FIGC president Carlo Tavecchio has explained that new rules are being introduced to ensure it cannot happen again with another club in the future.
Parma, who have been declared bankrupt and will play in an amateur league this term, eventually finished bottom of Serie A after struggling to pay their bills, including the players' wages, all season.
At one point the FIGC set up an emergency fund so that Parma could fulfil their fixtures after the club postponed two games because they could not pay security staff.
"A new Parma episode cannot happen," said Tavecchio in an interview on Radio Uno. "This year we have introduced rules which will apply in the future and next year will be the year of reckoning.
"Clubs must prepare financially viable statements. In four years we will have a proper spending review and a balanced budget. Italian football cannot go on the way things are."
Tavecchio said the new measures included a 'fit and proper persons' test for club directors.
Serie A was once regarded as Europe's strongest league but has faltered badly over the past few seasons as clubs struggle to match the financial muscle of their English, Spanish and German counterparts.
In response Italian clubs have curbed spending and there is a move towards them owning their stadiums rather than playing in municipally-owned arenas which has until now restricted them financially.
Foreign investors have also moved in to some clubs including AC Milan, Inter Milan, AS Roma and Bologna.
"The organisation of Italian football is going through a period of great restructuring," said Tavecchio.
"Important decisions have been taken but I would be arrogant if I said that we will come to wipe out this gap (with other European leagues) within a couple of years.
"We'll get there with consistency, commitment and measures that Europe expects," added Tavecchio.
(Writing by Brian Homewood, editing by Tony Jimenez)
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