INFICON to Change its Financial Reporting from US GAAP to Swiss GAAP FER, Effective January 1, 2012
Bad Ragaz/Switzerland, November 29, 2011. INFICON Holding AG has decided to change its financial reporting standard from US GAAP to Swiss GAAP FER effective January 1, 2012. INFICON has submitted a request to SIX Swiss Exchange, asking to migrate the listing of its shares from the regulatory Main Standard to the Domestic Standard.
As announced on October 20, 2011, INFICON has decided to change its financial reporting standard from US GAAP to Swiss GAAP FER. The accounting standards IFRS and US GAAP will converge significantly in the coming years. The related regulatory changes, including the increasingly elaborate and complex regulatory details, audit provisions, and the high internal and external costs that go along with these standards are making them less and less suitable for small and medium-sized companies listed on SIX Swiss Exchange. INFICON has thus submitted its request to SIX Swiss Exchange to migrate the listing of its shares from the Main Standard to the Domestic Standard where SWISS GAAP FER is an accepted reporting standard. Following approval by SIX Swiss Exchange, the change should be effective beginning January 3, 2012. The last trading day for the registered shares of INFICON Holding AG (Securities Number 1102994 / ISIN CH0011029946 / IFCN) on the Main Standard will be December 30, 2011.
Swiss GAAP FER enables INFICON in the future, to present high-quality consolidated financial statements in accordance with the “true and fair view” principle. Changing the financial reporting standards to Swiss GAAP FER will mainly impact the company’s accounting policies with respect to goodwill, intangible assets and pension plan obligations. Apart from these issues, INFICON expects to apply the same valuation methods as before, if they are compatible with Swiss GAAP FER. INFICON will discuss the detailed impacts of this change in the context of its year-end 2011 reporting in March 2012.
E-mail Alerts
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ABOUT INFICON
INFICON is a leading provider of innovative instrumentation, critical sensor technologies, and advanced process control software that enhance productivity and quality in sophisticated industrial vacuum processes. These analysis, measurement and control products are essential for gas leak detection in air conditioning/refrigeration, and automotive manufacturing. They are vital to equipment manufacturers and end-users in the complex fabrication of semiconductors and thin film coatings for optics, flat panel displays, solar cells and industrial vacuum coating applications. Other users of vacuum based processes include the life sciences, research, aerospace, packaging, heat treatment, laser cutting and many other industrial processes. We also leverage our expertise in vacuum technology to provide unique, toxic chemical analysis products for emergency response, security, and environmental monitoring. INFICON is headquartered in Switzerland and has world-class manufacturing facilities in Europe, the United States and China, as well as subsidiaries in China, Finland, France, Germany, Italy, Japan, Korea, Liechtenstein, Singapore, Sweden, Switzerland, Taiwan, the United Kingdom and the United States. INFICON registered shares (IFCN) are listed on SIX Swiss Exchange. For more information about INFICON and its products, please visit www.inficon.com
This press release and oral statements or other written statements made, or to be made, by us contain forward-looking statements that do not relate solely to historical or current facts. These forward-looking statements are based on the current plans and expectations of our management and are subject to a number of uncertainties and risks that could significantly affect our current plans and expectations, as well as future results of operations and financial condition. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
As announced on October 20, 2011, INFICON has decided to change its financial reporting standard from US GAAP to Swiss GAAP FER. The accounting standards IFRS and US GAAP will converge significantly in the coming years. The related regulatory changes, including the increasingly elaborate and complex regulatory details, audit provisions, and the high internal and external costs that go along with these standards are making them less and less suitable for small and medium-sized companies listed on SIX Swiss Exchange. INFICON has thus submitted its request to SIX Swiss Exchange to migrate the listing of its shares from the Main Standard to the Domestic Standard where SWISS GAAP FER is an accepted reporting standard. Following approval by SIX Swiss Exchange, the change should be effective beginning January 3, 2012. The last trading day for the registered shares of INFICON Holding AG (Securities Number 1102994 / ISIN CH0011029946 / IFCN) on the Main Standard will be December 30, 2011.
Swiss GAAP FER enables INFICON in the future, to present high-quality consolidated financial statements in accordance with the “true and fair view” principle. Changing the financial reporting standards to Swiss GAAP FER will mainly impact the company’s accounting policies with respect to goodwill, intangible assets and pension plan obligations. Apart from these issues, INFICON expects to apply the same valuation methods as before, if they are compatible with Swiss GAAP FER. INFICON will discuss the detailed impacts of this change in the context of its year-end 2011 reporting in March 2012.
E-mail Alerts
To automatically receive notification via e-mail of the latest financial information from INFICON, sign up for e-mail Alert in the Investors section of the INFICON website at http://phx.corporate-ir.net/phoenix.zhtml?c=124424&p=irol-alerts&t=&id=&.
ABOUT INFICON
INFICON is a leading provider of innovative instrumentation, critical sensor technologies, and advanced process control software that enhance productivity and quality in sophisticated industrial vacuum processes. These analysis, measurement and control products are essential for gas leak detection in air conditioning/refrigeration, and automotive manufacturing. They are vital to equipment manufacturers and end-users in the complex fabrication of semiconductors and thin film coatings for optics, flat panel displays, solar cells and industrial vacuum coating applications. Other users of vacuum based processes include the life sciences, research, aerospace, packaging, heat treatment, laser cutting and many other industrial processes. We also leverage our expertise in vacuum technology to provide unique, toxic chemical analysis products for emergency response, security, and environmental monitoring. INFICON is headquartered in Switzerland and has world-class manufacturing facilities in Europe, the United States and China, as well as subsidiaries in China, Finland, France, Germany, Italy, Japan, Korea, Liechtenstein, Singapore, Sweden, Switzerland, Taiwan, the United Kingdom and the United States. INFICON registered shares (IFCN) are listed on SIX Swiss Exchange. For more information about INFICON and its products, please visit www.inficon.com
This press release and oral statements or other written statements made, or to be made, by us contain forward-looking statements that do not relate solely to historical or current facts. These forward-looking statements are based on the current plans and expectations of our management and are subject to a number of uncertainties and risks that could significantly affect our current plans and expectations, as well as future results of operations and financial condition. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.