Moscow– 11 December 2011

1. Moscow– 11 December 2011 Giuliano Bond Council Member of Consiglio Nazionale dei Dottori Commercialisti e degli Esperti Contabili International Financial Reporting Standards: a Regional Perspective

2. The Structure of the IFRS Foundation Source: IFRS Foundation, Who we are and what we do, www. ifrs.org

3. How IFRS Are Published Source: IFRS Foundation, Who we are and what we do, www. ifrs.org

4. “In order to contribute to a better functioning of the internal market, publicly traded companies must be required to apply a single set of high quality international accounting standards for the preparation of their consolidated financial statements.” Member States HAVE TO ADOPTED THIS REGULATION for each financial year starting on or after 1 January 2005. International Financial Reporting Standards (IFRSs) are developed by the International Accounting Standards Board (IASB), whose purpose is to develop a single set of global accounting standards. European Regulation n. 1606/2002

5. The Endorsement of IFRS IASB EFRAG ARC SARG European Parliament European Gazette Translations Enforcement

6. Adoption of IAS/IFRS Starting from 1 January 2005 (Legislative Decree 38/2005)

7. As of 1 January 2012: - Framework; - 41 Standards (13 IFRS and 28 IAS); - 25 Interpretations (17 IFRIC and 8 SIC) IAS/IFRS, asendorsed in European law, represent a juridical source of law. IAS/IFRS represent a benchmark of accountingpractice IFRS

8. Adoption of IFRS in the world

9. Adoption of IAS/IFRS Source: IFRS Foundation, Who we are and what we do, www. ifrs.org

10. Adoption of IAS/IFRS Source: IFRS Foundation, Who we are and what we do, www. ifrs.org

11. “Additionaldisclosuremaystill be required by e.g. supervisoryAuthorities or securitiesregulators of matterswhich: are to be givenoutside the annual (or consolidated) accounts to which the IAS Regulationapplies – say in the annual report or in a separate schedule annexed to the accounts; or are to be givenwithin the notes to the annual (or consolidated) accounts to which the IAS Regulationapplieswhen the subjectmatterisperceivedashighlyrelevant to those general purpose accounts (for example, certain corporate governancerelateddisclosuressuchas management remuneration by individual) butfallsoutside the scope of IASsasitisnotnecessary for the presentation of a true and fair view in accordance with IASs”. (Source: CommentsConcerningCertainArticles of the Regulation (EC) No 1606/2002 of the EuropeanParliament and of the Council) Which Role for National Regulator? The European Commission Perspective

12. The powers of Bank of Italy (as specified in articles n. 5 and 45 of Legislative Decree n. 87/1992) are exercised for the banks and financial institutions, obliged to apply IAS/IFRS, under the supervision of Bank of Italy according and in respect of the International Accounting Standards; The powers of ISVAP (public Authority for insurance companies) are exercised for the insurance companies that apply IAS/IFRS for financial statements (consolidated or individual) according and in respect of the International Accounting Standards; CONSOB (public Authority for responsible for regulating the Italian securities market) establishes the format of financial statements for listed companies and issuers of financial instruments widely distributed among the public (Legislative Decree 38/2005. art. 9). Which Role for National Regulators? The Italian Legislation Perspective

13. Which Role for National Standard Setter: Organismo Italiano della Contabilità and CNDCEC The Organismo Italiano di Contabilità (OIC ) was formed in 2001 as a registered Foundation, in response to the need perceived by the main public-sector and private-sector parties to establish an Accounting National Standard Setter The OIC Founders include Institues largely representing the parties interested in the accounting matters Consiglio Nazionale Dottori Commercialisti ed Esperti Contabili, professional body, which is the competent authority and the only professional body of accountants in Italy, is an OIC’s Founder and it was the body that published National Accounting Standards up to 2001

14. Which role for National Standard Setter: Organismo Italiano della Contabilità and CNDCEC In carrying out itsactivities, OIC participates in the activities of development of IAS/IFRS, providingtechnicalsupport to EFRAG and coordinatingits work with the activities of otherEuropeanaccounting standard setters CNDCEC partecipates to some commissionswithin OIC, publishesdocumentsregardingaccountingissues and replies to Exposuredraftand DiscussionPaper of IASB, IFAC and FEE

15. The Accounting Standards Advisory Forum In November 2012, the IFRS Foundation haspublished a documentthathas the objective to formalise the relations between IASB and NSS (National Standard Setter) regionalbodies to involve the NSSs in the standard settingprocess The IFRS Foundation and IASB shouldencourage the maintenance of a network of NSSsinvolvedwith accounting standard-settingas an integral part of the global standard-settingprocess. In additionNSSs and regionalbodiesshouldcontinue to undertakeresearch, provideguidance on the IASB’spriorities, encourage stakeholder input for activitiesof development of internationalaccountingstandards, providingtechnicalsupport

16. The European Union reform of the Accounting Directives • The EU is expected to vote for a “new” accounting regime in the 2013 • There are some proposals converging towards IFRS’ requirements, such as: • EC proposal to require or permit IAS/IFRS for financial instruments (even if there amendments against it) • materiality (even if there amendments on it) • elimination of extraordinary items • There is a «political» opposition to IFRS for SMEs, even if Member States could require/permit at today a «quasi-full» application

17. IASB Agenda Memorandum of Understanding projects 2012: Q4 2013 Q1 2013 Q2 2013 Q3 MoU Joint

18. Issues • Uniform application or regional IFRSs • The role of regulators • The role of National Standard Setters • The role of ACCOUNTANTS

19. bond@commercialisti.it Ciao