Commentaries: Art. 963a

A legal entity is exempt from the duty to prepare consolidated accounts if it:
1. together with the controlled undertaking has not exceeded two of the following thresholds in two successive financial years:
  1. a balance sheet total of 20 million francs,
  2. sales revenue of 40 million francs,
  3. 250 full-time positions on annual average;
2. is controlled by an undertaking whose consolidated accounts have been prepared and audited in accordance with Swiss or equivalent foreign regulations; or
3. it has delegated the duty to prepare consolidated accounts to a controlled undertaking in accordance with Article 963 paragraph 4.
Consolidated accounts must nonetheless be prepared where:
1. this is necessary in order to make the most reliable assessment of the economic position;
2. company members who represent at least 20 per cent of the basic capital or 10 per cent of the members of a cooperative or 20 per cent of the members of an association so require;
3. a company member or an association member subject to personal liability or a duty to pay in further capital so requires; or
4. the foundation supervisory authority so requires.
If the financial reporting is not carried out in francs, in order to ascertain the values in accordance with paragraph1 number 1theexchange rate on the balance sheet dateshall be appliedfor the balance sheet total and theannual average exchange rate forthe sales revenue.