The adoption of a Comprehensive Income Statement in Italy

Nowadays financial and economic performances achieved in the period and their projections in the future are of particular relevance to all users of financial statements. Although they utilize and search for different financial information, all of them require comprehensive, appropriate, timeliness, relevance and reliable information. This book examines the lack of information provided by current Italian and European forms of Income Statement as fundamental instrument for financial and economic disclosure and how this information could not be useful to users in making their economic decisions. IFRSs adoption will move accountants care in determining comprehensive performances and companies assets and liabilities expressed at current value. Such revolution requires new forms of Income Statement to display the performance of the period. In this volume a proposal of Comprehensive Income Statement is given. It considers the different Italian concepts of realization, prudence and restrictions on fair value gains distributability, taking into account the law requirements concerning capital maintenance.

Autorentext

He has been an Italian Revenue Service Tax Auditor since 2002, and took his PhD in Accounting in 2007. In the last five years he has participated in different actions to prevent the tax evasion and has taught Accounting at intermediate and advanced level. He published different articles in international and national journals and books.