In the mid-1980s, based on the initiative of professor André Zünd (†) of the University of St.Gallen, the Swiss Expert Association for Audit, Tax and Fiduciary launched the idea of founding an independent institution concerned with the further development of accounting and reporting standards in Switzerland. The stated objective was, and still is, to promote the comparability of financial statements and to bring informational content and the concept of accounting in Switzerland into line with international standards. FER promotes the communication and dissemination of financial accounting and reporting that takes into account specifically Swiss features and is intended for practical implementation. It promotes communication and sharing between producers, auditors, addressees, consultants, policymakers, administrators, standard-setters, supervisory authorities and other interested parties. It supports the high-quality implementation of Swiss GAAP FER standards in practice and helps to develop an independent statement of the principle of the True and Fair View. Swiss GAAP FER focuses on the accounting and reporting of small and medium-sized organisations and groups of organisations with a presence in Switzerland. The recommendations include specific industry regulations for non-profit organisations, pension funds, insurance companies, and real estate and health insurers. Swiss GAAP FER has a modular structure and consists of the following pieces: the framework, the core FER, and further standards, as well as Swiss GAAP FER 30 for groups of organisations and Swiss GAAP FER 31 for listed companies.
