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In view of national accounting standards and international accounting standards of the IASB -International Accounting Standards Board there is no document indicating the principles and basis of preparation of financial statements and other accounting records in liquidation.
In the US, the most important organizations of the accounting profession in that country (AICPA - American Institute of Certified Public Accountants) has developed some application documents specifically related to provisions of the Bankruptcy Code on liquidation and restructuring of enterprises.
In our country, the law of the company law reform (Legislative Decree no. No. 6/2003 and two subsequent corrective decrees) introduced for the first time in the voluntary liquidation of the corporation, with effect from 1 January 2004, a discipline of financial statements and other accounting documents of the settlement with an organic and completeness before unknown to the Civil Code of 1942, which merely referred to the few, disorganized, provisions dictated in terms of partnerships (and in particular, of simple partnership ).
The most important principle introduced by the new regulations and contained in Articles novellati.
In the US, the most important organizations of the accounting profession in that country (AICPA - American Institute of Certified Public Accountants) has developed some application documents specifically related to provisions of the Bankruptcy Code on liquidation and restructuring of enterprises.
In our country, the law of the company law reform (Legislative Decree no. No. 6/2003 and two subsequent corrective decrees) introduced for the first time in the voluntary liquidation of the corporation, with effect from 1 January 2004, a discipline of financial statements and other accounting documents of the settlement with an organic and completeness before unknown to the Civil Code of 1942, which merely referred to the few, disorganized, provisions dictated in terms of partnerships (and in particular, of simple partnership ).
The most important principle introduced by the new regulations and contained in Articles novellati.
2484-2496 of the Civil Code (and in particular in the new art. 2490 "Financial Reporting in liquidation") is that the criteria for the preparation of financial statements "intermediate" or annual clearance (and in particular, the criteria for valuation of assets and liabilities and determination of the annual results of operations) are very different from those for the regular budget for the year. Principle that the prevailing doctrine had proven successful in few decades and that was implicit in the disappearance in liquidation of the validity of the fundamental postulate of "going concern" art. 2423-bis, paragraph 1, n. 1 commercial code. Another new feature of great importance is to have foreseen explicitly the possibility of a temporary operation of the business, or individual branches of it, even to the preservation of its value and the best realization of the subsequent transfer. In this case, as will be seen below, the art. 2490 requires a separately shown in the balance sheet of assets and liabilities and financial company that continues its activities and the adoption of evaluation criteria other than those applicable remaining assets and liabilities.
The purpose of this document is to identify the type and characteristics of financial statements and other accounting documents required by those provisions and to establish what their criteria for drawing. These are the following financial reports: management report of the directors; situation accounts on the date of effect of the dissolution of the company; interim or annual liquidation and attachments; the final liquidation and distribution plan.
The document relates primarily direct and voluntary liquidation of the corporation and therefore, in general, the provisions contained in Articles 2484 to 2496 of the Civil Code, even if the specific provisions relating to the accounting records of the settlement are contained only in articles. 2487-bis, 2490, 2491, 2492 and 2493.
But the document also covers the financial statements prepared by companies lucrative clearance of people and Cooperative Societies, having to apply to them, directly under the calls of the law, or by analogy, the discipline of the financial statements contained in the standards mentioned above. This document is also intended specifically to Italian companies that prepare financial statements in accordance with the provisions of the Civil Code and to national accounting standards. The guidelines contained in the document may also be followed by the insurance companies consistent with the special rules of the sector dictated by the Insurance Code.
However, the Italian companies that prepare their financial statements with international accounting standards, in accordance with Regulation no. 1606/2002 and Legislative Decree. N. 38/2005 are obliged, upon the occurrence of one of the causes of dissolution provided by art. 2484 cc, to apply the provisions on the liquidation of the Civil Code; also because, as noted, in the IAS / IFRS endorsed by European Commission there is no document on the budgets in the process of liquidation.
The preparation of financial statements of liquidation by the Italian company which by law or by choice prepare their financial statements using the IAS / IFRS, pursuant to Legislative Decree. N. 38/2005, will be dedicated to a specific document accounting principles. This document was prepared in collaboration with the Commission for Accounting Standards of the National Board of Accountants and Bookkeepers.
