3M

IFBC was mandated to perform an impairment test on recognised client relationships according to Swiss GAAP FER. As the Swiss account standard does not provide details on such impairment tests, the requirements according to IFRS were applied. In addition, the specific issues regarding the transfer of the business plan from local currencies to CHF as well as the specific customer structure had to be considered. The 3M Company is an American multinational conglomerate corporation based in USA with $30 billion in annual sales. 3M employs 88,000 people worldwide and produces more than 55,000 products (among others post-it and Scotch).