Starting from 2005 quoted societies have to observe the IFRS international accounting principles ( International Financial Reporting standard ) in the drawing up and the presentation of the business balance. The purpose of the IFRS is, besides harmonizing the formalities of the drawing up of business balance, is allowing the approach between the value of the business wealth and the current value of the firm. The application of IAS 32 and IAS 39 principles, which introduce, in particular, a new type of classification of finanacial instruments, involves meaningful innovations even in the accountant management of hedge operations carried out by the use of derivative instruments. In particular the IAS 39 is focused on the evaluation of financial instruments specifying the circle of use of fair value as criterion of evaluation. It is specified when it is necessary the evaluation at fair value and when at the historical cost or at the amortized cost. It's also specified when you need to bring the variation of the fair value to patrimony and when to economic account.

International accounting principles foresee the survey of the derivatives, at the date of stipule of the contract, in the general accounting system and the visualization in the assets of the financial statement.

Refering to listed companies, connected ones or societiies located in the UE, if they are controlled by extra UE societies , Banks, Insurance Companies, Financial Enterprises, Brokerage Movable Company, SGR, starting from the 2005 budget, begins the duty of the evaluation of the employee benefits in accordance with the IAS 19 principle.

This principle regulates generally the quantification of the employee benefits, but it is mostly remarkable for those profits which are to disburse at the end of the working activity such as T.F.R., performances of sanitary assistance, invalidity.

The T.F.R. of the dependents represents the most conspicuous item of the liabilities in the balace sheet. To evaluate this item you don't need to proceed anymore with the static evaluation of the accumulation of revaluated sums (as it has been done till today ), but with the analytical calculation in accordance with demografic-actuarial factors ( mortality and invalidity of the dependents, turn over business rates, T.F.R. advance and retributive dynamic) and economic-financial hypotesis (future levels of inflation, future levels of the interest rate for the topical attualization).

Studio Attuariale.com of Ottavio Santoro offers the firms its and its collaborators? know how, tendering professional support in the operations of verification, using the necessary quantitative instruments of the effectiveness ( beforehand and afterward ) of the hedges with the aim to apply the Hedge Accounting rules ( Fair-Hedge and Cash value Hedge flow ) that are able to reduct the possible negative effects on the economic account connected to the introduction of the evaluations at the fair value. Once verified the effectiveness of the hedge we will furnish the necessary assistance in the accounting deriving from the Hedge Accounting application.

In the end always greater attention is placed in the informative report demanded toward the stakeholders ( qualitative and quantitative disclosure of the risks, credit risk , risks liquidity, sensitivity and maturity analysys ) even to the light of the IFRS 7 that elapses starting from 1 januaries 2007.