Comptabilitat a Itàlia

Accounting Rules

Tax Year

From 1 January to 31 December

Accounting Standards

Since November 2001, the Italian Accounting Organisation (Organismo Italiano di Contabilità– OIC) has been in charge of accounting standards. The OIC replaced the ‘Commissione Paritetica per la Statuizione dei Principi Contabili’, which had previously published 30 accounting standards. Italian accounting standards do not have force of law. Listed companies and banks are required to adopt International Accounting Standards (IAS)/International Financial Reporting Standards (IFRS). Small entities cannot adopt IAS/IFRS accounting principles.

Accounting Regulation Bodies

OIC

Accounting Reports

Italian companies must submit the following documents in their financial statements: a balance sheet, profit and loss statement, notes to the accounts and an annual report.
Annual reports are not required for smaller companies, which prepare short-form balance sheets if financial and economic parameters are met for two consecutive financial years. Such companies cannot adopt IAS/IFRS accounting principles

Publication Requirements

The annual report, audit report, financial statements and a copy of the minutes of the AGM (Assemblea dei soci) must be filed with the company register 30 days after the AGM. Unlimited liability companies (SNC, SAS) are not required to publish their accounts, but must draw up a balance sheet and a profit and loss account. Companies listed on the stock exchange must draw up quarterly financial statements. Small companies are authorised to draw up financial statements in a shorter form.

Professional Accountancy Bodies

INRC , National Institute of Auditors

Certification and Auditing

The Civil Code requires limited liability companies (with more than 120,000 EUR in capital) to appoint an audit committee (collegio sindicale) of three to five members at the AGM. The audit committee is appointed for three years and may be prolonged indefinitely. These members must give an account of their audit in an annual report, which is to be included in the company’s financial statements. There is no legal requirement for the audit report to be presented in a particular manner. Companies listed on the stock exchange must have their accounts audited by external independent auditors (società di revisione).

Accounting News