The increasingly extensive rules governing financial reporting present both the preparers and users of financial information with a serious challenge. SIX Exchange Regulation has therefore created two consultative bodies to support its regulatory efforts.
Listed companies and their auditors, as well as investors and financial analysts, are challenged by today’s increasing and more complex financial reporting requirements. For that reason, SIX Exchange Regulation has launched a number of initiatives aimed at ensuring also in future a high quality corporate financial reporting that contributes significantly to an efficient capital market.
In addition to its intensified coordination with foreign supervisory and enforcement authorities, SIX Exchange Regulation is also striving to expand further the interchange of professional know-how and experiences between the affected domestic stakeholder groups. To that purpose, two advisory panels have been established, both of which are manned by proven experts in the areas of financial reporting and international accounting.
- As a strategic body, the Financial Reporting Expert Advisory Panel (formerly the Expert Panel on Financial Reporting) counsels SIX Exchange Regulation concerning the enactment and implementation of rules governing financial reporting. The Advisory Panel is comprised of seven proven individuals, with Prof. Dr. Conrad Meyer (University of Zurich) as its chairman. The other members represent listed companies, audit firms and the financial analyst profession.
- The Specialist Pool for IFRS Issues is an operative body that SIX Exchange Regulation can draw upon to obtain timely advice from professionals in specific questions arise concerning the application of International Financial Reporting Standards (IFRS). The Pool consists of roughly 30 IFRS specialists, whereby one half of them represent the users and the other half the audit profession.
Going forward, SIX Exchange Regulation wants to keep the public informed about the issues under discussion in the Expert Advisory Panel. The objective is to draw market participants’ attention to potential developments in the area of financial reporting as well as facilitate a timely dialogue with the given standard setters.
Further information on the Financial Reporting Expert Advisory Panel can be found at: http://www.six-exchange-regulation.com/obligations/financial_reporting/faqs/requirements_en.html
Specialist Pool for IFRS Issues: http://www.six-exchange-regulation.com/obligations/financial_reporting/faqs/enforcement_en.html