In the 2002, ABI started a Project in order to:
• Contribute to the development of high quality global accounting standards and promote the convergence between IFRSs and US GAAP. We respond to the consultations of the International Accounting Standards Board (IASB) and the other organizations;
• Influence and manage the introduction of the International accounting standards (IAS)/International Financial Reporting Standards (IFRS) in the Italian legislation. We collaborated with the Italian Parliament and Government to ask an extensive application of the options in the Regulation (EC) N. 1606/2002 of the European Parliament and of the Council of 19 July 2002 on the application of International Accounting Standards ("IAS Regulation"). We collaborate with Bank of Italy and the Security Exchange Commission (Consob) in order to obtain fair rules to manage changes in the supervisory field and to reduce the supervisory burden;
• Modernise and update the Italian accounting rules, in accordance with international developments, as expressed through standards issued by the IASB. We participate at the Working Groups (WG) of the Italian National Standard Setter (Organismo Italiano di Contabilità - OIC) in order to amend the accounting directives to the IAS/ IFRS: Directives 2001/65/EC and 2003/51/EC.
• Promote the adoption of the IAS/IFRS with several seminar and congress in collaboration with the Minister of Economy and Finance, regulators (Bank of Italy, Consob), OIC, Universities and IASB;
• Support the Italian Banking Sector in the implementation of the IAS/IFRS. We created several WG to study and to interpret IAS. Thanks to our WG we was able to issue two publications IAS ABI Blue Book and Soluzioni IAS ABI that now is used as a practical guide by all the banks and financial institutions.
• European Commission website >>
ABI position paper on exposure draft of amendments to IAS 39 “Exposures Qualifying for Hedge Accounting”( September 2008)
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ABI comments on CESR document “Statement on Fair value measurement and related disclosures of financial instruments in illiquid markets” (September 2008)
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