New rules for the preparation of the financial statements are introduced Under Legislative Decree no. 139/2015; the O.I.C., consequently, has updated the national accounting standards.
The new financial statements will be different in the "form" and in the "substance" as well, in fact, in addition to have a different reclassification they will also have , in some of its parts, a different valuation criterion.
For some companies, however, there are exceptions and therefore, for example, SMEs can avoid the (complex) calculations of the depreciated cost with the discounting of receivables and payables. The companies that prepare their financial statements in abbreviated format can continue to assess their assets and liabilities with the rules in force in 2015.
Without going very deeply into the detail, an operation that would bring an article of several pages, we see that:
the companies with an abbreviated financial statements, as well as micro enterprises ex art. 2435-ter of the Civil Code, may, for example:
• Continue to assess receivables and payables with their nominal value
• do not discount the transaction costs for mortgages (appraisals, substitute taxes ..) continuing to depreciate them for the duration of the reference mortgage
• avoid the presentation of the cash flow statement that, from this year, being no longer part of the notes, becomes an independent constitutive element of the financial statements
More generally, firms can avoid some rule changes if their adoption is irrelevant.
This can happen for example when the depreciated cost evaluation does not differ much from the "old" evaluation. The receivables and payables due in less than 12 months are an example of this.
With reference to the reversal of the remaining costs of advertising and capitalized research until 2015, in the financial statements 2016, It’s not possible to have simplifications and It’s due to proceed to a reclassification of extraordinary items of the balance sheet.