The Italian accounting standards setter (OIC) has released the official new version of OIC 9 dedicated to the impairment of assets.

The new standard fully embraces the concept and definition of “fair value” as used in the IFRS discipline, as required by the new changes in the domestic Civil Code which specifically refers to the IFRS definition of “fair value” for domestic accounting standard purpose.

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-9-Svalutazioni-per-perdite-durevoli