November 15, 2018 / 5:27 PM / a month ago

HOLD-Italy budget amendment to give leeway to unlisted banks on accounting rules - sources

ROME, Nov 15 (Reuters) - A draft amendment to the Italian government’s 2019 budget would allow unlisted banks and non-financial companies to opt out of applying international accounting standards on their operations, three sources told Reuters on Thursday.

The amendment, proposed by the ruling 5-Star Movement and approved by the lower house finance committee, was designed to allow small cooperative banks to avoid constantly booking losses linked to bond spread movements, but it will also have a broader scope, the government and political sources said.

The possibility of opting out of the accounting standards would also apply to lending activities, the sources added. (Reporting by Giuseppe Fonte and Stefano Bernabei, writing by Giulia Segreti, editing by Gavin Jones)

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