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IASB issues Deferred Tax related to Assets and Liabilities arising from a Single Transaction (Amendments to IAS 12)

IASB has issued targeted amendments to IAS 12, the IFRS Standard on income taxes, to specify how companies should account for deferred tax on transactions such as leases and decommissioning obligations. The amendments are effective for annual reporting periods beginning on or after 1 January 2023, with early application permitted. For further information, please refer to the IASB...

FRS Foundation Trustees publish institutional arrangements for proposed new sustainability standards board

The Trustees of the IFRS Foundation published proposed amendments to the Constitution of the Foundation to accommodate the potential formation of a new International Sustainability Standards Board (ISSB) within the governance structure of the organisation. The consultation is open for comment until 29 July 2021. For further information, please refer to the website of the IFRS...

Save the date – Joint outreach event on the IASB Exposure Draft “Regulatory Assets and Regulatory Liabilities”

OIC, EFRAG and IASB are very pleased to invite you to the joint outreach event on the IASB Exposure Draft “Regulatory Assets and Regulatory Liabilities” on 6 May 2021. This event will be a public online webinar with representatives from the OIC, EFRAG, IASB, ARERA and a panel of experts. There is no charge for the participation. The event will be in Italian, except for the IASB presentation that will be in...

Published the proposal to amend Non financial Reporting Directive

The European Commission has published the proposal to amend the directive concerning the disclosure of non-financial information. Among the novelties, the proposal provides for (i) the extension of the scope of the directive to all large companies and listed companies and (ii) the development of mandatory EU sustainability reporting standards and separate, proportionate standards for SME, which not-listed SMEs  may...

IASB issues ED Lack of Exchangeability (Proposed Amendments to IAS 21)

IASB has published for public consultation ED Lack of Exchangeability,which proposes amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates. IAS 21 sets out the exchange rate a company uses when it reports foreign currency transactions or a foreign operation’s results in a different currency. However, the Standard does not set out the exchange rate to use when there is no observable exchange rate...

OIC pubblica documento Interpretativo n. 9 (sospensione ammortamenti)

Al termine del due process statutariamente previsto, l’OIC pubblica il documento interpretativo n. 9 “Legge 13 ottobre 2020, n.126 – Disposizioni transitorie in materia di principi di redazione del bilancio – sospensione ammortamenti”.

OIC pubblica documento Interpretativo n. 7 (rivalutazioni)

Al termine del due process statutariamente previsto, l’OIC pubblica il documento interpretativo n. 7 “Legge 13 ottobre 2020, n. 126 Aspetti contabili della rivalutazione dei beni d’impresa e delle partecipazioni”. Il documento entra in vigore al momento della sua pubblicazione e lo resterà fino a quando la norma in oggetto sarà applicabile.

IASB issues Covid-19-Related Rent Concessions beyond 30 June 2021 (Amendment to IFRS 16)

IASB has extended by one year the application period of the practical expedient in IFRS 16 Leases to help lessees accounting for covid-19-related rent concessions. The amendment is effective for annual reporting periods beginning on or after 1 April 2021
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