L’articolo si sofferma sul processo di ammortamento quale modalità operativa di riparto del costo storico di acquisizione (di acquisto o di realizzazione interna in economia) dei fattori produttivi strutturali impiegati dall’impresa, ossia degli asset a fecondità ripetuta, offrendo innanzitutto riflessioni a margine dell’art. 2426 c.c. (trattamento civilistico domestico, con le dovute comparazioni Ias/Ifrs). L’analisi esperita intende fare luce anche sul piano squisitamente fiscale, richiamando i riflessi contabili dell’ammortamento (e delle sue varie tipologie di matrice tributaria) sia per i classici beni utilizzati dall’impresa industriale sia per i beni gratuitamente devolvibili all’ente pubblico concedente (è il c.d., controverso, ammortamento finanziario, di cui si propongono altresì alcune esemplificazioni numerico-contabili).

This article analyses the heterogeneous accounting, financial reporting and fiscal rules / standards that deal with the “Sale and Lease-Back” transaction, in the light of the substance over form principle (to the extent that it is utilized when preparing and presenting the financial statements). It proposes a different examination for Ias-companies companies and non-Ias ones. Attention is drawn to some criticisms inherent to the financial leases which follow an asset’s sale and to any excess of the amount of the sale on the amount of the asset sold (which should be deferred and amortized over the leasing term, with relating specific deferred taxation).

This article deals with the functioning of capital markets, notably the impact of financial crisis on earnings’ pricing rationality. Through a global market based analysis it intends to test the effects of dividend ratios and other fundamentals on P/E multiple, in order to show some recent useful evidences. Starting from a classic theoretical premise (SHV Dividend Discount Model), the article sets out some consequent hypotheses and develops a linear multivariate econometric model to detect (for major quoted companies from US, Australia / New Zealand / Canada, Europe, Japan and Emerging Markets) the actual role of the most important relative valuation multiple determinants during a ‘critical period’. Indeed, the analysis refers to 2010, a peculiar year (immediately after the explosion of the Global Financial Crisis) which shows signals of both a weak recovery and a persisting uncertainty. Our findings, likely due to some distortions created by the crisis aftermath, do not fully confirm the SHV-DDM theoretical conjectures about the above said determinants. While the conjectured negative association between P/E and dividend yields seems to be confirmed, the positive association between P/E and payouts does not. Other relevant indicators (risk, roe/growth, leverage and corporate tax rate) are considered in the empirical model as control variables to complete the exploratory analysis. In sum, the paper may appear timely to ascertain the extent of the first and leading effects of the recent global crisis on the rational earnings’ pricing models.

This study seeks to regress the forward P/Es on firms’ fundamentals as measured on global market basis. Starting from theoretical premises (DDM), the paper develops a linear multivariate model in order to capture (for US, Australia / New Zeland / Canada, Europe, Japan and Emerging Markets quoted companies) the underlying value-drivers. The regression is cross-sectional with annual data referred to 2010, a financial year – immediately after the explosion of the GFC – which exhibits signals of both slight recovery and persisting uncertainty. Results about the dividend yield confirm the hypotheses whilst the association with payouts appears surprisingly negative. Other control financial variables are tested.

Il volume analizza i principi, le regole e i comportamenti attinenti alla redazione del bilancio delle imprese, alla luce dell’evoluzione delle teorie, delle norme e degli standard contabili nazionali e internazionali. Lo scopo è fornire gli strumenti utili per la comprensione e la formazione di un bilancio aziendale non solo accurato, affidabile e coerente con i paradigmi della scienza contabile, ma anche attento alle principali esigenze dei practitioner. Nell’ambito della disciplina del bilancio, un ruolo fondamentale è giocato dal principale “soggetto regolatore”, identificabile vuoi in un forte legislatore vuoi in organismi professionali autorevoli e riconosciuti; ad esso spetta mediare i diversi interessi e obiettivi, spesso conflittuali, esistenti tra gli stakeholder (interni ed esterni). Il lavoro segue un percorso che, partendo dalla teoria di bilancio elaborata dalla dottrina economico-aziendale, va ad approfondire il modello positivo civilistico. Nell’ottica dell’armonizzazione contabile, esamina quindi il modello internazionale di bilancio IAS/IFRS (di matrice anglosassone). In ultimo, evidenzia i principi del bilancio consolidato ex D.Lgs. n. 127/91 e gli speciali elementi di differenziazione dei bilanci bancari, finanziari e assicurativi. L’intento del lavoro è quello di coniugare costantemente la teoria con le problematiche applicative di bilancio, in considerazione degli studi dottrinali, delle migliori prassi e della mutevole cornice ambientale/regolamentare di riferimento. Quest’ultima è fatta ora di leggi, decreti, provvedimenti europei ecc., ora di principi contabili, sentenze, raccomandazioni ecc., che progressivamente e selettivamente si avvicendano e/o integrano fra loro. L’obiettivo perseguito, faticoso ma sfidante, è di migliorare e adattare dinamicamente il sistema di bilancio alle trasformazioni in essere e quindi alle più attuali, complesse, impellenti esigenze di conoscenza aziendale.

The article points out firstly the accounting and financial reporting principles for events occurred/known after the reporting period, giving a comparison between Italian and international rules. After that, it examines the auditing activities and responsibilities that concern the events occurring between the date of the financial statements and the date of the auditor’s report, and facts that become known to the auditor after the date of the auditor’s report. This study therefore refers to the Ital- ian Civil Code and CNDC-CNR / OIC documents in relation to the national ac- counting/reporting dimension; while to the Italian auditing standard n. 560 for what concerns the national auditing principle ambit. On the other hand, it refers to IAS 10 and then to ISA 560. The approach followed is comparative and intends to put in evidence the main problems and criticisms about the « adjusting » and « non adjusting » events after the reporting period (or « subsequent events »). At last, attention is paid to the questions inherent to the application of the new art. 154-ter TUF (Internet issuance) for quoted companies and, moreover, to the Ital- ian legislative decree n. 39/2010 (which adopts the directive 2006/43/EC and re- quires a specific ISAs’ endorsement in future) to the extent they interfere with the above mentioned aspects. Among the auditing problems, there are: a) the definition of the date of approval of financial statements; b) the date that the auditor’s report and audited financial statements are made available (« issued ») to third parties; c) the consideration of facts which become known before or after the date the finan- cial statements are issued.

(Financial Reporting for Insurance Companies: Overview, Criticisms, Evidence) It is well known that accounting practices for insurance operations / contracts have been diverse, and have often differed from practices in other sectors. The present article deals with the main aspects related to the functioning and the financial reporting of insurance companies that operate in Italy, particularly shedding light to the existence of a double accounting regime due to a kind of ‘double track’ that sees local accounting principles on the one hand, vs the quite different requirements of Ias / Ifrs architecture (compulsory for quoted insurance companies and for all consolidated accounts) on the other hand. Such condition / situation appears able to create a sort of “mismatch” between assets and liabilities estimates, possible “shadow accountings”, and a lower level of comparability. At this regard, an insurance company can determine accounting mismatches arising when insurance contract liabilities and the assets that back them are measured on different bases and, furthermore, is permitted to change its accounting policies so that a recognised but unrealised gain or loss on assets affects the measurement of the insurance liabilities. That said, the articles is chiefly voted to show some empirical evidences about Italian quoted insurance companies, where FTA (their First Time Adoption of Ias / Ifrs) is considered as a crucial “event case” expected to produce actual accounting differences (tested by the Wilcoxon Z statistics: in particular we found statistically significant differences in their income and equity-capital in terms of p-values). Therefrom, it seems undoubtedly useful to draw attention – at last – to the future of insurance companies and of their accounting and financial reporting problems, and to solicit business administrators to take into consideration the potential impact of both the “principle-based” Phase II of Ifrs 4 (still in the form of ED) and the “rules-based” Solvency II proposals.

Il presente articolo intende sollecitare lo studio sistemico-unitario del turismo religioso in una prospettiva economico-aziendale e socio-culturale. L’obiettivo di fondo è quello di intercettare e incrociare le istanze di chi opera dal lato dell’offerta turistico-ricettiva - soventemente PMI - presente nei c.d. luoghi della fede, con quelle del particolare e molteplice turista che ne costituisce la domanda (clientela), determinando valore ‘competitivo’ in quanto customer: il turista religioso. A tal fine appare opportuno non solo e non tanto concentrare l’attenzione sulle necessarie variabili economico-finanziarie di riferimento e relative dinamiche, ma, in ottemperanza ad un approccio di governo strategicamente più ampio e compiuto, promuovere le condizioni generali di contesto per una fruizione autentica e identitaria dei servizi distintivi localmente offerti (anche con la collaborazione ed interazione pubblica) in rete, su scala integrata, di modo che il turismo religioso risultante – per alcuni Paesi, come il nostro, vera e propria “risorsa” distintiva – possa più efficacemente divenire, in una prospettiva’responsabile’ e ‘sostenibile’, fattore di vita, impulso e sviluppo dei luoghi interessati (genius loci). This article aims to introduce and solicit the systemic-unitary study of religious tourism phenomenon. The underlying objective is to cross the needs of the supply side of tourism-accommodation (often represented by SMEs) to be met, present in precious places of the spirit, with the one belonging to the religious tourist at the base of the ‘competitive’ value. To this end, it is desirable from the business administration’s point of view, not only to stress on the necessary economic and financial variables to be effectively governed / monitored, but also, according to a wider management approach, promote and enhance the general context for a genuine enjoyment of the distinctive services provided (also in collaboration with the public) on a local, integrated scale: effectively becoming, in a 'responsible' and 'sustainable' perspective, a factor of life, impulse and development of the sites concerned (genius loci).