SIX Exchange Regulation has reached an agreement with Pelikan Holding Ltd regarding the latters breach of the Swiss GAAP FER accounting standards in its annual financial statements for 2008.
The deficiencies identified by SIX Exchange Regulation relate to items reported incorrectly in the income statement and to incomplete and partly incorrect disclosures in the notes to the annual financial statements.
Pelikan Holding Ltd, which is listed according to the Domestic Standard on the SIX Swiss Exchange Ltd, contravened the provisions of Swiss GAAP FER (16/13) in that its disclosure of pension liabilities and expenses was incomplete and partly incorrect. In addition, contrary to the requirements of Swiss GAAP FER 16/3a, the item “Expenses for pensioners” in the income statement was reported as an extraordinary expense. Furthermore, Swiss GAAP FER 30/11 was breached in that the minority interests in the results of subsidiaries were not reported outside of the consolidated result in the income statement.
As part of the agreement, the company has undertaken to correct its 2009 interim and annual financial statements so that they comply with the requirements of Swiss GAAP FER Framework Concept 30 and to amend the structure of the income statement and the notes accordingly. The company has also undertaken to make a one-off payment of CHF 15,000 to the Foundation for Accounting and Reporting Recommendations, which is responsible for issuing Swiss GAAP FER standards.
L.D.