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Financial statements of Foundations (non-profit): empirical analysis

Financial statements of Foundations (non-profit): empirical analysis

  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 guidelinesRead more about Financial statements of Foundations (non-profit): empirical analysis[…]

Financial statements of health-care companies

Financial statements of health-care companies

The domestic legislation related to the drawing up of financial statements of health-care companies (Aziende Sanitarie Locali) has experienced a continous evolution and improvement. Given the specific features of such entities (domestic regulation of the health care system, coordination activities run by Regional and State authorities, budget and financial constraints), the issue of financial transparencyRead more about Financial statements of health-care companies[…]

Changes in accounting policies and errors

Changes in accounting policies and errors

Following recent updates in the domestic accounting discipline, the OIC 29 accounting standard related to changes in accounting policies, accounting estimates and errors has considerably come closer to the international accounting standard policies, disciplined by IAS 8. The article contains a clear perspective on the innovations carried forward by the new discipline, with specific emphasisRead more about Changes in accounting policies and errors[…]

Financial statements framework of not-for-profit entities

Financial statements framework of not-for-profit entities

Legislative Decree n. 117/2017 has introduced specific requirements on the drawing up of financial statements related to not-for-profit organizations. Given their peculiar status and the related fiscal benefits, such entities must comply with more stringent requirements in terms of financial and non financial transparency, accoridng to a precise framework of applicable accounting standards and principlesRead more about Financial statements framework of not-for-profit entities[…]

Not-for-profit financial statements

Not-for-profit financial statements

  The new legal framework dedicated to not-for-profit financial statements, originated from Law 106/2016, has finally reached its ambitious objective to substantially innovate and organically discipline the complexity of operations, reporting and supervising activites, legal and fiscal implications of not-for-profit entities. Specifically, Legislative Decree n. 117/2017 has strongly reformed the discipline of the obligations relatedRead more about Not-for-profit financial statements[…]

Periodic audits in Italy: Standard on Auditing (SA) Italia 250B.

Periodic audits in Italy: Standard on Auditing (SA) Italia 250B.

  Standard on Auditing (SA) Italia 250B sets forth a series of obligations on auditors to perform periodic audits in order to verify the accuracy of accounting requirements, which also involves the analysis on internal control processes, as well as the correct fulfillment of fiscal and bureaucratic periodic obligations. The article focuses on the requirementsRead more about Periodic audits in Italy: Standard on Auditing (SA) Italia 250B.[…]

Issues and opportunites on the new financial statements for micro entities

Issues and opportunites on the new financial statements for micro entities

Following the introduction of the new category of “micro entities”, pursuant to Legislative Decree n. 139/2015, financial statements referred to companies falling into this category may be significantly simplified. The possibility of not having to draw up the Notes to the financial statements, which represents by far the most innovative change in our legislation, hasRead more about Issues and opportunites on the new financial statements for micro entities[…]

Financial statements of micro entities

Financial statements of micro entities

Pursuant to Legislative Decree n. 139/2015, a new category of Company has been introduced in our legislative system. Check out my recent article on the implication and changes on the financial statements legal framework. Direct link (in Italian): Financial statements of micro entities

Cash flow statement

Cash flow statement

Balance sheet and profit and loss account, together with the disclosure, are the documents traditionally composing a financial statement in the majority of legislations; on the contrary, the cash flow statement as a mandatory element of financial reporting is a relatively new legislative introduction. In the Italian discipline, for example, the introduction of the obligationRead more about Cash flow statement[…]

Directive 2013/34/EU on annual and consolidated financial statements and related reports

Directive 2013/34/EU on annual and consolidated financial statements and related reports

Directive 2013/34/EU of 26 June 2013 is aimed at amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC. Such Directive will oblige all Member States to bring into force the laws, regulations and administrative provisions necessary to comply with this Directive by 20 July 2015. DirectiveRead more about Directive 2013/34/EU on annual and consolidated financial statements and related reports[…]