Federal Act
on the Amendment of the Swiss Civil Code
(Part Five: The Code of Obligations)

¹ When first re­cor­ded, as­sets must be val­ued no high­er than their ac­quis­i­tion or man­u­fac­tur­ing costs.

² In any sub­sequent valu­ation, as­sets must not be val­ued high­er than their ac­quis­i­tion or man­u­fac­tur­ing costs. Pro­vi­sions on in­di­vidu­al types of as­sets are re­served.

³ Loss in value due to us­age or age must be taken in­to ac­count through de­pre­ci­ation, while oth­er losses in value must be taken in­to ac­count through valu­ation ad­just­ments. De­pre­ci­ation and valu­ation ad­just­ments must be ap­plied in ac­cord­ance with gen­er­ally re­cog­nised com­mer­cial prin­ciples. They must be de­duc­ted dir­ectly or in­dir­ectly from the rel­ev­ant as­sets and charged to the profit and loss ac­count and may not be shown un­der li­ab­il­it­ies.

⁴ For re­place­ment pur­poses and to en­sure the long-term prosper­ity of the un­der­tak­ing, ad­di­tion­al de­pre­ci­ation and valu­ation ad­just­ments may be made. For the same pur­poses, the can­cel­la­tion of de­pre­ci­ation and valu­ation ad­just­ments that are no longer jus­ti­fied may be dis­pensed with.