PARIS — Swatch Group is set to change its accounting practices back to Swiss GAAP ARR measures as of Jan. 1, 2013. The group has used International Financial Reporting Standard (IFRS) practices since 2001.
“Swiss GAAP allows the Swatch Group, as a Swiss company, to use a recognized accounting practice that is ideal for industrial companies,” Swatch stated. “The cost-benefit ratio is reasonable and takes account of the special needs of a Swiss industrial company.”
A Stella McCartney sketch of a custom dress made from protein-based silk in partnership with biotech lab Bolt Threads. The dress will be displayed at The Museum of Modern Art's upcoming design exhibition, "Items: Is Fashion Modern?"