Current legislative requirements (so-called “Business Crisis Act”) and more stringent financial regulations have increased the attention on the correct evaluation of receivables on the financial statements. Specific and technical guidelines have been provided for by International Financial Standards (IFRS 9 specifically), which have introduced increasingly more stringent obligations and requirements on the evaluation criteria andRead more about Credit risk management and accounting policies[…]

The article focuses on the practical implications of auditing the financial statements of not-for-profit Foundations, by highlighting the most peculiar aspects of the financial reporting of such entities. The subject is particularly interesting given the recent legislative modifications introduced by the so-called “Codice del Terzo Settore“.

  The article focuses on the legislative requirements set forth for the drawing up of the financial statements, including the obligations posed on statutory auditors and audit companies. Specific attention will be posed on the timing of the drawing up of the financial statements and of the interaction between Directors and Auditors.  

The article focuses on an empirical analysis conducted on the financial statements of certain not-for-profit Associations, highlithing the peculiarities of those entities and the related implications on financial reporting.  

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[…]