6.1 Accounting Standards
Italian companies generally follow the Italian GAAP (OIC) for statutory reporting. Listed companies and large groups must use IFRS as adopted by the EU. The choice of standards depends on company type, size, and listing status.
6.2 Bookkeeping Requirements
All companies must maintain accurate books, including:
- Journal (Libro giornale)
- Inventory book (Libro inventari)
- VAT registers
- Payroll records
Books must be kept in Italian and stored for at least 10 years. Digital bookkeeping is permitted but must comply with archiving and timestamping rules.
6.3 Financial Statements
Annual financial statements include:
- Balance sheet
- Income statement
- Notes to the accounts
- Management report (if required)
Companies must file statements with the Registro delle Imprese within 30 days of shareholder approval. Small companies may use simplified formats under Article 2435-bis of the Civil Code.
6.4 Filing and Publication
Financial statements are filed electronically via the Chamber of Commerce portal. Once filed, they become publicly accessible. Late filings may trigger fines and reputational risks. Listed companies must also publish reports on their websites and notify CONSOB.