Interim financial statements: OIC 30 as a general technical reference

Edited by Carlo Chinello

The Italian Accounting Body recently clarified an aspect of great operational importance for businesses: OIC 30 assumes the role of technical reference for the preparation of all interim financial statements, even in cases where there is no specific regulatory requirement.

This is a fundamental indication that helps fill an interpretative gap and strengthen the uniformity of application criteria in corporate practice.

The strategic role of interim financial statements in companies

Interim financial statements are an increasingly popular and strategic tool for businesses. In addition to internal information and management control purposes, these interim financial statements are essential in contexts such as:

• Extraordinary transactions (mergers, demergers, transfers or transformations);

• Company valuations and share transfers;

• Relationships with financial institutions for access to credit or monitoring of covenants;

• Compliance with corporate crisis requirements and appropriate organizational structures.

However, in the absence of detailed organic discipline, the preparation of interim financial statements has often raised operational doubts regarding the accounting criteria and estimates to be adopted.

OIC 30 as a technical reference framework

In this scenario, OIC 30 is identified as the true reference framework for preparing interim accounting. The accounting standard provides essential guidance regarding:

• Criteria for recognizing and evaluating balance sheet items;

• Intra-annual economic accrual (avoiding distortions between months);

• Continuity of criteria with respect to the last closed financial statement;

• True and accurate representation of the financial and financial situation.

The rigorous application of OIC 30 therefore ensures maximum consistency and comparability of information, even over periods of less than a year.

Continuity and consistency of intermediate accounting criteria

A key aspect addressed by the body concerns the principle of continuity: the criteria adopted in interim financial statements must mirror those used in the annual financial statements, except in exceptional cases which must be adequately justified in the report.

This implies sartorial attention to three critical elements:

1. The correct temporal attribution of income components (seasonal or deferred costs and revenues);

2. Management of estimates and valuations (e.g. bad debt provision or inventory);

3. The representation of non-recurring or extraordinary transactions that occurred during the period.

Operational implications for businesses and professionals

Recognizing OIC 30 as the general technical reference for interim financial statements brings tangible benefits, ensuring greater editorial consistency, reducing the margins of interpretative uncertainty before supervisory bodies, and strengthening the reliability of the data produced for third parties (such as banks and investors).

In an economic context where timely information is a competitive factor, the adoption of shared accounting criteria is the only way to guarantee transparency, data quality, and legal protection for directors.

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