Join press release Consob, Bank of Italy and Ivass of 5 January 2021 - CONSOB AND ITS ACTIVITIES
PRESS RELEASE
The Law Decrees no. 18/2020, so-called "Cura Italia", and no. 34/2020, so-called "Rilancio", have introduced tax incentives connected both with investment expenditures, i.e. "eco-" and "sisma-bonus", and with current expenditures, i.e. rents for non-residential use, which are given out to families and businesses in the form of tax credits. Most of these tax credits can be transferred to third parties by the beneficiaries.
In relation to this assignment, the "Coordination table between the Bank of Italy, Consob and Ivass on the application of IAS/IFRS" publishes a document by which clarifications are provided regarding the accounting treatment and the representation in the financial statements of these credits by the acquiring entity.
The document is therefore aimed at entities supervised by the three Authorities, given that the purchase of these loans may be of interest to banks, insurance companies and other financial intermediaries, and to all issuers required to the application of international accounting standards, regardless of the business operations compartment (industrial, banking and others).
The document aims to clarify some application doubts and ensure homogeneous behaviors by the operators.
The full text of the document is available on the websites www.consob.it, www.bancaditalia.it and www.ivass.it (only Italian version).
