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Evolving Connections Between Tax and Financial Reporting in Italy

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  • Giovanna Gavana

    ()
    (Department of Economics, University of Insubria, Italy)

  • Gabriele Guggiola

    ()
    (Department of Economics, University of Insubria, Italy)

  • Anna Marenzi

    ()
    (Department of Economics, University of Insubria, Italy)

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    Abstract

    This paper analyzes the evolution of the relationship between tax and financial reporting in Italy after the mandatory introduction of IFRS for listed companies in 2005. In order to assess this link we will use the methodology developed by Lamb et al. (1998). Italy represents an interesting case study because IFRS have become mandatory, for listed companies, also for what concerns individual, and fiscally relevant, accounts. Therefore, two accounting systems, one based on IFRS and one based on Italian Gaap coexist, originating the emergence of two rather different linkages between tax and financial reporting. IFRS and tax reporting exhibit an high degree of disconnection, while Italian Gaap, according to a continental European accounting tradition, are heavily linked to fiscal rules. The analysis will point out a rapidly evolving situation, with links between both accounting systems (IFRS and Italian Gaap) and tax reporting getting tighter as a consequence of last years tax reforms. JEL Classification: H20, M41

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    File URL: http://eco.uninsubria.it/dipeco/Quaderni/files/QF2010_1.pdf
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    Bibliographic Info

    Paper provided by Department of Economics, University of Insubria in its series Economics and Quantitative Methods with number qf1001.

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    Length: 27 pages
    Date of creation: Jan 2010
    Date of revision:
    Handle: RePEc:ins:quaeco:qf1001

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    Keywords: Taxation; Accounting; International Financial Reporting Standards (IFRS);

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    1. Margaret Lamb & Christopher Nobes & Alan Roberts, 1998. "International Variations in the Connections Between Tax and Financial Reporting," Accounting and Business Research, Taylor & Francis Journals, vol. 28(3), pages 173-188, March.
    2. Christopher Nobes & Ester Oliveras & Xavier Puig, 2004. "The changing relationship between tax and financial reporting in Spain," Economics Working Papers 782, Department of Economics and Business, Universitat Pompeu Fabra.
    3. Christopher Nobes & Hans Robert Schwencke, 2006. "Modelling the links between tax and financial reporting: A longitudinal examination of norway over 30 years up to IFRS adoption," European Accounting Review, Taylor & Francis Journals, vol. 15(1), pages 63-87.
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