Legislative innovations introduced by Leg. Decree 117/2017, specifically by article 4 and article 20, produce their effects on non-profit Foundations, which need to also comply with the new requirements related to the presentation of Financial Statements.
Although no definitive and official Financial Statement framework has been issued by the Ministry of Labour, the guidelines provided so far by the Agenzia del Terzo Settore (Third Sector Agency) have gained significant popularity among non-profit organizations and have been consistently applied by major non-profit Entities.
The article, published on the Eutekne periodic “Terzo Settore, Non profit e Cooperative”, focuses on an empirical analysis run on a sample of Financial Statements of non-profit organizations, operating in different business fields, in order to provide a general perspective on the different reporting schemes adopted so far, in order to support the necessity of a standardized Financial Statement framework which might improve transparency and comparison.