Original scientific paper
ACCOUNTING FOR DEBT RESTRUCTURING IN THE CURRENT CRISIS: ITALIAN EXPERIENCE BY ITALIAN LEGAL CONDITIONS
Roberta Provasi
Patrizia Riva
Abstract
Since 2007 a financial crisis has hit economies
generating inevitable consequences on Italian
Companies solvency level. This paper identifies
some intermediate solutions purely contractual
arrangements for debt rescheduling between debtor
and creditors introduced by the Bankruptcy Reform,
which considers: recovery and resolution planning
,restructuring agreement, pre-insolvency agreements
with creditors. To solve the crisis it is required the
adoption of appropriate procedures aiming at the
fair presentation in the financial statements. For
this reasons Italian Accounting Entity, (OIC) on July
2011 issued a new document OIC 6, “Accounting
Principles” which aimed to prescribe the accounting
treatment and disclosures, produced by the debt
restructuring. Finally, this paper highlights how
the OIC n. 6 philosophy has emphasizes the public
interest in preserving the firm as an economic value
to the community .
Keywords
Going concern; Debt restructuring; Crisis; Accounting standards; Bankruptcy reform
Hrčak ID:
133131
URI
Publication date:
1.12.2013.
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