• ISSN: 2010-023X (Print)
    • Abbreviated Title: Int. J. Trade, Economics and Financ.
    • Frequency: Quaterly
    • DOI: 10.18178/IJTEF
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HOME > Archive > 2024 > Volume 15 Number 4 (2024) >
IJTEF 2024 Vol.15(4): 112-116
DOI: 10.18178/ijtef.2024.15.4.778

The Financial Statement Schemes According to the New Accrual Accounting for Italian Local Authorities

Maria Carmela A. Serluca and Alba Maria B. Gallo
Department of Business Sciences, Giustino Fortunato University, Benevento, Italy
Email: m.serluca@unifortunato.eu (M.C.A.S.); a.gallo2@unifortunato.eu (A.M.B.G.)
*Corresponding author

Manuscript received June 16, 2024; revised August 1, 2024; accepted September 14, 2024; published November 29, 2024.

Abstract—The National Recovery and Resilience Plan (NRP) Italy Tomorrow, approved by the European Commission on April 22, 2021, is part of the Next Generation EU (NGEU) program. The NRP is, therefore, not just a traditional investment program but is designed as a truly transformative project in which resource allocations are accompanied by a substantial package of reforms needed to overcome the historical barriers that have held back the development of public and private investment in the past decades. The success of the NRP, alongside the proper design of interventions and their practical implementation, depends crucially on a broad spectrum of structural reforms. Among the enabling reforms, Reform 1.15 plans to “implement an accounting system based on the single accrual principle” for the entire Italian public sector by 2026, in line with the path outlined at the international and European level for the definition of accounting principles and standards in public administrations (IPSAS/EPSAS), and in implementation of the European Union Council Directive 2011/85/EU. One of the first Italian accounting standards (ITAS) to be approved is Itas 1, which governs the structure, content, and presentation of the statements comprising the financial and consolidated financial statements of governments. This paper investigates how such financial statement formats can improve the comparability and comprehensibility of financial statements and enhance a culture of accountability.


Keywords—accrual accounting, accounting change, local government, public sector accounting reform, National Recovery and Resilience Plan (NRP), ITAS


Cite: Maria Carmela A. Serluca and Alba Maria B. Gallo, "The Financial Statement Schemes According to the New Accrual Accounting for Italian Local Authorities," International Journal of Trade, Economics and Finance, vol.15, no.4, pp. 112-116, 2024.


Copyright © 2024 by the authors. This is an open access article distributed under the Creative Commons Attribution License which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited (CC BY 4.0).




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