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Update on extended use of IFRSs in Italy

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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
  • Consolidated financial statements: IFRSs compulsory from 2005
  • Separate financial statements: IFRSs optional from 2005. IFRSs compulsory from 2006.
Insurance companies
  • Consolidated financial statements: IFRSs compulsory from 2005
  • Separate financial statements: IFRSs not permitted in 2005. IFRSs compulsory from 2006 only for listed companies that do not prepare consolidated financial statements
Subsidiary and associated companies of the above companies, and other companies that prepare consolidated financial statements
  • Consolidated financial statements: IFRSs optional from 2005
  • Separate financial statements: IFRSs optional from 2005
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

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