefits foraccountofseveraleconomicallyandfinanciallyunrelatedemployers (collectiveandgrouppensionplans,pensionplansforprofessionalortrade associations).
• Pensionplansinvestingassetsforaccountofinsuredparticipants(termination benefitinstitutions,3aPillarfoundations)
• Collective investment units• Substitute pension plan• Guaranteefund Arethefollowingcomponentsdisclosedinthefinancialstatementsofa pensioninstitutionasdefinedbySwissGAAPFER26?• Balance sheet• Income statement• Notes• Prior-yearfigures
Dothefinancialstatementsincludethefollowingdisclosures?• Amountofreserveforfluctuationsinassetvalue• Non-committed funds or underfunding• Theexcessofincomeoverexpense(incomesurplus)fortheperiodorviceversa
Istheincomesurplusonlyrecognizedifthereserveforfluctuationsinassetvaluehasattainedthetargetvalue?
ncrease/decrease in non-committed funds or underfunding, and in the reserve forfluctuationsinassetvalue:• Isanegativeamount(underfundingpursuanttoArt.44BVV2/OPP2) disclosediftherearenolongeranyreservesforfluctuationsinassetvalue?
• Is any change in non-committed funds or underfunding posted via the income surplusorexpensesurplus(positionZ)?
• Are the effects of a partial liquidation on the non-committed funds or underfunding, or of a transfer to non-committed funds following the takeover of beneficiarygroupsdisclosed?
• Intheincomestatement(itemP/QorK) • Inthebalancesheet(itemJ)
Yes No n/a Reference
59Ernst & Young | Swiss GAAP FER
• Arethefollowingissuesdiscussedinthenotes? • InitemIX:Distributioncriteriaincaseofpartialliquidation • InitemV:Transferfollowingthetakeoverofbeneficiarygroups
Pensionplanwithguaranteefrompublicentitiesincaseofunderfunding:• Assuchinstitutionsarenotentitledtorecognizereservesforfluctuationsin
asset value in the balance sheet, does the pension institution disclose a target valueforthereserveforfluctuationsinassetvalueinthenotes?
Asset valuationAre the valuation methods and their core components disclosed in the notes (itemIV)?• Assets must in principle be stated at market values as of the balance sheet date• Realestate(basedonexpectedprofitsorcashflows,consideringarisk-weightedcapitalizationrate,orbycomparisonwithsimilarpropertiesorapplyinganyothergenerallyacceptedmethod)
• Otherassetsnotregularlytradedinthemarket(basedonexpectedprofitsor cashflows,consideringarisk-weightedcapitalizationrate,orbycomparison withsimilarpropertiesorapplyinganyothergenerallyacceptedmethod)
• If the fair value of any given asset is unknown or cannot be determined, is a disclosuremadestatingthattheacquisitioncostnetofanyidentifiablelosses invaluewillbeappliedbywayofexception?
Valuation of liabilities• Arepensionliabilitiesandactuarialreserves(itemH)valuedinaccordance
with a method provided under Swiss occupational pension legislation (BVG/LPP,FZG/LFLP)anddisclosedaccordingly?
•Statical method • Dynamicmethod(seeSwissGAAPFER16• If a dynamic valuation method is adopted because pension liabilities and actuarial reservesarethusrecognizedathighervalues,aretheminimumamountsunderlawalsodisclosedinthenotes?
Is the valuation and calculation basis for assets and liabilities disclosed and consistentlyapplied?
Arechangesinthisbasisandtheeffectsofsuchchangesonthefinancial statementsdisclosedinthenotes?• Byshowingtheirimpactonthereportingyear?• Byrestatingthefiguresfortheprioryear?
249
250
251
252
26.13
26.14
26.15
26.5
Yes No n/a Reference
60 Ernst & Young | Swiss GAAP FER
Presentation of the financial statements taken as a whole• Is the additional information assessed as significant disclosed? • In the notes (preferred method) • In the balance sheet and income statement• Are just main items disclosed if the aggregate value of their subpositions is not
significant or if there is little explanatory value?• Are the main positions A to Z and Roman numerals I to X indicated even if they only
contain small amounts and short explanations?
Classification of the balance sheet ASSETSA Investments • Are investments presented consistently with the prior year? The balance sheet can be broken down as follows (example): • Shares • Shares in collective investment units and mutual funds • Participations • Cash and marketable securities • Mortgage loans • Real estate • Bonds • Securities • Other investments • Are investments with the employer disclosed separately, stating all
components (receivables, participations etc.)? • In the case of simple investment concepts with few individual investments, are
the following disclosed in the notes? • Category (shares, real estate, etc.) • Actual investments (e. g. mixed assets of investment fund xy, apartment
building Y Street, location) • Does the item investments with the employer include all investments in legal
or natural persons that are economically or financially tied to the employer? B Prepayments and accrued income
253
254
26.16
26.726.17
Yes No n/a Reference
61Ernst & Young | Swiss GAAP FER
C Assets from insurance contracts • Istheredemptionvalueofcollectiveinsurancecontractspresented? • Inthebalancesheet(voluntarily) • In the notes • C/D/HAssetsandliabilitiesfrominsurancecontracts Does this heading present information on the items below – if they can be
recognizedinthebalancesheetoraremandatory(article71(2)BVG/LPP)? • Insurance contracts with redemption value •Separate accounts •Policy loans •Other contractual relationships with insurance companies • Irrespectiveofwhethertheyarerecognizedinthebalancesheet,arethese
contractualrelationshipsdisclosedinsectionVofthenotes? EQUITY AND LIABILITIESD Liabilities • Terminationbenefitsandpensions • Banks/insurance • Other liabilities E Accrued liabilities and deferred income F Employer-paid contribution reserve •Contribution reserves without renounced use •Contribution reserves with renounced use • Are subcategories only disclosed in the case of contribution reserves with
renounceduse? • Are additions and withdrawals stated at gross amounts in the income
statement? • Areadditionsandwithdrawalsexplainedwithdetailsofinterestratesinthe
notes(positionVI)? • If an employer has signed a commitment not to use the contribution reserve
(renounceduse),isaseparatedisclosuremadeforthecorrespondingamount? • Aredetailsoftherenounceduse(renunciationterms,amendmentsand
revocation)explainedinthenotes(itemV)? G Non-actuarial provisions H Pension liabilities and actuarial reserves • Activeparticipants‘liabilities • Pensioners‘liabilities •Liabilities under insurance contracts •Actuarial reserves • If there are several plans, is the distribution of pension liabilities and actuarial
reservesdisclosedinthenotes?
Yes No n/a Reference
62 Ernst & Young | Swiss GAAP FER
I Reserveforfluctuationsinassetvalue • Isthetargetvaluereportedinthenotes(itemVI)? J Endowmentcapital,non-committedfunds/underfunding • +/–Balanceatthebeginningoftheperiod • +/–Increase/decreasefrompartialliquidation(unlessrecognizedunderP/Q) • +/–Transfersfollowingtakeoverofbeneficiarygroups(unlessrecognized
underP/Q)
Z +/–Incomesurplus/expensesurplus • =Balanceattheendoftheperiod • Ifthefoundationhasanendowmentornominalcapital(e.g.,inthecaseof
cooperatives),isthisreportedseparatelyunderitemJ(voluntarydisclosure)?
Istheincomestatementsstructuredusingthefollowingclassification? K +Ordinaryandothercontributionsandtransfers • +Employeecontributions(riskpremiumscanalsobedisclosedseparately) • +Employercontributions(riskpremiumscanalsobedisclosedseparately) • +Contributionsfromthirdparties • +Additionalemployeecontributions • +Additionalemployercontributions • +One-timepaymentsandpurchaseamounts • +Employees’solvencycontributions • +Employers’solvencycontributions • +Pensioners’solvencycontributions • +Transferstonon-committedfundsfollowingtakeoverofbeneficiarygroups • +Transferstoemployer-paidcontributionreserve • +PaymentsfromBVG/LPPGuaranteeFund L +Entrylumpsumtransfers • +Terminationbenefittransfers • +Reimbursementsofwithdrawalsforhomeownership/incaseofdivorce K to L=Inflowfromcontributionsandentrylumpsumtransfers M –ReglementarischeLeistungen • –Retirementpensions • –Survivors’pensions • –Disabilitypensions • –Otherregulatorybenefits • –Lumpsumpaymentsonretirement • –Lumpsumpaymentsondeathordisability
255 26.826.18
YesNon/a Reference
63Ernst & Young | Swiss GAAP FER
N –Nonregulatorybenefits
O –Terminationbenefits • –Terminationbenefitsforleavers • –Withdrawalsforencouragementofhomeownership/incaseofdivorce M to O =Outflowforbenefitsandwithdrawals P/Q+/–Decreases/increasesinpensionliabilities,actuarialreservesand
contributionreserves • +/–Decrease/increaseinactiveparticipants‘liabilities • +/–Costs/incomefrompartialliquidation(shareofnon-committedfunds/
underfundingonly) • +/–Decrease/increaseinpensioners’liabilities • +/–Decrease/increaseinactuarialreserves • –Interestonretirementsavingscapital • +/–Decrease/increaseincontributionreserves R +Incomefrominsurancebenefits • +Insurancebenefits • +Shareofinsurancesurpluses S –Insurancecost • –Insurancepremiums • –One-timeinsurancecontributions • –Allocationofinsurancesurpluses • –ContributionstoBVG/LPPGuaranteeFund K to S=Netresultofinsuranceactivities T +/–Netreturnoninvestments • Arethecontentsofthemainpositionsconsistentlypresentedinaccordance
withthebalancesheetstructure(positionA)? • Istheadministrationcostofinvestmentsdisclosed? • DoesitemTcontainthefollowingcomponents-providedthecomplexityand
structureofthebalancesheetwarrantprovidingthesedetails? • +/–Interestonbankaccountsandmoneymarketinvestments • –Defaultinterestonterminationbenefits • –Interestexpenseforloansanddebtonmortgages • –Interestexpenseforpolicyloans • +Interestfrommortgagelending • +Incomefromsecuritieslending • +/–Gains/lossesfromderivativetransactions • +Interestfrominvestmentswiththeemployer • –Interestonemployer’scontributionreserve • +/–Resultfromrealestate(net) • +/–Changesinvalueofrealestate
YesNon/a Reference
64 Ernst & Young | Swiss GAAP FER
• +/–Interestanddividendsonsecurities(orportfoliowithBankxy,etc.) • +/–Netresultfrompricechangesonsecurities(orportfoliowithBankxy.etc.) • –Assetmanagementexpense • =Netreturnoninvestments(itemT) • Ifinthecaseofcomplexinvestmentconceptsitisnotpossibletoachievethe
required substantive conformity between the balance sheet and income statementclassifications,isanappropriatelydetailedgrossbreakdownof investmentincomeandexpensepresentedinsectionVIofthenotes?
U +/– Decrease/ increase in non-actuarial provisions V +Otherincome: • + Income from services rendered • + Other income W –Otherexpenses X –Administrationexpenses: • –Administrationexpenses(withoutadministrativeexpenseforasset
managementwhichbelongtoitemT) • –Marketingandadvertisingexpenses K to X=Incomesurplus/expensesurplusbeforeaddingtoorreleasingfrom
reservesforfluctuationsinassetvalue Y +/–Decrease/increaseinreservesforfluctuationsinassetvalue Z =Incomesurplus/expensesurplus(totalfromKtoY) Arethefollowingitemsmarkedwithanasterisk(*)presentedinthenotesgivingfigures(withcomparativefiguresfortheprioryear)andexplanationswhere necessary? I Generalinformationandorganization: • Legal form and purpose • BVG/LPPregistrationandregistrationwiththeGuaranteeFund • Plan statutes and regulations • Are the plan statues, rules and regulations referenced by their date without
reproducingtheircontents? • Supremebody(equalrepresentation)/authorizedsignatories • Actuaries, auditors, advisors, supervisory authority • Affiliatedemployers* • Forpensionplanswithamanageablenumberofaffiliatedemployers,in
particular in the case of group companies, are employers listed by name indicatingnewcomersandleavers?
256 26.926.19
Yes No n/a Reference
65Ernst & Young | Swiss GAAP FER
• Forpensionplanswithalargernumberofnon-relatedaffiliatedemployers (i.e.,collectiveandgrouppensionplans),isonlythenumberofaffiliationsand changesinaffiliatescomparedwiththeprioryearreported,andpossibly brokendownbyobjectivecriteria?
II Active participants and pensioners • Activeparticipants* • Pensioners* III Implementationofobjectives • Characteristicsofthepensionplan(s) • Financing,financingmethod • Further information on pension plan activities IV Significantaccountingpoliciesandvaluationmethods,consistency • StatementofcompliancewithSwissGAAPFER26 • Significantaccountingpoliciesandvaluationmethods • Changes in accounting policy and in bookkeeping V Actuarialrisks/riskbenefitcoverage/coveragerate • Inthecaseofspecialpensionplanconcepts,isthesub-classificationsetout
belowreplacedwithdifferentclassificationcriteriaandconsistentlyapplied? • Typeofriskbenefitcoverage,re-insurance Doesthetypeofriskbenefitcoverageincludeallactuarialinformation,
such as details of • the required pension liabilities and • Actuarial reserves or • Insurance coverage • Commentsonassetsandliabilitiesfrominsurancecontracts* • Developmentandreturnonsavingscapitalindefinedcontributionplans* • Developmentofpensionliabilitiesforactiveparticipantsindefinedbenefits
plans* • TotalretirementsavingscapitalinaccordancewithBVG/LPP* • Developmentofactuarialreservesforpensioners* •Conclusions of the last actuarial report • Actuarialprinciplesandothersignificantactuarialassumptions •Changes in actuarial principles and assumptions • Employercontributionreserveswithrenounceduse* • FundedstatuspursuanttoArt.44BVV2/OPP2 • IsthecoveragewithinthemeaningofArt.44BVV2/OPP2andanyother
significantcoverageratiosforthepensionplanexplainedinthegeneral contextandwithreferencetotheactuarialprinciples?
Yes No n/a Reference
66 Ernst & Young | Swiss GAAP FER
• Isthepensionactuary’sreportdrawnupusingadynamicactuarialvaluation method(seeSwissGAAPFER16)?
Ifso,arethefollowingdisclosed? •Discount rate •Development of salaries •Probability of leaving the company • Pensionindex • Expectedinvestmentperformance •Legal termination obligations VI Explanatorynotesoninvestmentsandnetreturnoninvestments • Organizationofinvestmentactivities,investmentrulesandregulations •Asset management mandates •Asset managers •Custodian accounts
• Expansionofinvestmentpossibilities(Art.50para.4BVV2/OPP2)with coherentexplanationofthecompliancewithcertaintyandriskallocation
(Art.50para.1-3BVV2/OPP2
Target value and calculation of reserve for fluctuations in asset value* Wherepensionliabilitiesandactuarialreserveshavebeensetasideforbenefit
obligationcommitments,orreservesforfluctuationsinassetvaluehavebeenmade for other reasons, do the notes indicate the following
• Targetvalueofthereserveforfluctuationsinassetvalueforinvestmentson hand at balance sheet date
• Difference between target value and balance sheet value • Informationonthereserveforfluctuationsinassetvalue •Calculation method •Consistent application of the method •Effect of changes in terms of value Breakdown of investments into investment categories WArethemainchangescomparedtotheprioryeardisclosed? Are disclosures on investments structured so as to afford the informed reader
anadequateviewofthefollowing? • The asset allocation • Thesignificantchangesinassetallocationcomparedtotheprioryear • Theactualriskdiversification • Compliance with • statutory and • (ifapplicable)legalinvestmentrequirements • and return on investments Are interest charges on borrowed capital, including employer-paid contribution
reserves,andinvestmentcostdulydisclosed(seeparagraph18)?
Yes No n/a Reference
67Ernst & Young | Swiss GAAP FER
Current (open) financial derivative instruments Arethefollowingdisclosuresmadeinthebreakdownofinvestments? • Effectsoffinancialderivativeinstruments • ProofofcompliancewithArt.56aBVV2/LPP2 • Marketvalueandcounterpartiesinsecuritieslending • Comments on net return on investments Isthecomparisonwiththeprioryearrestrictedtothemainchanges? Comments on investments with the employer* and on employer-paid
contribution reserves* • Nature of any claims • Nature of any obligations • Interest rates • Contractual relationships •Rental agreements •Special business transactions •Asset transactions • Relatedincomeandexpense VII Comments on other balance sheet and income statement items
VIII Supervisory authority requirements
IX Furtherinformationregardingfinancialsituationge • Underfunding/measurestaken(Art.44BVV2/OPP2) • Renouncedusebytheemployeroftheemployer’scontributionreserve • Partial liquidations • Policyloans* • Separateaccounts* • Renouncedusebytheemployeroftheemployer’scontributionreserve • Pledgeofassets* • Jointandseveralliabilitiesandguarantees* • Legal proceedings underway • Special business and asset transactions • Any other circumstances that could affect the amount or development of
non-committed funds or underfunding, unless they are already mentioned in apreviousitem.
Isthereaderofthefinancialstatementsabletoascertainwhetherthe
governing body has taken the necessary steps to remedy the underfunding as wellasanyfurthermeasuresprescribedbylaw?
X Events subsequent to the balance sheet date
Yes No n/a Reference
68 Ernst & Young | Swiss GAAP FER
Inthecaseofcollectiveandgrouppensionplans,arethefinancialstatements preparedsoastoensurethattheappropriateinformationisdisclosed:• for each individual plan • faswellasforthepensionfundasawhole? Is any underfunding in one pension plan disclosed separately from the the non-committedfundsofanother?
FollowingSwissGAAPFER26,havethetheannualfinancialstatements(balancesheet,incomestatementandexplanatorynotes)ofcollectiveandgrouppensionplans drawn up primarily at the level of the legal entity that is required to prepare the balancesheet? Dothosefinancialstatementsalsoindicate:• The basic principles used for determining marketing and administration expense,and
• Otherdata(e.g.,surpluses)allocatedtotheindividualpensionplans? Foranygivenpensionplan,isthetrueandfairviewofthefinancialsituationevidentbasedonthefinancialstatementstakenasawholeinconjunctionwiththe supplemental individual report
257
258
26.10
26.20
Comments
Yes No n/a Reference
69Ernst & Young | Swiss GAAP FER
SwissGAAPFER41
259
260
261
262
263
264
41.1
41.2
41.2
41.27
41.28
41.3
Dotheseparatefinancialstatementscomprisethefollowingcomponents?• Balance sheet• Income statement• Cashflowstatement• Statement of changes in equity• Notes(includingsegmentreporting
Arethefollowingitemsdisclosedseparatelyunderassets?• Investments• Intangible assets• Property, plant and equipment• Prepayments and accrued income• Receivables• Cash and cash equivalents
Arethefollowingitemsdisclosedseparatelyunderliabilities?Equity• Capitaloftheorganization• Capitaloftheorganizationthathasnotbeenpaidup(shownasaminusitem)• Capital reserves• Ownunitsofthecapitaloftheorganization(shownasaminusitem)• Retained earnings or accumulated lossLiabilities• Actuarial provisions for own account • Actuarial provisions for variations and for reliability• Non-actuarial provisions • Provisions for risks in the investments • Accrued liabilities and deferred income• Liabilities
Only for health insurers: Is equity presented in the balance sheet or in the notes separately according to the FederalHealthInsuranceActandaccordingtotheLawonInsuranceContracts?
Only for health insurers: Are the actuarial provisions for variations and for reliability presented in the balance sheetorinthenotesseparatelyaccordingtotheFederalHealthInsuranceActandaccordingtotheLawonInsuranceContracts?
Istheincomestatementclassifiedasfollows?• Operating result • Premiums earned for own account • Indemnityandbenefitexpensesforownaccount
24 Accounting for real estate insurers and health insurers (Swiss GAAP FER 41)
Yes No n/a Reference
70 Ernst & Young | Swiss GAAP FER
• Change in technical provisions for variations and for reliability • Balanceofrisksbetweeninsurers(incomeandexpenses)(healthinsurers) • Policyholder dividends • Operatingexpensesforownaccount • Other operating income • Otheroperatingexpenses • Investment result • Investment income • Investmentexpense • Change in provisions for risks in the investments • Betriebfremdes Ergebnis• Ausserordentliches Ergebnis• Gewinn/VerlustvorErtragssteuern• Ertragssteuern• Gewinn/Verlust
Direct method: Istheminimumdisclosureforthepresentationofthecashflowfromoperating activitiesbasedontheclassificationoftheincomestatement?
Indirect method: Arethefollowingitemsshownwithincashflowfromoperatingactivities?• Profit/loss• Depreciation/write-up of • Investments(includingrealizedandnon-realizedgainsandlosses) • Intangible assets • Property, plant and equipment • Receivables• Increase/decreasein: • Actuarial provisions for own account • Actuarial provisions for variations and for reliability • Non-actuarial provisions • Provisions for risks in the investments • Gain/lossonthedisposalof • Intangible assets • Property, plant and equipment• Increase/decreasein: • Prepayments and accrued income • Receivables • Accrued liabilities and deferred income • Liabilities
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41.4
41.5
24 Accounting for real estate insurers and health insurers (Swiss GAAP FER 41)
Yes No n/a Reference
71Ernst & Young | Swiss GAAP FER
Areoutflowsforpurchasesofandinflowsfromdisposalsofinvestmentspresentedeitherinthecashflowfromoperatingactivitiesorfrominvestingactivities?
Arethefollowingcomponentsdisclosedinthenotes?• Segment reporting• Explanationson • Valuation basis • Valuation principles • Supplementarydisclosureson: • Balance sheet • Income statement • Cashflowstatement • Statement of changes in equity
Doessegmentreportingconsistsoffollowingitems?For real estate insurers: • Real estate insurance • Primary cover • Other insurances • Other services • Eliminations • Prevention/intervention For health insurers: • InsuranceaccordingtotheFederalHealthInsuranceAct• Insurance according to the Law on Insurance Contracts • Insurance according to the Federal Law on Accident Insurance• Other • Eliminations
Isthecompositionofinvestmentsdisclosed?• In the balance sheet• In the notes Are,forexample,thefollowingitemsdisclosed?• Shares• Alternative investments• Participations• Derivativefinancialinstruments• Fixed-interestinvestments• Land and buildings• Collective investment schemes• Cash and cash equivalents• Other investments
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268
269
270
41.6
41.7
41.8
41.941.31
Yes No n/a Reference
72 Ernst & Young | Swiss GAAP FER
Is owner-occupied real estate disclosed?• As an investment• As an item of PPE
Are receivables and liabilities classified in the notes at least as follows? Amounts due to/from• Policy holders • Insurance organizations• Re-insurers • Agents and intermediaries• Related parties
Within liabilities, are the non-current financial liabilities (e. g., bonds) disclosed separately in the notes?
Are deposit receivables and liabilities from insurance business taken over or transferred, respectively, recognized separately?• As receivables from insurance organizations• As liabilities to insurance organizations
Are the actuarial provisions for own account disclosed in the balance sheet or in the notes as follows?• Provision for unearned premiums • Provisions for indemnities and benefits • Coverage capital • Provision for future policyholder dividends• Other provisions for actuarial risks
When discounting the provision for indemnities and benefits, do the notes contain details of?• Discount rate• Average durationAlternatively:• Difference between the discounted and the undiscounted amount of the provisions
For other actuarial provisions, is the purpose disclosed?
Are the valuation principles for the actuarial provisions for variations and for reliability disclosed and explained in the notes?
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272
273
274
275
276
277
278
41.32
41.10
41.10
41.33
41.11
41.11
41.11
41.12
Yes No n/a Reference
73Ernst & Young | Swiss GAAP FER
Are the valuation principles for the provision for risks in the investments disclosedandexplainedinthenotes?
For earned premiums for own account, are the following details disclosed in theincomestatementorinthenotes?• Premiums• Re-insurer’sshare• Contributions from the public sector • Changes in provision for unearned premiums
Aretheexpenseforindemnitiesandbenefitsforownaccountclassifiedinthe incomestatementorinthenotesasfollows?• Indemnityandbenefitexpensesforownaccount • Paidindemnitiesandbenefitsforownaccount • Paidindemnitiesandbenefits • Re-insurer’sshare• Plus/minuschangesintheactuarialprovisionforownaccount?
Isthecostsharedwithinsuredpersons(franchise,deductible,dailyallowance inhospitals)nettedwithinindemnitiesandbenefitspaiddisclosedseparately inthenotes?
Incaseare-insurancecontractexists,arethefollowingdetailsprovidedinthe notesforeachoftheactuarialprovisions?• Grossamount• Plus/minusre-insurer’sshare• As result, amount for own account
Areoperatingexpensesclassifiedinthenotes?• According to where they were incurred• According to function• According to cost type
Ifare-insurancecontractisinplace,istheoperatingexpensebrokendown intothefollowing:• Grossamount• Re-insurer’sshare• Amount for own account
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280
281
282
283
284
285
41.13
41.14
41.15
41.36
41.16
41.17
41.17
Yes No n/a Reference
74 Ernst & Young | Swiss GAAP FER
Areexplanationsprovidedinthenotesforthefollowingareas?• Other operating income• Otheroperatingexpenses
Istheincomeandthedirectlyattributableexpenseforinvestmentsbroken downinthenotesintotheindividualinvestmentcategories?
Isincomefrominvestmentsbrokendownintothefollowing?• Realizedgains• Unrealizedgains
Isexpensefrominvestmentsbrokendownintothefollowing?• Realizedlosses• Unrealizedlosses• Expensesforthecustodyoftheinvestments
For land and buildings and other assets whose fair value was determined according totheexpectedincomeorcomparisonwithsimilarassets,isthecarryingamountdisclosedinthenotes?
If an investment is valued at acquisition cost instead of fair value, is the amount disclosedinthenotes?
Forinvestmentsatfixedinterestratesthatarevaluedusingtheamortizedcost method,arethefairvaluesdisclosedinthenotes?
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287
288
289
290
291
292
41.18
41.19
41.19
41.19
41.21
41.21
41.22
Comments
Yes No n/a Reference
75Ernst & Young | Swiss GAAP FER
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