By Bachem AG
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Bachem Switches Financial Reporting from IFRS to Swiss GAAP FER
The Board of Directors of Bachem Holding AG (SIX: BANB) have passed a resolution to change the company’s accounting standards from International Financial Reporting Standards (IFRS) to Swiss GAAP FER. It intends to make the switch retroactive to January 1, 2013. The change is to ensure transparency and a better understanding of its financial position.
The registered shares of Bachem Holding AG will remain listed on the SIX Swiss Exchange. A request to have the company shares transferred from the Main Standard to the Domestic Standard will be submitted to the SIX Swiss Exchange Regulation.
The complexity and constant change to rules and regulations under IFRS leads to increasingly complex financial disclosure requirements. These standards are imposing more and more detailed formal requirements that, for the most part, do not lead to a better understanding of the company’s financial position and operating results. On the other hand, they are causing additional administrative costs. With this decision to switch to Swiss GAAP FER, Bachem will be applying accounting standards with comparable informative value. The half-year report for 2013 will be prepared according to the new standards.
Bachem is a listed technology-based company focused on peptide chemistry. The company provides a full range of services to the pharma and biotech industries.
It specializes in the development of innovative, efficient manufacturing processes and the reliable production of peptide-based active pharmaceutical ingredients. A comprehensive catalog of biochemicals and exclusive custom syntheses for research labs complete the service portfolio.
Headquartered in Switzerland with subsidiaries in Europe and the US, the group has a global reach with more experience and know-how than any other company in the industry. Towards its customers, Bachem shows total commitment to quality, innovation and partnership.
Bachem. Pioneering Partner for Peptides
For more information on Bachem switching financial reporting from IFRS to Swiss GAAP FER, please contact Bachem directly.