Update on extended use of IFRSs in Italy
04 Apr 2005
On 25 February 2005, the Italian Council of Ministers approved a Legislative Decree regarding the options provided by Article 5 of Regulation 1606/2002 of the European Parliament (the EU Accounting Regulation) to permit or require the adoption of the International Financial Reporting Standards (which includes IASs and Interpretations) in respect of annual accounts and of non-publicly-traded companies.
As a result, IFRSs will be applied in Italy as follows:
Listed companies, issuers of financial instruments widely distributed among the public, banks, stock broking companies, fund management companies, regulated financial institutions |
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Insurance companies |
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Subsidiary and associated companies of the above companies, and other companies that prepare consolidated financial statements |
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Companies other than the above | Individual financial statements: IFRSs optional from a year to be determined by the Ministry for the Economy and Justice |
Small companies preparing financial statements in abbreviated form | Individual financial statements: IFRSs not permitted |