Publigroupe fined 40,000 Swiss francs
The Sanctions Commission of the Swiss stock exchange operator SIX has fined Publigroupe for providing insufficient explanations in its 2012 semiannual financial statements. However, since the violation is classified as minor, the fine of 40,000 francs is relatively modest.
Publigroupe had inadequately explained the offsetting of goodwill (intangible assets) of associated companies against equity in its half-year report, as SIX Exchange Regulation announced on Friday. The investigation was launched in March of this year. At that time, the Sanctions Commission had also accused Publigroupe of a violation in the
The company was accused of reporting sales revenue in the 2011 annual financial statements. However, no sanction was imposed as the error was subsequently corrected and disclosed in the 2012 half-year financial statements, as the press release explains further.
The background to all this is Publigroupe's switch from the international accounting standard IFRS (International Financial Reporting Standards) to the Swiss standard Swiss GAAP FER as of the 2012 financial year. Swiss GAAP FER also presupposes for interim reporting that investors can form a "well-founded opinion" on the development of a company's activities and business performance in the corresponding period on the basis of it, explained SIX Exchange Regulation. (SDA)
