Ministry of Employment and the Economy
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Financial Statements

A financial statement must be prepared for each financial period. As an entrepreneur, you are responsible for the financial statement even if it is prepared by a professional accountant.

Financial statements must include:

  1. a balance sheet that describes the financial status on the closing date
  2. a profit and loss account that describes the results formation
  3. a financial calculation outlining the assets acquired during the financial period and their use
  4. the required appended notes.

With the exception of the notes, the equivalent reference data for the previous period must be reported with each calculation. The obligation to provide notes depends on the size and form of the company.

An annual report must also be appended to the financial statements. Small entities subject to accountability are not obligated to prepare annual reports or financing calculations, and they have been exempted from some of the notes requirements of the Accounting Ordinance. A small entity subject to accountability refers to a company that exceeds no more than one of the following limits in the last financial year and in the financial year directly preceding it:

  • net sales EUR 7.3 million
  • balance sheet total EUR 3.650 million
  • personnel on average max. 50 people.
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