New accounting standard setter in Italy

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08 Dec 2001

On November 27, 2001, a new accounting standard setter - the Italian Accounting Committee (Organismo Italiano di Contabilità or OIC) - was established in Italy.

The OIC has been constituted in the legal form of a Foundation, which is governed by a board of directors consisting of 15 members. The members have been appointed by a large representative group of Italian institutions, such as the Italian National Council of Accountants, the 'ABI' (National Association of Banks), the 'Confcommercio' (National Confederation of Commerce), the 'Assirevi' (Association of the Italian Auditors), Italian Government Accountants, Confindustria (Italian Confederation of Industry), Italian Stock Exchange, and others.

The Board of Directors will soon appoint the members of the Executive Committee (7 members and 1 Chairman). The Executive Committee will also appoint the Technical-Scientific Committee, whose aim is to draft the national accounting principles to be approved by the Executive Committee. The Board of Directors' consist of: 6 members of the accounting profession, 5 preparers, 2 users, 1 representative of the Italian Stock Exchange and 1 representative of the Public Administration. The OIC will begin to operate in a few months when it has finished the formalities connected with legal recognition. The OIC will sit alongside the corresponding European body, EFRAG (European Finance Reporting Advisory Group) and the international body, the IASB. The principal activities of the OIC will be the following:

  • issue accounting principles, for use in the preparation of financial statements for which the application of the international accounting principles has not been provided, by coordinating activity with the other European standard setters;
  • issue accounting principles for the preparation of the financial statements of not for profit entities and of national and local public administrations;
  • provide support in connection with the application of the international accounting principles in Italy.

In the meantime, the accounting standards committee of the Italian National Councils of Accountants (the previous Italian accounting standard setter) has recently approved its last accounting principle: Accounting Principle 30 - Interim Financial Reporting. This accounting principle is substantially in line with IAS 34.

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