Extra filter for IFRSs in separate financial statements in Italy
28 Apr 2011
Since 2006, separate financial statements of Italian listed companies have to prepared according to IFRS as adopted by the EU.
This is stipulated by Decree 38/2005.
On 26 February 2011, the Legislative Decree no. 225/2010, converted into Law no. 10/2011, introduced modifications to article 4 of Decree 38/2005, stating that new IFRSs issued by the IASB and adopted by the EU after 1 January 2011 need to be endorsed by the Italian Ministry of Justice before they can be applied in the separate financial statements of Italian listed companies.
The endorsement process that is conducted in cooperation with the Italian standard setter is designed to verify the compatibility of each newly published IFRS with the Italian accounting principles. This new endorsement process only applies for IFRSs used in separate financial statements, not for consolidated financial statements.
Please click for:
- Official notification (link to the Gazzetta Ufficiale della Repubblica Italiana)
- Our juridiction page for Italy
