The Board of Directors of the Swatch Group decided during its meeting yesterday to change the Group’s accounting practice: from IFRS back to Swiss GAAP ARR.
The change will be implemented on January 1, 2013. Swiss GAAP allows the Swatch Group as a Swiss company to use a recognized accounting practice that is ideal for industrial companies such as the Swatch Group.
The costbenefit ratio is reasonable and takes account of the special needs of a Swiss industrial company.
By making this move, the Swatch Group is returning to a more practical and less theoretical accounting practice than is the case with IFRS.
Source: Swatch Group