OIC 11: importanti chiarimenti in materia di rappresentazione sostanziale, di continuità aziendale e di rilevanza

Abstract

In March 2018, the Organismo Italiano di Contabilità, the Italian accounting standard setter, published a revised version of OIC 11. The revised standard deals with the objective of general purpose financial reporting and the qualitative characteristics of useful financial information. The revised standard clarifies the concept of materiality, specifies how to develop an accounting policy when Italian accounting standards lack specific guidance and, most importantly, states that preparers have to develop accounting policies that reflect the substance of transactions. The revised standard also contains new guidance on the assessment of an entity’s ability to continue as a going concern and the consequences of uncertainty over such ability.

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