The equity section follows is subject to a peculiar accounting framework under the domestic discipline (OIC standards), based on the need to preserve its integrity as required by the Italian Civil Code. It is not only the reporting scheme that needs to be stricly followed, as precise disclosure profiles must be met in order toRead more about Equity section: accounting framework and disclosure profiles[…]

Following the introduction of the offical Register of not-for-profit entities, the overall legislation that will finally come into force will require those entities to appoint a statutory and/or external auditor based on specific thresholds set forth by the law. The first assignments will therefore have to comply with the procedures established by the law and/orRead more about Preliminary activities for auditors in NFP entities[…]

The Financial Statements referred to the year 2020 reflect the consequences of the pandemic that has affected the global economies and businesses. Due to special legislations regarding the 2020 Financial Statements, the Notes have to explain the decisions carried out by the Directors related to depreciation, going concern, recapitalization of losses and other peculiarities introducedRead more about Notes to the 2020 Financial Statements and Covid implications[…]

The outbreak of the Covid-19 pandemic has produced its strongest effects on NHS companies, which have dealt with an incredible increase in costs. Consequently, the urgency of a separated reporting of Covid-related expenses has led to specific legislative actions which have imposed strict requirements for the presentation of interim financial statements entirely dedicated to theRead more about Covid-19 reporting applicabile to NHS companies[…]

Disclosure is an essential component of the Financial Statements and requires specific care, attention and respect with regards to legislative and accounting requirements. The recent amendments to the International Standards on Auditing (ISA Italia) focus especially on the role played by the disclosure in order to guide the auditor through a global process of assessingRead more about Addressing disclosure in the Financial Statements[…]

The 2020 Financial Statements will be disclosing the financial impact of the Covid-19 pandemic due to restrictions, social distancing measures and related economic consequences on a broad range of businesses. The Italian legislator has interveened during the entire year in order to support companies and businesses heavily affected by the consequences of the pandemic, thusRead more about Early diagnosis on 2020 Financial Statements[…]

Equity and reserves represent a very peculiar account in the financial statements of not-for-profit entities.