Just two weeks after Burkhalter Holding (see post) another SIX listed company has decided to switch from IFRS to Swiss GAAP FER. Meyer Burger has cited growing complexity, the overly detailed rules (costly) of IFRS as factors behind their decision to switch to Swiss GAAP FER. They are convinced that Swiss GAAP FER is a solid framework permitting a true and fair view. The shares of Meyer Burger (Ticker: MBTN) will remain listed on the domestic standard of the SIX Swiss Exchange.
As was the case at Burkhalter Holding they will use equity capital to offset the goodwill and pension plans will also see adjustments; the amount of liabilities for these will sink. For the last published balance sheet as of June 30th the switch will still result in a equity capital ratio of over 50%.
The detailed numbers and changes will be published on March 14, 2014 in the annual report 2013.
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