Annalisa Baldissera – University of Brescia, Department of Law, Via San Faustino 41, Brescia, Italy

Historical cost;
Fair value;
Italian civil code;
Financial statements



The adequacy of the fair value concerning the historical cost is particularly debated in the literature. This study aims to analyze the Italian legislation on financial statements to verify whether the historical cost is so far from current values. The method applied by this study is based on the historical analysis, from 1942 to today, of the provisions of the Italian civil code on financial statements. The study found that, although the historical cost criterion has always been and still is fundamental, the application of fair value is by no means extraneous to Italian accounting tradition.

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8th International Scientific-Business Conference – LIMEN 2022 – Leadership, Innovation, Management and Economics: Integrated Politics of Research – SELECTED PAPERS, Hybrid (EXE Budapest Center, Budapest, Hungary), December 1, 2022,

LIMEN Selected papers published by the Association of Economists and Managers of the Balkans, Belgrade, Serbia

LIMEN Conference 2022 Selected papers: ISBN 978-86-80194-67-7, ISSN 2683-6149, DOI:

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                     Suggested citation

Baldissera, A. (2022). Financial Statement Valuations in the Italian Civil Code: Is Fair Value Really So Extraneous to the Historical Cost Tradition?. In V. Bevanda (Ed.), International Scientific-Business Conference – LIMEN 2022: Vol 8. Selected papers (pp. 51-57). Association of Economists and Managers of the Balkans.


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