The Law of 04.07.2024 no. 104 amended the thresholds provided for in Article 13, paragraphs 2 and 2-bis, of Legislative Decree of 03.07.2017 no. 117 regarding the accounting standard to be used in the preparation of the management accounts of Third Sector Entities.
In particular, under the new rules, a distinction is made between ETSs with and without legal personality with regard to the application of this principle:
- for ETS without legal personality, there is the possibility of using the “cash” principle” ordinary in the preparation of the management accounts, if they have revenues/revenues or income however denominated not exceeding 300,000.00 euro;
- both for ETS without legal personality than for those with legal personality, there is the possibility of using the “cash” principle” simplified, or by indicating income and expenditure in aggregate form, in the preparation of the management accounts, if they have revenues/revenues or income however denominated not exceeding 60,000.00 euro.
In addition, the Ministry of Labour and Social Policies with Circular No. 6 of 9 August 2024, intervened on the accounting discipline of Third Sector Entities, also clarifying the following:
- the new size limits shall apply as from the drawing up of the budget for the first financial year following the one running on 3 August 2024;
- the increase of the parameters set forth in Articles 30 and 31, Third Sector Code, provided for the appointment of the internal control body and the statutory auditor, does not affect the term of office of the control body, whereas the statutory auditor may be dismissed due to the non-existence of the statutory audit obligation;
- the deadline for filing budgets and accounts is set at 180 days after the end of the financial year.
As a result of the change in the law, if a discrepancy emerges between the clauses of the bylaws and the rules contained in the Third Sector Code, the provisions of Article 1339 of the Civil Code will apply, with the consequent replacement of the discrepant clause with the legal provision, without the need for any amendment to the bylaws.
While remaining at your disposal for any doubts or requests for clarification, we would like to take this opportunity to extend our best regards to all.