The Role and Current Status of IFRS in the Completion of National Accounting Rules – Evidence from Italy

Roberto Di Pietra

Accounting in Europe, 2017, vol. 14, issue 1-2, 121-130

Abstract: We examine the recent changes that have affected the Italian accounting scenario after the adoption of the IFRS and the enactment of the European accounting system. In particular, we have focused our attention on the decision of the legislature to enlarge the mandatory adoption of IFRS to non-listed companies and to individual financial statements (FS). At the same time, we have observed the changes determined by the EU Directive 2013/34 on the Italian Civil Code and the FS legislation. Both set of changes are describing a process under which the Italian accounting rules are moving towards the international accounting standards and their framework, contents and methods. Therefore, the main differences among national rules and IFRS are grounded on the measurement rules and the role played by the historical cost principles and the strict and detailed regulation of the Balance sheet and Income statement formats.

Date: 2017
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DOI: 10.1080/17449480.2017.1302593

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