Another SIX listed company moving to Swiss GAAP FER from the notoriously inflexible and expensive IFRS (loved by auditors $$$). Previous examples from the third quarter 2013 were Meyer Burger and Burkhalter Holding and in the first quarter 2014 Kaba (see links at bottom of post).
Goldbach Group changes over to Domestic Standard on 8 December 2014
Küsnacht-Zürich, 10.11.2014. On 7 November 2014, SIX Swiss Exchange
approved the petition of Goldbach Group AG to change over to the Domestic
Standard on 8 December 2014, under the condition that all obligations of
public disclosure are met.
From 8 December 2014, the 6,010,920 registered shares, each with a nominal
value of CHF 1.25, of Goldbach Group AG, headquartered in Küsnacht-Zürich
(ticker symbol: GBMN), will be traded for the first time with the Domestic
Standard of the SIX Swiss Exchange. The last day of trading with the Main
Standard will be 5 December 2014.
The change in standards (segment change) is associated with the transition
from the current International Financial Reporting Standards (IFRS) to the
Swiss GAAP FER standard and will apply retroactively from the 2014 fiscal
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.
Goldbach Group has been quoted in the main segment of the SIX Swiss
Exchange since June 15th, 2007 (Valor 487094, ISIN CH0004870942, ticker
Further information: www.goldbachgroup.com oder www.goldbach.com