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Accounting for debt restructuring in the current crisis.Italian experience by Italian legal conditions

Patrizia Riva, Roberta Provasi
JR-SIE (Versione 2.0 - 18/09/2013) : D - 2013-06

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.