The Italian Accounting Standard Setter (OIC) has published the final text of Interpretative Document No. 12, which clarifies the accounting treatments related to the valuation of non-fixed securities for the 2025 and 2026 financial years.

The matter is governed by the Budget Law No. 199 of December 30, 2025, which grants companies the option to value securities recorded as current assets based on their carrying amount rather than their realizable value derived from market trends.

The Law introduces no technical accounting changes compared to the previous 2022 legislation and its subsequent amendments; therefore, the accounting rules set forth in Interpretative Document 11 (issued by the OIC in 2022) and its subsequent updates remain unchanged. However, following comments received during the consultation period, the OIC now requires companies to disclose, in the Notes to the Financial Statements, the impact of applying this valuation option on the net result for the year.

Attached are the final document and the press release.