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Glossary entry

Italian term or phrase:

Stato Patrimoniale civilistico

English translation:

(statutory) Balance Sheet/Statement of Financial Position

Added to glossary by Paul O'Brien
Apr 13, 2023 14:21
1 yr ago
23 viewers *
Italian term

Stato Patrimoniale civilistico

Italian to English Bus/Financial Finance (general)
Anyone have the foggiest what this is?
Proposed translations (English)
5 (statutory) Balance Sheet/Statement of Financial Position
4 Statutory Balance Sheet
3 Statutory Accounts (as required by the Italian Civil Code)
References
info

Discussion

Paul O'Brien (asker) Apr 13, 2023:
@Emmanuella Thank you, Emmanuella, but I already know how to say it in Italian. I wanted it in English.
Paul O'Brien (asker) Apr 13, 2023:
@Phil Yes, I wanted to put in "statutory balance sheet" but I can't find it in English. "civilistico" might be just so much waffle.
philgoddard Apr 13, 2023:
Have you checked the glossary? There are 29 entries for civilistico, and you presumably know what a stato patrimoniale is.
Emmanuella Apr 13, 2023:
https://farenumeri.it/schema-stato-patrimoniale-civilistico/

Proposed translations

17 mins
Selected

(statutory) Balance Sheet/Statement of Financial Position

The statement of financial position is another term for the balance sheet. The statement lists the assets, liabilities, and equity of an organization as of the report date. As such, it provides a snapshot of the financial condition of a business as of a specific date. It is one of the financial statements, and so is commonly presented alongside the income statement and statement of cash flows. Whether you call it a Balance Sheet or Statement of Financial Position depends on which magic circle auditing firm you follow,
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4 KudoZ points awarded for this answer.
24 mins

Statutory Balance Sheet

A statutory balance sheet is the consolidated balance sheet of the Regulated Subsidiaries as of and for the period ending on the Closing Date prepared in accordance with Statutory Accounting Principles. (law insider ref below)

Lo Stato Patrimoniale Civilistico è un prospetto contabile che fotografa, in un dato momento, l’insieme dei beni che un’azienda ha a disposizione e l’insieme dei diritti dei terzi su di esso. (giovanni trizza ref below)

The two definitions are roughly similar...

I am no expert in finance, so maybe another opinion might confirm or not my suggestion.
Reference:

https://www.lawinsider.com/dictionary/statutory-balance-sheet#:~:text=Statutory%20Balance%20Sheet%20means%20the,accordance%20with%20Statutor

https://giovannitrizza.it/stato-patrimoniale#:~:text=Conclusioni-,Cos'%C3%A8%20lo%20Stato%20Patrimoniale%20Civilistico%3F,dei%20terzi%20su%2

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2 hrs

Statutory Accounts (as required by the Italian Civil Code)

> as opposed to filing of a statutory return: 'statutory returns. All material returns, particulars, resolutions and other documents required to be delivered to the Registrar of Companies (or the equivalent body or authority in the relevant jurisdiction) by the Company have been so delivered.'

I'll leave the asker to explore further or rely on any experience of filing kindred, hallowed documents.
Example sentence:

What is the meaning of statutory account? Your company's annual accounts - called 'statutory accounts' - are prepared from the company's financial records at the end of your company's financial year.

If your company is trading, it must file statutory accounts. If any tax is due, you must send a tax return to HMRC and pay corporation tax.

Reference:

http://www.lawinsider.com/clause/statutory-returns

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Reference comments

34 mins
Reference:

info

The statutory financial statements have been prepared under the going concern concept.
Its structure conforms to that outlined in the Italian Civil Code under Art. 2424 and ....

https://www.intercos-investor.com/wp-content/uploads/2019/04...
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