Fiduciary Service in Switzerland

Accounting

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What are depreciations and how much can one depreciate?

Depreciation records the reduction in value of assets to represent the current operating assets. The amount depends on the asset and ranges from 2% for residential buildings to 45% for tools.

What is an accounts payable account?

The accounts payable account reflects the debts to suppliers in the balance sheet and is charged when purchasing on account. It is essential for the financial health of a company to settle these liabilities on time.

Appendix to the annual accounts: What all should be included?

The appendix to the annual financial statement is newly regulated by Art. 959c OR and now contains more detailed information such as explanations of the balance sheet and income statement. Sole proprietorships and partnerships may waive the appendix under certain conditions.

The income accounts

In accounting, success accounts are divided into expense and revenue accounts, without an opening balance. Annually, all expenses and revenues are recorded there and then reset to zero.

The equity account and the private account

The Equity account shows the company's debts to the business owner and changes through profits, losses, or private deposits. The Private account records the owner's private transactions and is transferred annually to equity.

The principles of accounting

Accounting according to Art. 957 ff. of the Swiss Code of Obligations includes principles such as clarity, completeness, and conservative accounting. The accounting must be adapted to company-specific characteristics and balance sheets must be retained for 10 years.

The value adjustments

Value adjustments adjust book values of tangible assets and receivables to reflect actual depreciation; they adhere to the principle of accounting truth. Distinctions are made between straight-line and declining balance depreciation methods as well as special accounts for unreal receivables losses.

The basic tasks of accounting

Accounting informs about the financial situation of a company and assists with tax calculations and pricing. It follows the principles of truth, clarity, and continuity.

Waiver of limited audit

AGs, GmbHs, and cooperatives may waive the limited audit with the consent of all partners if they have no more than 10 full-time positions. The waiver applies to the following years but can be revoked before the general meeting.