Obligation to retain accounting records in Switzerland 2024

Digital transformation has profound impacts on business life, not least on the way companies maintain their accounting records. This article highlights the legal requirements in Switzerland regarding the obligation to preserve accounting records and emphasizes the differences between various types of records.

Legal Framework

The preservation of accounting records in Switzerland, regulated by Art. 958f CC, is a central element of business activity. A ten-year retention obligation (after the end of the fiscal year) for business books, accounting vouchers, business reports, and audit reports ensures the traceability and integrity of financial records. This is crucial for tax audits, legal disputes, and corporate management, underscoring the need for careful and accurate financial records.

Distinguishing the Retention Obligation

Legal provisions in Switzerland differentiate between the preservation of business and audit reports on paper and the more flexible handling of business books and accounting vouchers.

According to Art. 958f Para. 2 CC, business and audit reports must be written and signed by responsible persons.

According to Art. 958f Para. 3 CC, business books and accounting vouchers can be kept on paper, electronically, or in a comparable way.

Digital Preservation

However, the digital preservation of business books has certain requirements. According to Art. 3 GeBüV, it must be ensured that no change is possible without it being traceable. Therefore, simply storing an invoice as a Word document is not sufficient.

Information Carriers

According to the law, the following immutable and mutable information carriers are available for preservation:

Immutable Information Carriers: These include paper, image carriers, and immutable data carriers

Mutable Information Carriers: Information carriers are considered mutable and thus inadmissible if the stored information can be changed or deleted without the change or deletion being traceable on the data carrier.

The information carriers are still permissible if the following points apply:

1.    Technical procedures that ensure the integrity of the stored information

2.    The time of information storage can be irrefutably proven, for example, using a timestamp

3.    the existing additional regulations on the use of the related technical procedures are adhered to at the time of storage

4.    the procedures and processes for their use are defined and documented, and the corresponding auxiliary information (such as protocols and log files) are also preserved

Conclusion

In conclusion, it can be noted that the archiving of accounting records is also affected by digitalization.

Business and audit reports must still be archived in writing. While business books and vouchers can be electronic, it is recommended to discuss this with a digital partner to maintain legal compliance.

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