On 19 April 2023, the OIC announced that the Management Board of the Italian Accounting Body has Accounting standard No. 34 on revenues has been finally approved which incorporates the changes made as a result of the consultation process.
The principle will come into force for financial statements from January 1, 2024, here are some new features:
- the introduction of accounting techniques to identify and value 'elementary accounting units'
- the accounting of revenues for the provision of services in the income statement based on the statement of progress.
The new accounting standard has been specifically drafted to replace the references contained in accounting standard No. 15 (that of credits) and solve application problems that arose in the past, being able to apply it to all transactions concerning sale of goods And the provision of services.
