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Updating of National Accounting Standards 2014


Introduction and objective

During 2010, the OIC decided to launch a project aimed at updating the existing national accounting standards.

This project addresses the need to take into account the developments in accounting that have occurred since their last revision. These developments arise, on the one hand, from changes in legislation and national accounting practices and, on the other hand, from the evolution of doctrine and the international context.

The purpose is to update the national accounting standards also in the light of who the actual users are (mainly small and medium-sized entities) in order to create a set of rules that can address the needs of these parties. In addition, this update also enables better coordination of standards developed over the years.

 

Scope

The national accounting standards issued by the OIC are addressed to Italian entities which prepare financial statements in accordance with the provisions of the Civil Code.

 

 

Status of the project

On 25 May 2010, the OIC opened up a public consultation, inviting interested parties to complete a questionnaire and to make observations and suggestions on the parts of national accounting standards to change and, to raise new issues to be dealt with new accounting standards. The consultation period ended on 31 July 2010. The comments received by the consultation phase are available by clicking here.

The update of the 24 standards open for comments should take roughly about 20-24 months.

During this period, four phases have been identified in which there will be an evaluation of the comments received on the accounting standards included in such phase.

 

On 23 December 2011, the first set of national accounting standards issued for public consultation. It includes:

OIC 16 Tangible assets;

OIC 18 Accruals and payables;

OIC 19 Provisions – Severance indemnity for subordinate employment;

OIC 19 Debts;

OIC 29 Changes to accounting principles, changes to accounting estimates, correcting errors, extraordinary operations and events, events occurring after the end of the accounting period.

The consultation period ended on 30 June 2012. The comments received are available by clicking here.

 

On 27 April 2012, the second set of national accounting standards issued for public consultation. It includes:

OIC 13 – Inventories

OIC 14 – Cash and cash equivalents

OIC 15 – Credits

OIC 20 – Debt securities

You are kindly invited to send any comments preferably by 31 October 2012 to the e-mail staffoic@fondazioneoic.it or by fax at 0039 06.69766830.

 

On 6 December 2012 the third set of national accounting standards issued for public consultation. It includes:

OIC 21 – Partecipazioni

OIC 22 – Conti d’ordine

OIC 23 – Lavori in corso su ordinazione

You are kindly invited to send any comments preferably by 31 May 2013 to the e-mail staffoic@fondazioneoic.it or by fax at 0039 06.69766830.

 

On 12 February 2013 the draft of  OIC 24 Intangible Assets issued for public consultation.

You are kindly invited to send any comments preferably by 30 July 2013 to the e-mail staffoic@fondazioneoic.it or by fax at 0039 06.69766830.

 

On 8 May 2013 the draft of OIC 26 Transaction, assets and liabilities in foreign currency issued for public consultation.

You are kindly invited to send any comments preferably by 31 October 2013 to the e-mail staffoic@fondazioneoic.it or by fax at 0039 06.69766830.

 

On 17 June 2013 the draft of OIC 25 Income Taxes issued for public consultation.

You are kindly invited to send any comments preferably by 31 October 2013 to the e-mail staffoic@fondazioneoic.it or by fax at 0039 06.69766830.

 

On 12 November 2013 the draft of OIC 17 Consolidated financial statement and the equity method issued for public consultation.

You are kindly invited to send any comments preferably by 28 February 2014 to the e-mail staffoic@fondazioneoic.it or by fax at 0039 06.69766830.

 

On 27 November 2013 the draft of OIC 9 Impairment of tangible and intangible assets issued for public consultation.

You are kindly invited to send any comments preferably by 28 February 2014 to the e-mail staffoic@fondazioneoic.it or by fax at 0039 06.69766830.

 

On 5 December 2013 the draft of OIC 12 Composition and Prospects of Financial Statement issued for public consultation.

You are kindly invited to send any comments preferably by 28 February 2014 to the e-mail staffoic@fondazioneoic.it or by fax at 0039 06.69766830.

 

On 14 January 2014 the draft of OIC 28 Equity issued for public consultation.

You are kindly invited to send any comments preferably by 17 February 2014 to the e-mail staffoic@fondazioneoic.it or by fax at 0039 06.69766830.

 

On 27 January 2014 the draft of OIC 10 Cash Flow Statement issued for public consultation.

You are kindly invited to send any comments preferably by 28 February 2014 to the e-mail staffoic@fondazioneoic.it or by fax at 0039 06.69766830.

 

On 28 January 2014 the paper on the derecognition of the credits issued for public consultation. This document integrates the OIC 15 Credits, in the version issued for public comments in April 2012.

You are kindly invited to send any comments preferably by 28 February 2014 to the e-mail staffoic@fondazioneoic.it or by fax at 0039 06.69766830.

 

Each draft accounting standard is accompanied by a descriptive document, which presents the most relevant changes made to the text currently in force, in order to facilitate the analysis of the document and to stimulate comments.

The documents are available in Italian only.

 

The final standards issued are available by clicking here.

 

Attachments
  Maggio 2010 - Lettera di presentazione
  Maggio 2010 - Questionario
  2011 12 Lettera presentazione - Consultazione su primo set di principi contabili
  2011 12 23 OIC 16 Le immobilizzazioni materiali - Bozza per la consultazione
  2011 12 23 - OIC 18 Ratei e risconti - Bozza per la consultazione
  2011 12 23 - OIC 19 Fondi e TFR - Bozza per la consultazione
  2011 12 23 OIC 19 Debti - Bozza per la consultazione
  2011 12 23 OIC 29 Cambiamenti di principi...- Bozza per la consultazione
  2012 04 27 OIC 13 Le rimanenze di magazzino - Bozza per la consultazione
  2012 04 27 OIC 14 Disponibilità liquide - Bozza per la consultazione
  2012 04 27 OIC 15 I crediti - Bozza per la consultazione
  2012 04 27 OIC 20 Titoli di debito - Bozza per la consultazione
  2012 12 06 OIC 21 Partecipazioni - Bozza per la consultazione
  2012 12 06 OIC 22 Conti d’ordine - Bozza per consultazione
  2012 12 06 OIC 23 Lavori in corso su ordinazione - Bozza per la consultazione
  2013 02 12 OIC 24 Le immobilizzazioni immateriali - Bozza per la consultazione
  2013 05 08 OIC 26 Operazioni, attività e passività in valuta estera - Bozza per la consultazione
  2013 06 17 OIC 25 Trattamento contabile delle imposte sul reddito - Bozza per la consultazione
  2013 11 12 OIC 17 Bilancio consolidato e metodo del patrimonio netto - Bozza per la consultazione
  2013 11 27 OIC 9 Svalutazioni per perdite durevoli di valore delle immobilizzazioni materiali e immateriali - Bozza per la consultazione
  2013 12 05 OIC 12 Composizione e schemi del bilancio di esercizio - Bozza per la consultazione
  2014 01 14 OIC 28 Il Patrimonio netto - Bozza per la consultazione
  2014 01 27 OIC 10 La redazione del rendiconto finanziario - Bozza per la consultazione
  2014 01 28 OIC Cancellazione dei crediti - integrazione OIC 15 - Bozza per la consultazione
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