The recording in the Financial Statements of the events occurred after the FY closing date has always been a challenging issue for accounting experts, also in considerations of the relevant tax implications.
As concerns tax aspects, the Italian case law has provided some useful hints for discussion, though they refer to periods in which there were different terms for the filing of tax returns in force and such terms have significantly changed over time.
The introduction of the new national accounting standards, which can now be applied also to taxation matters, has provided some clarifications and solutions, whose practical application has been analysed and discussed by case law and jurisprudence.
Therefore, we have now an accounting and tax reference framework that allows to correctly enter in the Financial Statements typical FY-end events, such as provisions for liabilities (e.g. related to non-performing loans or lawsuits), bonuses (e.g. productivity bonuses for employees or year-end bonuses or trade discounts).