The new National Accounting Standards
Last August, the project for the renewal of the National Accounting Standards by the Italian Accounting Organization (OIC) was completed.
As is known, this autonomous body has the task of issuing the national accounting standards, on the basis of which the financial statements of the companies must be drawn up. The role and importance of the OIC have been strengthened, also following Legislative Decree 91 of 24 June 2014 (Competitiveness Decree).
The OIC has published 16 revised accounting standards, which will apply to the financial statements relating to the 2014 financial year; to these are added the Oic 15, 20 and 21 revised in the month of July.
The main accounting standards have been substantially modified and published, with the exception of OIC 24, relating to intangible assets, which is still under review.
Principles Oic 1 and Oic 27, concerning respectively "The main effects of the reform of company law on the preparation of the financial statements" and "Introduction of the Euro as reporting currency" have been eliminated, while the principles have not been revised. Oic 11, Oic 30 and those from Oic 2 to Oic 8. The review was necessary to carry out a general reorganization on significant issues, favoring, where possible, coordination with international accounting standards.
The 2014 financial statements will therefore have to be drawn up and analyzed by Italian companies, according to the new and more up-to-date accounting standards.
The basic choice of the OIC is aimed at making it easier to prepare financial statements, especially for small and medium-sized enterprises. Thanks to some revised principles, in fact, corporate events can be measured and represented at an accounting level, taking into account the different size of the companies.
The revision also involved the form of representation of the financial statements to facilitate research and reading thanks to the numbering of paragraphs and the elimination of notes.
The main changes in the individual standards are then examined.
Index
- Oic 9 - Write-downs for permanent losses in value of fixed assets
- Oic 10 - Cash flow statement
- Oic 12 - Composition and layouts of the financial statements
- Oic 13 - Inventories
- Oic 14 - Cash and cash equivalents
- Oic 15 - Credits
- Oic 16 - Tangible fixed assets
- Oic 17 - Consolidated financial statements and equity method
- Oic 18 - Accruals and deferrals
- Oic 19 - Debts
- Oic 20 - Debt securities
- Oic 21 - Equity investments and own shares
- Oic 22 - Memorandum accounts
- Oic 23 - Work in progress on order
- Oic 25 - Income taxes
- Oic 26 - Foreign currency transactions, assets and liabilities
- Oic 28 - Shareholders' equity
- Oic 29 - Changes of principles, correction of errors
- Oic 31 - Provisions for risks and charges and severance indemnities