XBRL CH launches public consultation on new Swiss taxonomy
XBRL CH has announced the launch of a public consultation on the new XBRL CH Taxonomy, designed to meet the financial reporting needs of Swiss companies under the Swiss Code of Obligations (OR).
The consultation, which is open to political parties, business associations, Swiss universities, and other interested stakeholders, will run until 1 November 2024.
The XBRL CH Taxonomy was created in collaboration with the Swiss Tax Conference (SSK) to reflect the specific requirements of Swiss companies. By adopting this taxonomy, companies can ensure that their financial reports are not only compliant with local regulations but also easily accessible and reusable for various stakeholders, such as business partners, regulators, and tax authorities.
The adoption of XBRL as a standard in Switzerland mirrors the broader global movement towards digital financial reporting, already required by authorities in most major global economies. The taxonomy supports various financial reporting standards, including Swiss GAAP FER, IFRS, and the Swiss Code of Obligations, helping companies meet both domestic and international reporting requirements.
XBRL CH hopes this new taxonomy will promote broader adoption of XBRL in Switzerland, enhancing both public and private sector reporting. The association encourages all interested parties to review the consultation documents, which are available in multiple languages, and submit feedback electronically by the November deadline.
For more information on the XBRL CH Taxonomy and to participate in the consultation, visit XBRL CH’s website here.
