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Quaderno AIAF
n. 143
Best practice on risk disclosure (non-financial entities)
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Best practice on risk disclosure (non-financial entities)


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Gruppo di lavoro:
Banca Akros S.p.A.
Edison S.p.A.
Financial Innovations SIM S.p.A.
Mediaset S.p.A.
Telecom Italia S.p.A.

Rosalba Nigro (coordinatore), Financial Innovations SIM S.p.A., Socio Aiaf
Andrea Chiusi, Mediaset S.p.A.
Claudia Molina, Edison S.p.A.
Claudia Re, Financial Innovations SIM S.p.A.
Dario Colombo, Amministratore GDA Revisori Indipendenti S.p.A., Dottore commercialista, Consigliere Aiaf
Elena Soncini, Mediaset S.p.A.
Emanuele Facile, Financial Innovations SIM S.p.A.
Francesco Tanzi, Pirelli & C. S.p.A. (prima Telecom Italia S.p.A.)
Gianluca Alviti, Telecom Italia S.p.A.
Massimo Racca, Banca Akros S.p.A.
Maurizio Rovati, Mediaset S.p.A.
Vincenzo De Cesaris, Telecom Italia S.p.A.
Vittorio D’Ecclesiis, Edison S.p.A.



This document is the result of a three-year work carried out by Aiaf (the Italian Association of Financial Analysts), Banca Akros and Financial Innovations to monitor the developments of the disclosures of market financial risks in the financial statements issued by non-financial entities subject to the IFRS.

This study has placed particular emphasis on interest rate, foreign exchange and commodity price risks. As outlined in this research that involved the largest non-financial entities listed in Italy and in Europe, the aim of market risk management through financial instruments is to reduce the impact of such risks on the economic performance and value of an entity.

The reporting and disclosure of information in financial statements should therefore enable analysts to appreciate the contribution of financial management to the reduction of the volatility of margins and of the value of an entity.

This is why we believe that incomplete and fragmented disclosures in terms of hedging-oriented risk management is likely to generate doubts about:

  • volatility of future profits/losses;
  • recurrence of some results;
  • allocation to financial activities of results that should be included in normal commercial activities, with a consequent potential misperception of the latter;
  • overestimate of business risks.

To meet analysts’ requirements it is therefore essential that disclosures on one hand summarize and on the other integrate accounting data with information on risk management. In a highly technical field such as that concerning financial risk and derivative instruments, a summary framework of the overall impact on financial statements of both risks and the connected financial activities to reduce them becomes a priority for analysts. With the support of three non-financial entities (Edison, Mediaset and Telecom Italia), the working group intends to propose here a few guidelines for an efficient implementation of a section of the financial statements focusing on financial market risks.

In addition, an effort should be made to gradually standardize terminology and reference parameters for the assessment of risks and results: our belief is, however, that greater progress can be made within the various economic sectors (e.g. through trading associations), which have a more immediate grasp of the peculiarities of the different areas of activity.

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