DGAP-Adhoc: Goldbach Group AG: Goldbach Group switches its accounting practice from IFRS to Swiss GAAP FER
Goldbach Group AG / Key word(s): Miscellaneous
21.10.2014 07:00
Release of an ad hoc announcement pursuant to Art. 53 KR
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Ad hoc press release
The Goldbach Group switches its accounting practice from IFRS to Swiss GAAP
FER
Küsnacht-Zurich, October 21st, 2014. The board of directors of Goldbach
Group AG has decided to switch its accounting practice from IFRS to Swiss
GAAP FER with retroactive effect from the financial year 2014. Providing
that authorisation for the change is granted by the SIX Swiss Exchange,
Goldbach Group shares will be traded in the Domestic Standard rather than
the Main Standard from December 2014.
The increasing complexity and the ever more detailed regulations of IFRS
are, on the whole, not leading to a clearer understanding of the company's
financial position or profit situation. On the contrary, they are causing
significant additional administrative costs. The board of directors has
therefore decided to switch to the Swiss GAAP FER standard, which is
especially tailored to the requirements of medium-sized international
companies such as the Goldbach Group. By changing to Swiss GAAP FER, the
Goldbach Group has settled on a standard of comparable validity that will
ensure transparent reporting both now and in the future.
Consequences of changing our accounting standard
Switching accounting practice from IFRS to Swiss GAAP FER will mainly lead
to adjustments where company mergers are involved (treatment of goodwill
and immaterial assets from acquisitions), the treatment of cumulative
foreign currency differences in equity, and the calculation of benefit
liabilities. The switch will have a positive influence on turnover for
2014, as a reclassification of the cumulative exchange differences recorded
as equity with regard to the sale of a foreign subsidiary is no longer
required. The balance will be reduced due to the new treatment of goodwill
and the lower benefit liabilities. Accounting equity will be lower due to
the new treatment of goodwill, and current balance sheet risks will be
reduced. A detailed reconciliation account for the switch from IFRS to
Swiss GAAP FER will be included in the 2014 Annual Report.
Contact:
Goldbach Group AG
Germaine Müller, Investor Relations Manager
Corinne Laverrière, Public Relations Manager
Seestrasse 39
8700 Küsnacht-Zurich
Phone +41 (44) 914 91 00
Fax +41 (44) 914 93 60
www.goldbachgroup.com
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Language: English
Company: Goldbach Group AG
Seestrasse 39
8700 Küsnacht-Zürich
Switzerland
Phone: +41 44 914 91 00
Fax: +41 44 914 93 60
E-mail: info@goldbachgroup.com
Internet: www.goldbachgroup.com
ISIN: CH0004870942
Valor: 487094
Listed: SIX
End of Announcement EQS Group News-Service
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