Paul Gnes he was reconfirmed for the next three years as president of the Supervisory Board of OIC (Italian Accounting Body), the Italian "National Standard Setter". This was decided by the Board of Founders of OIC which met today to approve the 2016 budget and to renew the 18 members of the governing body, reconfirming almost all of the outgoing Board. This body represents the four founding components of the OIC, the organizations of the accounting profession, companies (prepares), analysts (users) and the Stock Exchange.
In the coming weeks, the Supervisory Board will proceed with the renewal of the Management Board, led by Angelo Casò. In the accompanying report to the 2016 financial statements, the main issues that engaged the National Institute for Accounting Standards in the past year were recalled. During 2016, in particular, OIC updated the national accounting standards, publishing at the end of the year the new set of 20 standards including the new OIC 32 relating to derivative financial instruments. In this context, at the legislative level, coordination was achieved between the regulations on IRES and IRAP with the new national accounting standards, in analogy with what is already envisaged for IAS/IFRS adopters.
Particular attention was then paid to the approval process of the international accounting standard on financial instruments and to the amendment, currently under examination by the European bodies for the purposes of approval, with which the insurance sector was temporarily exempted from the application of the new standard pending the issue of the international accounting standard on insurance contracts.
Lastly, OIC was involved in supporting Italian companies for the application of the new international accounting standards on revenues and leasing contracts issued by the IASB which led to significant changes with respect to the previous accounting criteria.
