The Notes to the financial statements represent a mandatory document in the domestic legislation, which must include specific information and adhere to a series of obligations. Special derogation is allowed to smaller entities (small and micro entities, respectively) according to the general requirements set forth in the European directive and related domestic legislation

  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[…]

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[…]

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[…]

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[…]

  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[…]

  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.[…]

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[…]

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

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[…]