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Italy

In: Accounting Regulation in Europe

Author

Listed:
  • Angelo Riccaboni

Abstract

The first mention of annual accounts in Italian law can be traced back to the Commercial Code of 1865when company directors were excluded from the vote to approve the accounts, but it was actually the 1882 revision of the Commercial Code which supplied Italy with its first official regulations obliging companies to prepare financial statements. Over the years, the requirements of codified law tended to be supplemented by fiscal regulations which then exerted a significant influence on financial reporting in Italy for a lengthy period. However, a fundamental change in the regulatory process occurred in 1974 with the establishment of the Italian Stock Exchange and Companies Commission, CONSOB (Commissione Nazionale per le Societa e la Borsa), a regulatory agency which, amongst other things, was empowered to require audited annual accounts from companies quoted on the stock exchange. Although the number of companies affected was not large, the new law nevertheless acted as the long-awaited catalyst of change in Italian accounting (Riccaboni and Ghirri, 1995).1

Suggested Citation

  • Angelo Riccaboni, 1999. "Italy," Palgrave Macmillan Books, in: Stuart McLeay (ed.), Accounting Regulation in Europe, chapter 8, pages 204-236, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-51201-6_8
    DOI: 10.1057/9780230512016_8
    as

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