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Bilancio d'esercizio e determinazione dell'utile distribuibile: un legame che si è rotto

Maria Di Sarli, Ricercatore di Diritto commerciale presso l’Università di Torino.

L’introduzione degli IAS/IFRS e la modificazione delle direttive contabili ha comportato l’adozione di criteri di valutazione che conducono alla iscrizione in bilancio di utili non realizzati, ponendo il problema della corretta determinazione degli utili distribuibili. Mancando al riguardo una disciplina armonizzata all’interno dell’Unione Europea, si sono originate delle disarmonie tra i diversi Paesi membri. Nell’ottica di un’armonizzazione, si ritiene che la soluzione adottata dal legislatore italiano possa rappresentare un modello di riferimento.

Financial statement and determination of distributable profit: a bond that has been broken

The application of the IAS/IFRS, implying the substantial downgrading of the realization principle, makes financial statements not fully suitable for the determination of distributable profits. The introduction of a uniform European regulation seems desirable. The presence of different rules in the various Countries is likely to create disharmony with regard to the level of protection of creditors. In light of the freedom of establishment granted to European companies that could trigger competition among legislative frameworks. The Italian solution seems to be a good model to follow.

1. Accounting regulation in Italy

Since the 2005 the Italian accounting regulation has been composed of two distinct accounting systems.

The first one is composed by the Civil Code rules (artt. 2423-2435 ter), interpreted and integrated by the Ita-Gaap issued by the Italian standard setter “Organismo Italiano di Contabilità – OIC”. The last reform of this system is due to the d.lgs. n. 139/2015 with which the EU Accounting Directive (2013/
34/EU) was implemented in Italy.

The second one is composed by the IAS-Regulation, that is IAS/IFRS principles, Regulation (EC) 1606/2002 and d.lgs. n. 38/2005. The application of these rules is mandatory only for some categories of companies, essentially, listed companies; companies with widespread financial instruments and banks (art. 2, d.lgs. n. 38/2005) both for the individual and consolidated financial statement.

The small and medium companies are not allowed to apply IAS/IFRS (art. 2, lett. f)d.lgs. n. 38/2005), while the remaining companies have the right to apply IAS-Regulation (artt. 3 and 4, d.lgs. n. 38/2005).

The relevant profile from the perspective of this report is that the individual financial statement prepared in accordance with IAS/IFRS principles absolves both the informative e organizational function, in other words the IAS/IFRS financial statement as the [continua..]

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