On June 11, the Italian Accounting Standard-Setter (OIC) published accounting standard OIC 30.
The standard governs the criteria for the recognition, classification, measurement, and disclosure of interim financial statements. It applies to interim reports relating to fiscal years beginning on or after January 1, 2026. However, early adoption is permitted on a voluntary basis for interim reports relating to fiscal years beginning from January 1, 2025.
«Interim financial statements» refer to financial reports covering a period shorter than a full fiscal year, considered as a discrete accounting period even if it represents a fraction of the year. This approach is consistent with the framework provided by International Accounting Standard IAS 34.
The formats for the Balance Sheet, Income Statement, and Statement of Cash Flows correspond to those set forth in Articles 2424, 2425, and 2425-ter of the Italian Civil Code. In each schedule, the comparative data is represented by the figures as of the close of the immediately preceding fiscal year. Companies that prepare abridged financial statements or those classified as micro-enterprises are exempt from the requirement to prepare a Statement of Cash Flows.
With regard to the Notes to the Financial Statements, the standard stipulates that companies preparing financial statements in ordinary form must provide an explanation of significant events and transactions necessary to understand the changes in the company’s financial position, performance, and results of operations since the close of the last fiscal year. The standard further clarifies that information already provided in the most recent annual financial statements should not be repeated in the interim report, except where new events necessitate an update or where a new accounting principle has been adopted. Micro-enterprises preparing interim financial statements are exempt from preparing the Notes.
For the purposes of preparing interim financial statements, the same accounting principles used for the annual financial statements must be applied, with the exception of changes in accounting principles occurring after the closing date of the last fiscal year; the effects of such changes will be reflected in the subsequent annual report, in line with the provisions of paragraph 28 of IAS 34.
