Significant accounting policies

A | General information and statement of compliance

The Fédération Internationale de Football Association (FIFA), domiciled in Zurich, Switzerland, is an international non-governmental, non-profit organisation in the form of an association under Swiss law. FIFA’s members comprise 211 associations affiliated to six confederations. FIFA’s principal mission is to promote the game of football, protect its integrity and bring the game to all.

The consolidated financial statements were approved by the FIFA Council on 24 February 2022, and will be submitted to the 72ⁿᵈ FIFA Congress on 31 March 2022 for approval.

FIFA prepares the consolidated financial statements in accordance with International Financial Reporting Standards (IFRS) as issued by the IASB. The scope of consolidated subsidiaries is set out in Note 35. Other football associations are not consolidated. Based on the FIFA Statutes, the financial cycle of FIFA is four years and begins on 1 January, in the year following the final competition of the FIFA World Cup. While these consolidated financial statements cover the period from 1 January 2021 to 31 December 2021, FIFA’s current financial reporting cycle extends from 1 January 2019 to 31 December 2022.

Some figures cannot be compared on a year-on-year basis, in particular revenue and expenses from Competitions & Events. Due to its nature as a not-for-profit organisation and the distribution of revenue across various financial years, FIFA’s financial figures are best analysed considering the full four-year cycle. The first three years of each cycle structurally produce a negative result, while year four produces a significant positive result.

Consequently, a comparison of a single year against figures for the previous year is, in some cases, not meaningful.

B | Basis of presentation

The consolidated financial statements are presented in US dollars (USD), which is the reporting currency of FIFA.

The consolidated financial statements are prepared on a historical cost basis, except for derivative financial instruments and certain financial assets that are stated at fair value.

New standards, interpretations and amendments adopted

Several IFRS amendments and interpretations were effective for the first time in 2021, but did not have an impact on the financial statements, whether individually or in aggregate.

FIFA has not adopted any standards, interpretations or amendments that have been issued but are not yet effective.

Standards or amendments issued but not yet effective

The following standards and amendments had been issued but were not mandatory for the reporting period ending 31 December 2021:

  • Amendments to IAS 37 – Onerous Contracts – Cost of Fulfilling a Contract, effective date 1 January 2022

  • Amendments to IAS 16 – Property, Plant and Equipment – Proceeds before Intended Use, effective date 1 January 2022

  • Annual Improvements to IFRS Standards 2018-2020, effective date 1 January 2022

  • Amendments to IAS 1 – Classification of Liabilities as Current or Non-Current and Disclosure of Accounting Policies, effective date 1 January 2023

  • IFRS 17 – Insurance Contracts and amendments thereto, effective date 1 January 2023

  • Amendments to IAS 8 – Accounting Policies, Changes in Accounting Estimates and Errors, effective date 1 January 2023

FIFA does not expect the standards or amendments that have been issued but are not yet effective to have a significant effect on the consolidated financial statements.

C | Basis of consolidation

The term “FIFA” is hereafter also used for the consolidated group, which represents FIFA and its subsidiaries.

Subsidiaries are all entities over which FIFA has control. FIFA controls an entity when FIFA is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the group. They are deconsolidated from the date on which that control ceases.

The individual subsidiaries included in this consolidation are shown in Note 35.

Intra-group balances and transactions and any unrealised gains arising from intra-group transactions are eliminated in preparing the consolidated financial statements.

Unrealised losses are eliminated in the same way as unrealised gains, but only to the extent that there is no evidence of impairment.

D | Foreign currency

Foreign currency transactions and balances

Transactions in foreign currencies are converted on the date of the transaction into the functional currency of the respective entity. Monetary assets and liabilities denominated in foreign currencies on the balance sheet date are converted at the foreign exchange rate ruling on that date. Foreign exchange differences arising from conversion are recognised in profit or loss.

Financial statements of foreign subsidiaries

For FIFA’s foreign subsidiaries, assets and liabilities including fair value adjustments arising on consolidation are converted into USD at the foreign exchange rate ruling on the balance sheet date. The revenue and expenses of foreign subsidiaries are converted into USD at the average foreign exchange rates of the period. Exchange differences arising from conversion of the accounts of foreign subsidiaries are recognised in other comprehensive income.

The main foreign exchange rates used are as follows (USD per 1 unit/100 units):

31 Dec 2021 Average 2021 31 Dec 2020 Average 2020
1 CHF 1.0935 1.0942 1.1226 1.0446
1 EUR 1.1314 1.1833 1.2288 1.1308
1 GBP 1.3496 1.3758 1.3617 1.2798
100 RUB 1.3405 1.3574 1.3452 1.4148
100 BRL 17.9495 18.5629 19.2593 20.0811

E | Revenue recognition

The main revenue streams for FIFA relate to the sale of the following rights:

  • Television broadcasting rights

  • Marketing rights

  • Licensing rights

  • Hospitality rights

  • Ticket sales

The transaction price of a contract consists in general of fixed and variable consideration as well as, infrequently, non-cash components (value-in-kind).

Nature of performance obligations

The following is a description of the principal activities with which FIFA generates revenue:

Television broadcasting rights are granted primarily to TV stations and other broadcasting institutions. These rights are granted to broadcast the television signal for a defined period in a particular territory. The performance obligation is defined as the right to access intellectual property. Revenue related to television broadcasting rights is recognised over the rights period measured based on the pattern of broadcasting of the contractual events.

Marketing rights provide the FIFA Partners, FIFA World Cup Sponsors, Regional Supporters, National Supporters and World Cup Partners/Women’s Football Partners with access to intellectual property by enabling them to enter into a long-term strategic alliance with FIFA which also includes a set of predefined rights. The performance obligations under marketing rights contracts consist of both tangible and intangible marketing rights, which are separated. The tangible rights include event-related media and advertising rights which result in revenue recognition as the contractual events are broadcast. The intangible right is attributed to the promise to benefit from a strategic association with FIFA, its competitions and brand, resulting in a straight-line recognition of revenue over the contractual rights period.

Licensing rights are granted to licensees to both associate the licensee with FIFA and the FIFA competitions and to obtain the right to use FIFA marks and brand elements as a platform to brand its related products and services. As the licensee has access to intellectual property, the amount of revenue is recognised over the rights period and is further determined by categorising each licensing right contract as follows:

1) For the right to consideration of fixed fees only, revenue is recognised over the rights period on the basis of fixed-fee amounts.

2) For the right to consideration of sales- or usage-based royalties with specified minimum guarantee amounts, FIFA assesses at each reporting date whether the royalty amounts to be received will exceed the contractual minimum guarantee threshold.

a. If the sales-based royalty is not expected to clearly exceed the minimum guarantee threshold, revenue is recognised over the rights period measured on the basis of the fixed guaranteed consideration. Any royalties received in one period in excess of the minimum guarantee due are deferred and recognised only when total royalties received exceed the contractual minimum guarantee threshold.
b. When FIFA has a reasonable expectation that royalty amounts to be received will clearly exceed the contractual minimum guarantee threshold, fixed and variable considerations are estimated and revenue is recognised as the performance obligation is satisfied. The amount of revenue recognised for the reporting period is subject to the royalty constraint (i.e. cumulative revenue amounts cannot exceed cumulative royalty amounts).

Hospitality rights provide the licensee with the right to provide hospitality/accommodation and ticketing services for selected FIFA competitions. The amount of revenue for the FIFA World Cup includes both fixed and variable considerations, whereas all other events have variable considerations only. Contractually determined fixed payments are recognised in the period in which the FIFA World Cup takes place. Revenue based on profit-share agreements is recognised once the profit share for the event has been determined by the licensee.

Ticket sales in connection with the FIFA World Cup or other FIFA events are recognised in the year the event takes place.

Revenue from rendering of services is recognised in the accounting period in which the services are rendered.

Value-in-kind revenue consists of promises to receive pre-determined services and the delivery of goods to be used in connection with the FIFA World Cup or other FIFA events. The revenue related to value-in-kind forms part of the overall consideration receivable and is recognised applying the same measure of progress as the performance obligation to which it relates. Value-in-kind consideration is measured at fair value.

F | Other income

Other income represents income (other than financial income as defined in Note K) that does not arise in the course of FIFA’s ordinary activities and is non-recurring. Other income is recognised to the extent that it is probable that FIFA will derive economic benefit from it and that it can be reliably measured. It includes government grants in the form of host country contributions for staging a particular FIFA event. Such government grants related to income are deferred and recognised in profit or loss over the period necessary to match them with the expenses that they are intended to compensate, in line with IAS 20.

G | Expenses from football activities

Expenses from football activities are separated into Competitions & Events, Development & Education and Football Governance:

Competitions & Events expenses are the outflow of economic benefits that arise in the ordinary activity of organising an event. Incurred costs related to the FIFA World Cup and other FIFA events are deferred and recognised in profit or loss in the period in which the event takes place.

Development & Education expenses include all expenditures related to FIFA’s statutory objectives to improve the game of football constantly and promote it globally in light of its unifying, educational, cultural and humanitarian values as well as to further the development of women’s football globally.

An integral part of FIFA’s development path is the FIFA Forward Programme, which provides 360-degree, tailor-made support for football development in each of FIFA’s member associations and the six confederations. Following the successful implementation of the first edition of FIFA Forward 1.0, the second edition, FIFA Forward 2.0, came into force on 1 January 2019 and will run until 31 December 2022. The core principles, approach and procedures of FIFA Forward 1.0 largely remain intact, whilst certain elements have been adapted to reflect the increase in the member associations’ entitlements along with the need for greater football development and more reports on the programme’s achievements, its legacy and impact.

Football Governance expenses comprise all expenditure in relation to FIFA’s statutory objective to govern association football and related matters. The costs mainly include the judicial bodies (Disciplinary, Ethics and Appeal Committees), plus the costs of the Football Tribunal, which includes the Players’ Status Chamber and the Dispute Resolution Chamber. It also includes expenses with regard to preventing match manipulation as part of the agreement with Sportradar, and players’ status proceedings as part of the Transfer Matching System.

H | Expenses from administrative activities

Expenses from administrative activities are separated into FIFA Governance & Administration and Marketing & TV Broadcasting:

FIFA Governance & Administration expenses comprise all costs related to the governance of FIFA itself and are recognised in profit or loss as incurred. Expenses from administrative activities include, in particular, costs related to information technology, buildings and maintenance, communications, the annual FIFA Congress and legal costs.

Marketing & TV Broadcasting expenses are costs incurred by the FIFA Commercial Division for the commercialisation of marketing and broadcasting rights, mainly costs relating to oversight of and assistance to Commercial Affiliates.

I | Other expenses

In order to alleviate the impact of COVID-19 on the football world, FIFA set up a COVID-19 Relief Plan, which was approved by the FIFA Council on 25 June 2020. The relief plan consists of three stages, with stages 1 and 2 being linked to the existing Forward Programme, and stage 3 providing further financial support via a system of grants and loans enabling member associations and confederations to tailor their use of the funds, thus helping to safeguard football from the adverse economic effects of COVID-19.

J | Leases

FIFA is a lessee and holds leases for various buildings as well as offices, other equipment and land, all of which are recognised as right-of-use assets and lease liabilities.

Right-of-use assets

FIFA recognises right-of-use assets at the commencement date of the lease (i.e. the date on which the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognised, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received.

Unless FIFA is reasonably certain of obtaining ownership of the leased asset at the end of the lease term, the recognised right-of-use assets are depreciated on a straight-line basis over the shorter of its estimated useful life and the lease term. Right-of-use assets are subject to impairment. FIFA presents right-of-use assets in property and equipment in the consolidated balance sheet.

Lease liabilities

At the commencement date of the lease, FIFA recognises lease liabilities measured at the present value of lease payments to be made over the lease term. In calculating the present value of lease payments, the group uses the incremental borrowing rate at the lease commencement date if the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made.

Short-term leases and leases of low-value assets

FIFA applies the short-term lease recognition exemption to all classes of underlying assets (i.e. those leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option). It also applies the lease of low-value assets recognition exemption to leases that are considered of low value. Lease payments on short-term leases and leases of low-value assets are recognised as expenses on a straight-line basis over the lease term.

K | Financial income and financial costs

Financial income comprises interest income from cash and cash equivalents, income from deposits and debt securities, foreign exchange gains, gains from financial assets at fair value through profit or loss and from debt securities at fair value through other comprehensive income (FVOCI) as well as gains on the sale of debt securities at amortised cost.

Financial costs consist of interest expenses on financial liabilities, expenses from debt securities, foreign exchange losses, losses from financial assets at fair value through profit or loss and from debt securities at FVOCI as well as other financial expenses. Interest income is recognised in profit or loss using the effective interest rate method. Dividend income is recognised in profit or loss on the date that the dividend is declared.

L | Taxes and duties

FIFA was established in the legal form of an association in accordance with articles 60ff. of the Swiss Civil Code.

FIFA’s vision, as stated in the FIFA Statutes, is to promote the game of football, protect its integrity and bring the game to all.

FIFA is a non-profit organisation and is obliged to spend its reserves for the above-mentioned purpose.

FIFA is taxed in Switzerland according to the ordinary taxation rules applying to associations. The non-profit character of FIFA and the four-year accounting cycle are thereby taken into account.

The subsidiaries are taxed according to the relevant tax legislation. This position includes all non-recoverable taxes and duties borne by FIFA and its subsidiaries.

M | Cash and cash equivalents

Cash and cash equivalents comprise cash on hand, post and bank accounts, as well as call accounts and short-term deposits with an original maturity of three months or less.

N | Derivatives and hedge accounting

FIFA uses derivative financial instruments to hedge its exposure to foreign exchange rate risks arising from operating and investing activities.

Derivative financial instruments are initially recognised at fair value on the date on which a derivative contract is entered into and are subsequently remeasured at fair value. Derivatives are carried as financial assets when the fair value is positive and as financial liabilities when the fair value is negative.

For the purposes of hedge accounting, FIFA designates some of these hedges as cash flow hedges. At the inception of a hedge relationship, the group formally designates and documents the hedge relationship to which it wishes to apply hedge accounting and the risk management objective and strategy for undertaking the hedge.

The documentation includes identification of the hedging instrument, the hedged item, the nature of the risk being hedged and how the group will assess whether the hedging relationship meets the hedge effectiveness requirements. A hedging relationship qualifies for hedge accounting if it meets all the following effectiveness requirements:

  • There is an economic relationship between the hedged item and the hedging instrument.

  • The effect of credit risk does not dominate the value changes that result from that economic relationship.

  • The hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the group actually hedges and the quantity of the hedging instrument that the group actually uses to hedge that quantity of hedged item.

Hedges that meet all the qualifying criteria for hedge accounting are accounted for as cash flow hedges. The effective portion of the gain or loss on the hedging instrument is recognised in other comprehensive income (OCI) in the cash flow hedge reserve, while any ineffective portion is recognised immediately in the statement of profit or loss. The cash flow hedge reserve is adjusted to the lower of the cumulative gain or loss on the hedging instrument and the cumulative change in fair value of the hedged item. For these cash flow hedges, the amount accumulated in OCI is reclassified to profit or loss as a reclassification adjustment in the same period during which the hedged cash flows affect profit or loss. If cash flow hedge accounting is discontinued, the amount that has been accumulated in OCI must remain in accumulated OCI if the hedged future cash flows are still expected to occur. Otherwise, the amount will be immediately reclassified to profit or loss as a reclassification adjustment.

The fair value of forward exchange contracts is their market price at the balance sheet date, being the present value of the quoted forward price.

O | Inventories

Inventories are stated at cost or net realisable value, whichever is the lower. The net realisable value is the estimated selling price less costs incurred in connection with completion and sale of the asset.

P | Property and equipment

Property and equipment are stated at acquisition cost or at cost for right-of-use assets (as defined in Note J – Leases), less accumulated depreciation and impairment losses.

Where parts of an item of property and equipment have different useful lives, they are accounted for as separate items of property and equipment. Repairs and maintenance costs are recognised in profit or loss as an expense as they are incurred.

Depreciation is charged to profit or loss on a straight-line basis over the estimated useful lives of property and equipment. Depreciation is allocated to FIFA’s key activity expenses. Land is not depreciated. The right-of-use assets are depreciated on a straight-line basis over the shorter of its estimated useful life and the lease term. The estimated useful lives are 20-50 years for operational buildings and three to 20 years for office and other equipment.

For the accounting treatment of right-of-use assets, please also refer to Note J – Leases.

Q | Intangible assets

Intangible assets acquired and internally developed are measured on initial recognition at cost. Following initial recognition, they are carried at cost less any accumulated depreciation and impairment losses. The estimated useful life of intangible assets consisting of software and content is three to five years.

R | Non-derivative financial assets

FIFA classifies its non-derivative financial assets into the following categories: financial assets measured at amortised cost, financial assets measured at fair value through profit or loss and financial assets measured at FVOCI.

Financial assets measured at amortised cost are:

  • loans and receivables created by FIFA as a result of pursuing its business activity; and

  • FIFA’s investment in debt securities and deposits.

Regarding these financial assets, FIFA’s business model is to hold and collect contractual cash flows for them. The cash flows are comprised solely of principal and interest payments. These financial assets are initially recognised at fair value plus any directly attributable transaction costs. Subsequently, they are measured at amortised cost using the effective interest method less impairment losses.

Financial assets at fair value through profit or loss are certain debt securities and global equities held for trading, essentially in the event of a need for liquidity or positive market changes. Such financial assets are measured at fair value with changes thereto recognised in profit or loss.

Financial assets at FVOCI represent investments in debt securities where the contractual cash flows are solely principal and interest and the objective of FIFA’s business model is achieved both by collecting contractual cash flows and selling financial assets. For debt securities at FVOCI, interest income, foreign exchange revaluation, and impairment losses or reversals are recognised in profit or loss and determined in the same manner as for financial assets measured at amortised cost. The remaining fair value changes are recognised in OCI.

Financial assets and liabilities are offset and the net amount is presented in the balance sheet when FIFA has a legally enforceable right to offset the recognised amount and the transactions are intended either to be settled on a net basis or to realise the asset and settle the liability simultaneously.

Regular-way purchases and sales of financial assets are recognised on settlement date, being the date that an asset is delivered to or by FIFA.

S | Non-derivative financial liabilities

Non-derivative financial liabilities such as payables are measured at amortised cost, which equals nominal value for short-term payables.

T | Impairment

The carrying amounts of FIFA’s property and equipment, intangible assets and financial assets measured at amortised cost are reviewed at each balance sheet date to determine whether there is any indicator of impairment. If any such indication exists, the recoverable amount of the non-financial asset or its cash-generating unit, being the greater of its fair value less costs of disposal and its value in use, is estimated. An impairment loss is recognised in profit or loss whenever the carrying amount of an asset or its cash-generating unit exceeds the respective recoverable amount.

For financial assets measured at amortised cost, an impairment allowance is determined using a forward-looking expected credit loss (ECL) approach that is based on the difference between the contractual cash flows due under the contract and all of the cash flows that FIFA expects to receive. The shortfall is then discounted at an approximation of the asset’s original effective interest rate.

For contract assets and trade and other receivables, FIFA has applied a simplified approach and calculated ECLs based on lifetime ECLs. For other debt financial assets (debt securities), the ECL is based on the 12-month ECL, as it is assumed to have a low credit risk. However, when there has been a significant increase in credit risk since origination, the allowance will be based on lifetime ECLs.

Changes in the impairment allowance are recognised in profit or loss and reflected in an allowance account against the respective financial asset measured at amortised cost.

U | Employee benefit obligations

The Swiss pension plan is accounted for as a defined benefit plan. The financial impact of this plan on the consolidated financial statements is determined in accordance with the projected unit credit method and applying actuarial assumptions based on best estimates at the balance sheet date.

Actuarial gains and losses on the post-employment obligation, comprising the effects of changes in assumptions and experience adjustments, as well as the difference between the theoretical and the actual income from plan assets, are recognised in other comprehensive income. Costs relating to the administration of the pension plan are recognised in the statement of comprehensive income.

V | Provisions

A provision is recognised when FIFA has a legal or constructive obligation as a result of a past event and it is probable that an outflow of economic benefits will be required to settle the obligation. If the effect is material, provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time, value of money and, where appropriate, the risks specific to the liability.

W | Reserves

Reserves consist of association capital, restricted reserves, translation reserves, fair value reserves of financial assets at FVOCI and cash flow hedge reserves. As FIFA is an association, no dividends are paid.

Based on article 62 of the FIFA Statutes, the revenue and expenditure of FIFA are managed so that they balance out over the financial cycle. FIFA’s major duties in the future will be guaranteed through the creation of reserves.

Therefore, the net result for the year is allocated to the reserves. Such reserves are presented as restricted reserves in the balance sheet.

In the event of the dissolution of FIFA, its funds shall not be distributed, but transferred to the supreme court of the country in which the headquarters are situated. The supreme court shall invest them in gilt-edged securities until the re-establishment of the federation.

X | Significant accounting judgements, estimates and assumptions

The preparation of financial statements requires the management to make judgements, estimates and assumptions that affect the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. The consolidated financial statements of FIFA include estimates and assumptions that could influence the financial statements of subsequent financial years.

Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised and in any future periods affected:

Revenue recognition

As set out in Note E, IFRS 15 – Revenue Recognition from Contracts with Customers requires judgements and estimates. “Judgements” relate to the determination of performance obligations in each of the major revenue streams, having the potential to impact the revenue recognition pattern under the contract as well as to the determination of customer contracts. Furthermore, the allocation of consideration to different performance obligations requires estimation of the stand-alone selling price of each of these. Assumptions are required to determine an appropriate measure of progress when determining how control over promised services transfers to the customer. All of the above have the potential to result in a different revenue recognition pattern.

Competitions & Events expenses

Competitions & Events expenses are the outflow of economic benefits that arise in the ordinary activity of organising an event. Incurred costs related to the FIFA World Cup and other FIFA events are deferred and recognised in profit or loss in the period in which the event takes place. Assumptions are required to determine an appropriate measure of allocation related to the FIFA World Cup and other FIFA events expenses. All assumptions have the potential to result in a different cost recognition.

Defined benefit plans (pension benefits)

The cost of the defined benefit pension plan and the present value of the pension obligation are determined using actuarial valuations. An actuarial valuation involves making various assumptions that may differ from actual developments in the future. These include the determination of the discount rate, future salary increases, credit rate, mortality rates and future pension increases.

Due to the complexities involved in the valuation and its long-term nature, a defined benefit obligation is highly sensitive to changes in these assumptions. All assumptions are reviewed at each reporting date (see also Note 31 – Personnel expenses).


Leases require judgement in determining the lease term of contracts with renewal options. FIFA specifies the lease term as the non-cancellable term of the lease, together with any periods covered by an option to extend the lease if it is reasonably certain to be exercised, or any periods covered by an option to terminate the lease, if it is reasonably certain not to be exercised. FIFA has options to extend the lease term under some of its real estate leases. It applies judgement in evaluating whether it is reasonably certain to exercise the option to renew, i.e. it considers all relevant factors that create an economic incentive for it to exercise the renewal. After the commencement date, FIFA reassesses the lease term if there is a significant event or change in circumstances that is within its control and affects its ability to exercise (or not to exercise) the option to renew. Furthermore, when there is no implicit rate in the lease, FIFA determines the incremental borrowing rate (IBR) to measure lease liabilities. The IBR is the rate of interest that FIFA would have to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of a similar value to the right-of-use asset in a similar economic environment. FIFA estimates the IBR using observable inputs (such as market interest rates, depending on the duration and underlying currency of the contract) when available and is required to make certain entity-specific estimates (such as FIFA’s credit rating).

Legal matters

FIFA is currently involved in a number of legal disputes arising from its operating activities. In some legal disputes, FIFA is the defendant and thus these proceedings may – depending on the respective outcome – result in payment or other obligations. Provisions are recorded where a reliable estimate can be made of the probable legal outcome. For provisions for legal matters, reference is made to Note 26.

For ongoing investigations conducted by the Swiss Office of the Attorney General, the US Department of Justice and contingent liabilities relating to other legal matters, reference is made to Note 32.