Financial Statement Preparation

The annual financial statements are the fundamental document through which companies communicate their economic and financial position to shareholders, banks, suppliers and the tax authorities. Studio CITI snc prepares financial statements with the utmost accuracy, complying with Italian national accounting standards (OIC) and the provisions of the Civil Code (Articles 2423-2435 bis).

For corporations, the financial statements consist of a balance sheet, income statement and explanatory notes. Micro-enterprises meeting certain size thresholds may use an abbreviated balance sheet (Article 2435-bis of the Civil Code) or the super-abbreviated format for micro-enterprises (Article 2435-ter of the Civil Code), with reduced obligations and disclosure requirements. The firm assesses with the client the applicable and most advantageous form of accounts.

The preparation process includes: closing entries, adjusting entries (accruals, deferrals, depreciation, write-downs, provisions), preparation of mandatory appendices, the management report where required, and explanatory notes. The financial statements are then approved by the shareholders' meeting and filed with the Companies Registry within the legal deadline (30 days from approval).

The firm also prepares interim financial statements (accounting reports at 30 June or other dates requested by the client), useful for management monitoring, applications for bank financing, commercial negotiations or extraordinary requirements.