First of all, accountants in Switzerland must follow the accounting standards established by the Swiss Foundation for Accounting and Reporting. This means, above all, keeping profit and loss statements and balance sheet records in the national currency of Switzerland (Swiss Francs).
There are also some other important points:
- An accountant in Switzerland should also consider the International Public Sector Accounting Standards;
- Swiss accountants must carry out a full audit, if the turnover of a company tops CHF20 million and a balance sheet exceeds CHF50 million, whilst the staff includes more than 50 employees.
- It is a must for a Swiss accountant to be able to make annual financial statements, a cash flow statement, a balance sheet and a management report.
- A responsible Swiss accountant should provide local tax authorities with properly prepared documents on demand, otherwise the company will pay a penalty.