Audit et contrôles
Swiss GAAP FER 31: Rules for Listed Companies (2027)
Learn Swiss GAAP FER 31 rules for listed companies, including EPS, segment reporting, interim accounts, and English PDF access.
Alice Meier
25 August 2026
5 minutes read
Blog
Swiss GAAP FER 31: Rules for Listed Companies (2027)
Learn Swiss GAAP FER 31 rules for listed companies, including EPS, segment reporting, interim accounts, and English PDF access.
Audit et contrôles
Introduction
Swiss GAAP FER 31 is the complementary accounting recommendation for listed companies that report under Swiss GAAP FER. It adds rules that help investors understand company performance, financial risks, business segments, and interim results.
The standard covers eight main areas: first-time adoption, share-based payments, discontinued operations, earnings per ownership right, income taxes, financial liabilities, segment reporting, and interim reporting.
What Is Swiss GAAP FER 31?
The official title of Swiss GAAP FER 31 is “Complementary Recommendation for Listed Companies.” It applies to the individual or consolidated financial statements of listed entities.
Its purpose is to make listed-company accounts more useful and transparent. Public investors need more detail than the owners of a private business. FER 31 therefore adds reporting requirements that go beyond the general Swiss GAAP FER framework.
The recommendation took effect on 1 January 2015. According to the Swiss GAAP FER Foundation, its rules cover both annual and interim reporting.
FER 31 is not a standalone accounting framework. A listed company must apply it together with the other Swiss GAAP FER recommendations relevant to its size, structure, and industry.
Who Must Follow Swiss GAAP FER 31?
FER 31 applies to listed companies that prepare their financial statements under Swiss GAAP FER. It may also become relevant to businesses preparing financial information for a future listing.
Not every listed Swiss company uses FER 31. The required or accepted framework depends on the company’s listing standard. IFRS and US GAAP may apply under other SIX standards.
The SIX corporate reporting rules accept Swiss GAAP FER under the Swiss Reporting Standard and certain other listing standards. Listed issuers must also publish financial information twice a year.
A listed company cannot apply Core FER alone. A listed group will normally apply:
- The Swiss GAAP FER Framework
- Core and applicable further FER recommendations
- Swiss GAAP FER 30 for consolidated accounts
- Swiss GAAP FER 31 for listed-company reporting
Key Swiss GAAP FER 31 Rules
The recommendation adds rules in eight reporting areas:
First-time adoption
Main purposeCreate comparable FER-based accounts
Share-based payments
Main purposeReport shares, options, and similar plans
Discontinued operations
Main purposeSeparate sold or closed activities
Earnings per ownership right
Main purposeShow profit attributable to each ownership right
Income taxes
Main purposeImprove tax transparency
Financial liabilities
Main purposeExplain material debt and financing terms
Segment reporting
Main purposeShow results by business segment
Interim reporting
Main purposeProvide timely information during the year
First-Time Adoption and Comparative Figures
A company adopting Swiss GAAP FER must present its comparative figures under the new framework. It cannot show the current year under FER while leaving the prior year under its former accounting rules.
The finance team must identify conversion adjustments, update its accounting policies, and document how the transition affects reported figures. Common areas requiring review include goodwill, pension obligations, leases, deferred taxes, and hidden reserves.
Clear comparative information helps investors understand whether changes in profit or equity come from business performance or the switch in accounting framework.
Share-Based Payments
Listed companies often use shares, options, or performance-based awards to pay employees and directors. FER 31 requires the company to account for these arrangements and provide enough information for readers to understand their effect.
The notes should explain the type of plan, key conditions, measurement basis, and related expense. Finance teams also need reliable data on grants, vesting, exercises, cancellations, and outstanding awards.
This rule is especially relevant to listed technology, pharmaceutical, and growth-stage businesses that use equity to attract senior talent.
Discontinued Operations
A discontinued operation is a material part of a business that has been sold, closed, or abandoned. Its financial effects should be clearly separated from continuing activities.
For example, imagine a Swiss industrial group sells one of its three divisions. Combining that division’s final result with the remaining business could give investors a misleading view of future performance. Separate reporting makes it easier to assess the earnings that the group can continue to generate.
Companies should also explain the nature of the disposal and its effect on results and cash flow.
Earnings per Share or Ownership Right
FER 31 requires listed companies to disclose earnings per ownership right. For a company with ordinary shares, this is usually described as earnings per share.
Basic earnings per share divides the relevant profit by the weighted average number of shares outstanding during the period. Diluted earnings also considers potential shares from options, convertible instruments, or similar arrangements.
This measure helps investors compare performance across periods, even when the number of shares changes.
Income Taxes and Financial Liabilities
FER 31 adds transparency around current and deferred income taxes. Tax information should help readers understand the relationship between reported profit and the company’s tax expense.
Listed companies must also provide useful information about material financial liabilities. Depending on the circumstances, this may include maturity dates, interest terms, debt structure, and other important financing conditions.
These disclosures help investors assess liquidity, refinancing needs, and exposure to changing interest rates.
Segment Reporting
Segment reporting should reflect how senior management reviews and manages the company. Segments may be based on business divisions, product lines, geographic markets, or another internal structure.
A diversified manufacturer, for example, may report separate results for its industrial systems and consumer products divisions. A company operating through one integrated business model may have only one reportable segment, but it should be able to support that conclusion.
Creating segments only for the annual report, without linking them to internal management reports, is a common compliance risk.
Interim Financial Reporting
Interim reports give investors timely information between annual reporting dates. Under FER 31, condensed interim financial statements normally include:
- A balance sheet
- An income statement, including earnings per share
- A cash flow statement
- A statement of changes in equity
- Comparative information
- Explanatory notes
The notes should explain material events, changes in accounting policies, acquisitions, disposals, and other developments affecting the period. Segment revenue and segment results should also follow the information used by senior management.
For more detail on presenting operating, investing, and financing cash movements, see our guide to Swiss GAAP FER 4 cash flow rules.
How FER 31 Works With Other Swiss Standards
FER 31 adds listed-company requirements. It does not replace the rest of Swiss GAAP FER.
The distinction between FER 30 and FER 31 is important. Swiss GAAP FER 30 explains how groups prepare consolidated financial statements. FER 31 adds disclosures and presentation rules for companies whose ownership rights are listed.
A listed group reporting under Swiss GAAP FER will normally apply both. Relevant industry recommendations may also apply to insurers, pension plans, or other regulated entities.
Companies comparing reporting frameworks can also review the main differences between IFRS and Swiss GAAP FER.
How Listed Companies Apply FER 31
The main reporting challenge depends on the company’s activities:
Technology company issuing options
Main FER 31 focusShare-based payments
Industrial group with several divisions
Main FER 31 focusSegment reporting
Real estate company with major borrowing
Main FER 31 focusFinancial liabilities
Group selling a division
Main FER 31 focusDiscontinued operations
Company moving from IFRS to FER
Main FER 31 focusFirst-time adoption
Business preparing for an IPO
Main FER 31 focusReporting systems and audit readiness
Compliance requires more than completing a checklist. Companies need consistent source data, a clear closing calendar, documented management judgements, reliable internal controls, and a complete audit trail.
These processes should be established before year-end. Waiting until the financial statements are being drafted can lead to missing data, late adjustments, and audit delays.
Swiss GAAP FER 31 Updates for 2027
No separate revision to FER 31 effective in 2027 has been announced at the time of writing. The recommendation itself has applied since 2015.
However, listed companies must still consider changes to the wider framework. Listed groups, for example, must apply the revised FER 30 rules that became effective on 1 January 2024. Companies should check the latest official FER edition before completing their 2027 accounts.
Swiss GAAP FER 31 in English and PDF: How to Obtain
Companies looking for Swiss GAAP FER 31 in English can purchase the official collection from the Foundation. The standards are published in English, German, French, and Italian.
Readers searching for Swiss GAAP FER 31 in PDF should note that the official collection is available as a paid e-book. It can be ordered through the official Swiss GAAP FER publication page.
Free resources, such as the PwC interim reporting checklist, can support a disclosure review. However, a checklist does not replace the official standard.
How Fiduciaire Genevoise Can Help
Fiduciaire Genevoise can help listed companies and IPO candidates assess reporting gaps, prepare comparative information, document accounting policies, review disclosures, and improve audit readiness.
Planning a conversion or preparing FER 31 financial statements? Explore our audit and controls services to build a clear and reliable reporting process.
Conclusion
Swiss GAAP FER 31 gives investors clearer information about listed-company results, risks, segments, and interim performance. Applying it correctly requires coordination between accounting policies, management reporting, internal controls, and the wider Swiss GAAP FER framework.
FAQ
It is mandatory for listed companies that report under Swiss GAAP FER. Other recognised accounting frameworks may apply under different listing standards.
Alice Meier
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