The New OIC 34

On April 19^th 2023, the Italian Accounting Institute (so called "Oic"), published the final version of the accounting principle no. 34, which regulates the criteria for the recognition and the evaluation of revenues, as well as the information to be presented in the notes to the accounts. The document will come into force for financial statements relating to each financial year, starting from January 1^st 2024.

The new principle concerns all operations that involve the recognition of revenues deriving from the sale of goods and the provision of services, regardless of their classification in the P&L (item A1 or item A5). Company transfers, active rents, refunds and work in progress contract, for which Oic Principle no. 23 will continue to apply and, in general, transactions that do not have sales or acquisition purpose are excluded.