La disclosure sulla corporate governance nei gruppi, strumento di tutela di interessi diffusi. Un’analisi critica nel contesto italiano (Corporate governance, information and control in business groups. A study in the italian context)

By | 2017-12-27T17:57:24+00:00 December 27th, 2017|

Fellegara Anna Maria, Tibiletti Veronica, Marchini Pier Luigi/ Financial ReportingRiviste / Fascicolo: 1-2011


Nella normativa nazionale, il concetto di gruppo aziendale non è precisamente definito. Di conseguenza, il riconoscimento dei confini di gruppo non è sempre immediato, il che può implicare difficoltà nell’individuazione delle responsabilità delle scelte economiche assunte al suo interno. Tale circostanza può danneggiare gli interessi dei soci di minoranza. Con riferimento a questi temi, in Italia sono state introdotte regole volte a rendere maggiormente trasparenti gli assetti proprietari nei gruppi aziendali. Gli autori si propongono di analizzare qualità ed efficacia della comunicazione in tema di Corporate governance dei gruppi aziendali, con particolare riferimento agli effetti prodotti dalla normativa in materia di direzione e coordinamento di società.

In the Italian legal system, the concept of “business group” is not defined. As a consequence, it could be difficult to define boundaries of the business groups; this absence may cause serious complications in the definition of the responsibilities linked to the economic choices realized by the enterprises of the group. Minority shareholders who would be mostly likely to be damaged by this. In this respect, also in Italy specific rules were introduced to manage the corporate governance of the enterprises. The aim of the present paper is in particular to analyze the quality of disclosure regarding corporate governance in a sample of Italian listed companies and in particular the improvement in disclosure regarding the structure of economic groups brought about the rules regarding “management and control activity”.

Keywords: corporate governance, shareholder’s structure, disclosure, business groups, consolidated financial statement, institutional interests


 

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Il prospetto di raccordo nella comunicazione economico-finanziaria consolidata

By | 2017-12-27T17:33:33+00:00 December 27th, 2017|

Fornaciari Luca/ Financial ReportingRiviste / Fascicolo: 4-2011


Il lavoro approfondisce la funzione informativa del prospetto di raccordo tra i valori di sintesi d’esercizio e quelli di gruppo nell’ambito della comunicazione economico- finanziaria consolidata. Attraverso un’analisi empirica compiuta sui prospetti redatti da un campione di cento società quotate alla Borsa Valori di Milano, sono offerte alcune considerazioni sulla capacità degli schemi presentati di soddisfare le finalità informative per le quali vengono redatti. Obiettivo del contributo è aumentare la chiarezza, la trasparenza e la comparabilità dei prospetti redatti, al fine di una migliore tutela del risparmio. In particolare, tale finalità è perseguita attraverso la presentazione di due possibili schemi che dovrebbero consentire di superare le carenze emerse dall’indagine.

This paper explores the information function of reconciliation statement between the values of financial statements and those of group. Through an empirical analysis carried out on statements drawn from a sample of 100 companies listed on the Milan Stock Exchange, have offered some observations on the ability of the schemes to satisfy the informational purposes for which they are drawn. The aim of the contribution is to increase the clarity, disclosure and comparability of reconciliation statements drawn up in order to better protect of investors. In particular, this objective is pursued through the presentation of two possible schemes that are expected to overcome the shortcomings revealed by the survey. Key words: consolidated financial statement, reconciliation statement, international financial reporting standards, group, minorities, companies listed.

Keywords:  consolidated financial statement, reconciliation statement, international financial reporting standards, group, minorities, companies listed


 

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The Reporting Entity in Private-Public Accounting Harmonisation. Is Control Enough for the Local Government Consolidated Financial Statements?

By | 2017-12-06T12:54:59+00:00 December 6th, 2017|

Carini Cristian, Rocca Laura,Teodori Claudio, Veneziani Monica/ Financial ReportingRiviste /Fascicolo: 1-2017


The European Commission initiated a discussion on the expediency of using the International Public Sector Accounting Standards (IPSAS), based on the IAS/IFRS,as a common base for harmonizing the public sector accounting systems of the member states. However, literature suggests that accounting is not neutral with respect to the economic, social and political dimensions. In the perspective of evolution of the accounting regulation outlined, balanced between accountability, with the need to represent phenomena for reporting purposes, and decision-making issues, which concentrates on the quantitative importance of the values, the paper aims to analyse the effects of the application of different criteria for the definition of the reporting entity of the local government consolidated financial statements (CFS). The Italian PCA 4/4, the test of control and the financial accountability approaches are examined. The evidence that emerged from the case studies examined identifies several criticalities in the Italian PCA 4/4 and support the thesis that the financial accountability approach is more effective in providing a complete representation of the public resources entrusted to and managed by the group, whereas the control approach better approximates quantification of the group results in terms of central government surveillance. The analysis highlights the importance of the post implementation review period and the opportunity to contextualize the adoption of the consolidated financial statement in the broader spectrum of the accounting harmonization process, participating in the process of definition of the European Public Sector Accounting Standards (EPSAS).

Keywords: accounting regulation, accounting harmonisation, consolidated financial statement, IPSAS, public sector accounting.


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