OIC 6 – Debt Restructuring and Disclosure

The accounting standard defines the accounting treatment and disclosures to be made about the effects of a restructuring of debt. The standard refers to cases where debt restructuring shall be implemented by an entity that prepares its financial statements in accordance with the going concern principle.
The standard concerns Italian entities which prepare financial statements in accordance with the provisions of the Civil Code. It does not concern which must or elect to apply the international accounting standards  under Legislative Decree No. 38 of 28 February 2005.
OIC 6 is effective for effect for financial years beginning on or after 1 January 2011. Earlier application is permitted.

The draft of the standard “Debt restructuring and disclosure” and the comments received are available by clicking here.