meta_id 3024231

On March 6, 2025, the Bank of Italy (Banca d'Italia) launched a public consultation on proposed amendments to Circular No. 262 of December 22, 2005 ("Banking Financial Statement: Schemas and Compilation Rules") and the Bank of Italy's Regulation of November 17, 2022 ("Financial Statements of IFRS Intermediaries Other Than Banking Intermediaries"). The consultation addresses regulatory modifications to implement three key developments: amendments to International Financial Reporting Standard (IFRS) 9 "Financial Instruments" and IFRS 7 "Financial Instruments: Disclosures" (effective for financial statements beginning January 1, 2026); the new IFRS 18 "Presentation and Disclosure of Financial Statements" (replacing IAS 1 from January 1, 2027); and guidance on crypto-asset disclosure issued jointly by the Bank of Italy and Consob on March 6, 2025. The consultation applies to banks, banking groups, financial intermediaries, electronic money institutions, payment institutions, asset management companies (SGR), investment firms (SIM), and other interested parties. Key proposed changes include: separating goodwill as a distinct balance sheet item under IFRS 18; restructuring the income statement into three categories ("operating revenues and costs," "investments," and "financing"); introducing mandatory subtotals including "operating profit/loss"; revising the cash flow statement to use operating profit as the starting point; and adding specific disclosures for management-defined performance measures and crypto-asset activities. Amendments relating to IFRS 9 and IFRS 7 would apply to financial statements closing or in progress on December 31, 2026, while remaining modifications, including IFRS 18 implementation, would apply from December 31, 2027. Responses must be submitted within 60 days of publication via certified email (ram@pec.bancaditalia.it) or in writing to the Bank of Italy's Regulation and Macroprudential Analysis Service, Financial Statements and Reporting Division, via delle Quattro Fontane 121-123, 00184 Rome, with a concurrent electronic copy to servizio.ram.bilanci@bancaditalia.it. The Bank of Italy will analyse submissions and publish final provisions, a consultation summary, and received responses on its website.