The Italian accounting standards setter (OIC) has finally released the official version of a new accounting standard completely dedicated to Derivatives.

Following the introduction of Legislative Decree n. 139/2015 into our legislation, it has become mandatory for all entities except those classified as micro, to recognize a financial asset or liability deriving from derivatives in their financial statement. This represents a major change for Italian entities, considering that the preceding discipline only imposed mandatory disclosure on the impact and nature of derivatives, therefore without representation in the balance sheet or profit&loss statements.

The new standard will apply to financial statements, drawn up according to the requirements of the Civil Code, starting from 1 January 2016.

PDF version of the new standard can be downloaded at the following link: 2016-12-OIC-32-Strumenti-finanziari-derivati