Consob has launched a public consultation on proposals to update the regulatory framework governing financial statement formats and disclosures, in view of the application of the international accounting standard IFRS 18, “Presentation and Disclosure in Financial Statements”, to financial years beginning on or after 1 January 2027.

The initiative is intended to align the national regulatory framework with developments in the IAS/IFRS framework, strengthening the transparency, comparability and quality of financial information while, at the same time, reducing compliance burdens for listed issuers.

On the basis of the preliminary qualitative regulatory impact analysis, aimed at comparing the possible solutions and assessing their effects in terms of simplification, comparability and understandability of disclosures, investor protection and reduction of burdens for issuers, the document submits the following main proposals to public consultation:

1. repeal of Consob Resolution No. 15519/2006, considered to have been superseded by developments in international accounting standards and by the introduction of IFRS 18;
2. revision of Communication DEM/6064293/2006, with the removal of disclosure requirements already incorporated into the accounting and regulatory framework, including certain requirements relating to non-recurring, atypical or unusual transactions;
3. retention of information that continues to be of independent relevance to the market, with particular regard to the Net Financial Position and alternative performance measures;
4. introduction of a reminder concerning the tabular presentation of information on the impact that related-party transactions, where considered material, have on the financial position, financial performance and cash flows, and on the transparency of the key professional judgements made in applying IFRS 18, with specific reference to Management-defined Performance Measures and main business activities.

The consultation is addressed to listed issuers, including banking and insurance issuers, investors, trade associations, market participants and other interested parties.

Comments may be submitted by 29 September 2026 through the SIPE – Sistema Integrato Per l’Esterno, using the dedicated form available on Consob’s website.