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Italy. The Transition to IFRS in Italy and Elsewhere, or from Code Napoléon to the Devolution of Sovereignty

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IFRS in a Global World

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Abstract

The approval and implementation of EU Directives started a process of clash between civil-law and common-law countries which, in creeping a way, is on move since then with pervasive effects on the accounting theory and practice and on the accounting profession as well. The story got underway by the unclear true and fair concept, implemented by each national state according to its previous legal and accounting tradition. To unravel the problem, the passage was suggested to IAS-International Accounting Standards, these ones being—on their turn—heavily country-minded.

As a result, a process was step by step implemented which led to the adoption of IFRS, the so-called common global language for accounting in Europe as well as in the world.

To be true, anyway, one should distinguish first between hotchpotch and harmonization as such (due to zillions of alternatives); secondly, between the grounding of standards in Anglo-Saxcon accounting and common law v. the implementation of the same ones within income-based theories of the firm and civil law as well.

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Notes

  1. 1.

    The reference is to John Donne’s work Song, Go and Catch a Falling Star (1600).

  2. 2.

    The International Accounting Standards Committee, promoted in 1973 by IFAC—International Federation of Accountants as its internal committee, became on April 1st, 2001 a private US Foundation whose issuing board, IASB (International Accounting Standard Board) is located in London.

  3. 3.

    Respectively: November 13th, 2004, n. 2236; December 29th, 2004, no.s 2236, 2237, 2238; February 4th, 2005, n. 211; July 7th, 2005, n. 1073; October 25th, 2005, n. 1751; November 15th, 2005, n. 1864; December 8th, 2005, n. 1910

  4. 4.

    (i) Companies whose shares (or even bonds) were listed in EU Stock Exchanges; (ii) companies whose financial instruments were largely diffused; (iii) banks and financial institutions; (iv) insurance companies; (v) other companies not included in the above categories but anyway controlled, connected, or jointly ventured with companies belonging to numbers (i)–(v) above.

  5. 5.

    “Fifty years ago the principal interest of those concerned with … business enterprises centred on the periodic display of assets and liabilities (balance sheet). (…)… at the present time the principal attention of investors, financial analysts, and the general public is focused on the statement setting forth the periodic net income or earnings of the business, with the balance sheet being viewed ‘…as the connecting link between successive income statements’.” (Hepworth, 1953); Report, 1971.

  6. 6.

    Profit and Loss Account for the period (n)

    (−)

    (+)

    Initial work in progress (revenues for n-1)

    Sales

    Costs measured by money transactions

    Final work in progress (costs for n + 1)

    Amortisation, Depreciation, Provisions

    Other revenues measured by monetary transactions

    (Profit)

    (Losses)

  7. 7.

    LAPFF—Local Authority Pension Forum; UK Shareholders Association; Universities Superannuation Scheme; Threadneedle Asset Management

  8. 8.

    Especially due to (i) the Depositary Institutions Deregulation and Monetary Control Act (1980, PL 96-221); (ii) Garn – St. Germain Depository Institutions Act (1982, PL 97-320); Gramm – Leach – Bliley Act (1999, PL 106-102), repealing sections of the GLASS-STEAGALL Act (1933)

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Authors and Affiliations

  1. Brescia University, Owensboro, KY, USA

    Arnaldo Canziani

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  1. Arnaldo Canziani
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Correspondence to Arnaldo Canziani .

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Editors and Affiliations

  1. Paris-Dauphine University, Paris cedex 16, France

    Didier Bensadon

  2. Paris-Sud University, Sceaux, France

    Nicolas Praquin

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Canziani, A. (2016). Italy. The Transition to IFRS in Italy and Elsewhere, or from Code Napoléon to the Devolution of Sovereignty. In: Bensadon, D., Praquin, N. (eds) IFRS in a Global World. Springer, Cham. https://doi.org/10.1007/978-3-319-28225-1_21

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