Accounting and Financial Statements for Italian LLCs: obligations, deadlines and complete guide

Updated June 2026 — By Studio Genise, Certified Public Accountants and Statutory Auditors

Accounting and financial statements: what every Italian LLC director needs to know

The correct keeping of accounting records and the preparation of financial statements are among the most important fulfillments for an Italian Limited Liability Company (SRL). They affect tax compliance, the company's credibility with banks and stakeholders, and the personal responsibility of directors.

Studio Genise, active in Milan since 1979, supports SRLs, SpAs and international groups in all phases of the accounting cycle: from daily bookkeeping to the preparation of the financial statements, from IRES and IRAP tax calculation to filing with the Register of Companies.

Mandatory accounting records for SRLs

Italian SRLs are required to keep ordinary accounting records, which include:

• Journal: chronological recording of all economic events;
• Inventory book: annual recording of assets and liabilities;
• VAT registers: purchases, sales, payments;
• Asset register: monitoring of depreciable assets;
• Single Labor Book (LUL): in case of employees;
• Shareholders' and directors' meeting book;
• Board of statutory auditors book (if applicable).

For more information see the guide on ordinary accounting for SRLs: obligations.

Financial statements structure

The Italian SRL financial statements (art. 2423 c.c. et seq.) consist of:

• Balance sheet: assets and liabilities at year-end;
• Profit and loss account: revenues and costs for the year;
• Explanatory notes: detailed comments and disclosures;
• Cash flow statement (if applicable);
• Management report (if mandatory).

For more details on the structure of the financial statements see the dedicated guide: SRL financial statements: structure and obligations.

Simplified financial statements

"Smaller" companies that fall within specific dimensional limits can prepare simplified financial statements (art. 2435-bis c.c.), with reduced content and lower compliance costs.

The dimensional limits for accessing the simplified financial statements are detailed in our guide: simplified financial statements: requirements and limits.

Approval and filing of financial statements

The Italian SRL financial statements must be:

1. Prepared by the directors;
2. Approved by the shareholders' meeting within 120 days from year-end (180 days in cases provided by law);
3. Filed with the Register of Companies within 30 days from approval.

See the complete guides on approval of financial statements and filing of financial statements.

Studio Genise accounting and financial statements services

Studio Genise offers a complete service that covers:

• Daily and periodic bookkeeping (purchases, sales, banks, cash);
• Periodic VAT settlements and F24 form preparation;
• Electronic invoicing management;
• Substitute storage of digital documents;
• Preparation of annual financial statements (ordinary and simplified);
• Explanatory notes and management report;
• Calculation of IRES and IRAP taxes with related tax filings;
• Preparation of the shareholders' meeting minutes for financial statements approval;
• Telematic filing with the Register of Companies (XBRL format);
• Analytical accounting and management reporting on request;
• Accounting reconstructions for previous years (if needed);
• Operational support for directors and management.

Why choose Studio Genise for accounting and financial statements

• 40 years of experience in accounting and Italian taxation;
• Multidisciplinary team: accountants, statutory auditors, tax lawyers;
• Digital platform for sharing documents and reports;
• International service in Italian and English for foreign groups in Italy;
• Compliance with all deadlines with continuous monitoring;
• Proactive consulting to prevent errors and optimize taxation;
• Integrated approach with tax consulting, corporate consulting and statutory audit.

Frequently asked questions about SRL accounting and financial statements

By when must the SRL financial statements be approved?

By 120 days from the end of the financial year (180 days in cases provided by law and statute, with specific motivation).

By when must the financial statements be filed with the Register of Companies?

Within 30 days from approval by the shareholders' meeting.

Who is required to prepare ordinary accounting?

All capital companies (SRL, SpA, SApA) are required regardless of size. Other entities according to revenue and activity thresholds.

What is the simplified financial statement?

It is a reduced form of financial statement reserved for "smaller" companies that fall within specific dimensional limits (revenues, assets, employees). It allows reduced content and lower compliance costs.

What happens if I don't file the financial statements?

Administrative penalties apply to the directors (art. 2630 c.c.). In addition, the company may suffer indirect negative consequences in relations with banks, suppliers and public administrations.

What is the XBRL format?

It is the international standard for the digital coding of financial statement data, mandatory for filing with the Register of Companies.