Regulatory Alerts2005-12-22
Circular No. 262 of December 22, 2005: Bank Financial Statements: Schemes and Compilation Rules
The Bank of Italy issued Circular No. 262 to establish the individual and consolidated financial statement schemes and compilation rules for banks and group parent financial companies in compliance with IAS/IFRS standards. The regulation mandates the preparation of specific financial reports, including the balance sheet, income statement, and cash flow statement, while requiring intermediaries to include additional IAS/IFRS information in the notes where not explicitly covered by the Circular. The document has undergone multiple updates, most recently in November 2022, to address evolving accounting standards and regulatory requirements such as IFRS 17 and crisis resolution measures.
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