1Changes in accounting and valuation principles

The accounting and valuation principles comply with the Swiss Code of Obligations, the Swiss Banking Act and the related ordinance as well as the Accounting Ordinance of the Swiss Financial Market Supervisory Authority (FINMA) (FINMA AO) and the accounting rules for banks, investment firms, financial groups and conglomerates in accordance with FINMA Circular 2020/01 ‘Accounting – Banks’.

The accounting and valuation principles of the parent company of Luzerner Kantonalbank AG are largely in line with those of the Group. In contrast to the consolidated financial statements, which are based on the ‘true and fair view’ principle, the statutory individual financial statements capture the bank's economic situation reliably, enabling third parties to form an accurate opinion. The statutory individual financial statements may be influenced by hidden reserves.

There were no material adjustments to the accounting and valuation principles compared with the previous year.