In Italy, a company that does not report under IFRSs must still present treasury shares as assets. In addition, a purchase of own shares requires a transfer from reserves to an distributable “treasury stock” reserve within equity. Once treasury shares are resold or retired, such a reserve becomes free to the extent of the excess of purchase value over par value per share, and is reversed to the equity reserves from which it was originally sourced. On first-time adoption of IFRSs, such companies have to reclassify treasury stock from asset to equity and to reverse the treasury stock reserve to the equity reserves from which it was originally sourced or to the beginning balance of retained earnings in the opening IFRS statement of financial position.
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