Financial Statement

It is the quintessential accounting and informational document, prepared annually to represent the financial and asset position of a company and the economic result of the fiscal year. It essentially consists of the income statement, the balance sheet, and the supplementary notes.

We would like to remind you that the following are required to prepare and publish their financial statements :

• joint-stock companies (Article 2423 of the Italian Civil Code);
• limited partnerships by shares (art. 2454 CC);
• limited liability companies (Article 2478-bis of the Italian Civil Code);
• cooperative societies (Article 2519 of the Italian Civil Code) and their consortia;
• mutual insurance companies (Article 2547 of the Italian Civil Code);
• European Economic Interest Groups (EEIGs) (Legislative Decree no. 240/1991);
• consortiums with external activities (Article 2615-bis of the Italian Civil Code);
• consortium companies in the form of joint-stock companies or limited liability companies (Article 2615-ter of the Italian Civil Code).

The OIC recently updated the national accounting standards based on the new regulatory provisions introduced by Legislative Decree no. 139 of 18 August 2015 and made amendments to some national accounting standards. The amendments, which are detailed in a single document published on 29 December 2017 on the OIC Foundation website, will apply to financial statements with fiscal years beginning on or after 1 January 2017.

Accounting , far from being static, is today more dynamic and evolving than ever.