Il modello di bilancio IASB alla luce del sistema patrimoniale di Fabio Besta

This study appraises anew Fabio Besta’s thought in the age of IFRS. The research reviews the “patrimonial” accounting approach developed in the 1880s by Fabio Besta (1845-1922), who is unanimously considered to be the initiator of the modern accounting theory in Ital. The “patrimonial” accounting theory focuses on the firm’s wealth, as reflected in the balance sheet, and on its valuation. It evokes the so-called “asset and liability view”, which is the approach used by several standardsetting bodies. Such an approach defines the objective of financial statements as providing information on the firm’s financial position interpreted as the firm’s wealth. Revenues and expenses are indirectly defined in terms of changes in assets and liabilities. This paper begins with an analysis of Besta’s theory, and then proceeds to compares Besta’s theory with the IFRS conceptual framework and measurement criteria, showing several similarities. In particular, it emerges that both approaches are built on the same theoretical foundations, namely the“patrimonial” accounting perspective and the atominstic-reductionist view of the firm’s wealth