Financial disclosure principles
Based on discussions with analysts and investors, UBS believes
that the market rewards companies that provide clear,
consistent and informative disclosure about their business.
Therefore, UBS aims to communicate its strategy and results
in a manner that allows shareholders and investors to gain a
full and accurate understanding of how the company works,
what its growth prospects are and what risks the strategy and results might entail. Feedback from analysts and investors
is continually assessed and, where relevant, reflected in
the firms quarterly and annual reports. To continue to
achieve these goals, UBS applies the following principles in
its financial reporting and disclosure:
Transparency in disclosure enhances understanding of the
economic drivers and, as with the provision of detailed
business results, builds trust and credibility.
Consistency in disclosure within each reporting period
and between reporting periods.
Simplicity in disclosure allows readers to gain the appropriate
level of understanding of the performance of the
firms businesses.
Relevance in disclosure avoids information overload by
focusing on what is relevant to UBSs stakeholders or required
by regulation or statute.
Best
practice in line with industry norms, leading the way
to improved standards where possible.
Financial reporting policies
UBS reports its results after the end of every quarter, including
a breakdown of results by business divisions and extensive
disclosures relating to credit and market risk.
UBSs financial statements are prepared according to International
Financial Reporting Standards (IFRS) as issued by
the International Accounting Standards Board. Refer to
Note 1 Summary of significant accounting policies in the
financial statements of this report for a detailed explanation
of the basis of UBSs accounting.
UBS is committed to maintaining the transparency of its
reported results and to ensuring that analysts and investors
can make meaningful comparisons with previous periods. If
there is a major reorganization of its business divisions, or if
changes to accounting standards or interpretations lead to a
material change in the Groups reported results, UBSs results
are restated for previous periods when required by applicable
accounting standards to show how they would have
been reported according to the new basis and provide clear
explanations of all relevant changes. Prior to publication of
first quarter 2009 results, UBS will publish restated business
division results on www.ubs.com/investors showing quarterly
and annual results for 2007 and 2008 under the new organizational
structure announced on 10 February 2009.
US regulatory disclosure requirements
As a reporting company under the US federal securities laws
(a foreign private issuer), UBS must file or submit certain reports
and other information, including certain financial reports, with the US Securities and Exchange Commission
(SEC). UBS files an annual report on Form 20-F with the SEC,
and submits to the SEC its quarterly financial reporting under
cover of Form 6-K.
As of the end of the period covered by this annual report,
an evaluation was carried out under the supervision of management,
including the Group Chief Executive Officer (CEO)
and Group Chief Financial Officer (CFO), of the effectiveness
of UBSs disclosure controls and procedures (as defined in
Rule 13a15e) under the US Securities Exchange Act of
1934. Based upon that evaluation, the Group CEO and
Group CFO concluded that these disclosure controls and
procedures were effective as of the end of the period covered
by this annual report. No significant changes were
made in UBSs internal controls or in other factors that could
significantly affect these controls subsequent to the date of
their evaluation.
In accordance with Section 404 of the US Sarbanes-Oxley
Act of 2002, the management of UBS is responsible for establishing
and maintaining adequate internal control over
financial reporting. The financial statements of this report
contain managements assessment of the effectiveness of internal
control over financial reporting as of the time of the
reports publication. The external auditors report on this assessment
is also included.